Kalshi "Bitcoin, 0% Chance of Breaking $100,000 This Year"...Traders Also Give Up

▲ Bitcoin (BTC)

The possibility of Bitcoin (BTC) reaching $100,000 this year has virtually disappeared from the forecasts of Kalshi traders. In the prediction market Kalshi, the probability of Bitcoin surpassing $100,000 before the end of the year dropped from the previous 40% to 0%.

U.Today reported on May 22 (local time) that Bitcoin is facing selling pressure from both retail and institutional investors, making the possibility of recovering to $100,000 this year unlikely. Kalshi released a forecast stating that its traders no longer see the possibility of Bitcoin reaching $100,000.

Bitcoin has reportedly continued to fail in its attempts to break past $84,000. With trading remaining below $80,000 since last week, traders are skeptical about the possibility of a major price breakout.

Price movements have also fueled bearish sentiment. Bitcoin has fallen by 3.14% over the past week and 0.43% in the last 24 hours. U.Today stated that Bitcoin would need to rise by approximately 40% to set a new price record.

Institutional investor flows have also weakened. Bitcoin ETFs saw net outflows on all trading days last week, with no new capital inflows throughout the week. The sluggishness in the ETF market has increased anxiety among retail investors, raising vigilance about the possibility of further long-term corrections.

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