CandleFocus Prediction markets set Bitcoin price for year-end
2024-12-06
Author: Content Editor
The Kalshi prediction market is forecasting that Bitcoin (BTC) will reach $127,000 by the end of the year, representing a 29.28% increase from the current price. However, historical data suggests that Bitcoin's performance may make this move doubtful, as it has previously experienced rallies followed by corrections and periods of sideways trading. Technical analysis shows that Bitcoin is not currently overbought or oversold, but a breach of resistance levels could lead to a strong rally. The decrease in trading volume during the holidays could also contribute to greater price swings. While a significant drop is unlikely, Bitcoin has successfully held above its nearest support level. Nonetheless, Bitcoin has performed well in 2024, remaining in the green despite a recent 24-hour drop.
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