- Bitcoin is back above $99,000.
- Bettors think it will soon recover $100,000.
- Arthur Hayes and others expect the cryptocurrency to hit $200,000.
Bitcoin is within touching distance of reclaiming the $100,000 price, and chances are that it will happen sooner rather than later.
That’s according to a bet on Polymarket. Punters have poured close to $4.5 million into the prediction market where Bitcoin’s chances to reach a $100,000 price in May has surged to 93%, up from 65% on Tuesday.
And the pros say that’s just the beginning.
“Most crypto assets will trade to new all-time highs this year, with Bitcoin rising above $200,000,” Matt Hougan, chief investment officer at crypto asset manager Bitwise, wrote in a blog this week.
Others, like Maelstrom CIO Arthur Hayes and Standard Chartered’s Geoff Kendrick, also estimate that Bitcoin will hit $200,000 by the end of the year.
The bullishness marks a dramatic reversal from just weeks ago when Bitcoin dropped to $74,500.
US President Donald Trump triggered the drop by unleashing a wave of tariffs to some 90 countries. The resulting uncertainty sent markets spiralling, sending stocks and cryptocurrencies lower.
The market has almost recovered from April 2, when Trump unveiled the levies. Bitcoin is up 4.3% over the past week and trembles just above the $99,000 line.
Global uncertainty is “perfect for a rally,” Hayes said at the Token2049 conference in Dubai last week.
There is “a lot of fear, uncertainty, doubt in the markets,” Hayes said. “The monetary authorities, especially in America, cannot handle that, so they’re going to resort to money printing.”
The Federal Reserve will respond to such risks with loose monetary policies, Hayes said, which encourage companies and consumers to borrow and spend more to prop up the economy and stave off recession.
Polymarket punters seem to agree. Bullish bets have pushed the chances that Bitcoin’s price will be higher on June 30 than it was on April 1 to 84%, up from 77% on Tuesday.
Crypto market movers
- Bitcoin is up 2.9% over the past 24 hours to trade at $99,726.
- Ethereum is up 5.5% to trade at $1,941.
What we’re reading
Eric Johnsson is DL News’ News Editor. Got a tip? Email at eric@dlnews.com.
