Tough Luck for Big-Betting Bitcoin Bulls

Some unlucky gamblers lost huge sums recently betting on Bitcoin to hit $100k by November’s end. Despite rallying to an all-time high of $99,655 on November 22nd, the top crypto asset pulled back below key levels. One anonymous trader put down $114k on Bitcoin reaching that major milestone. Another lost nearly $56k on the same wager, as Bitcoin closed out November around $98k.

Over $28 million total traded on these bets hosted by predictions platform Polymarket. But people still hope Bitcoin reaches $100k within 2025 based on other polls. One shows a 40% chance Bitcoin falls back to $90k again in the near-term. Another with almost $14 million trading volume pegs the odds now at 71% for Bitcoin crossing $100k this December.

As of Monday, Bitcoin bounced to over $98k but still faces resistance. Daily trading volumes jumped 32% to over $42 billion. Long-time Bitcoin bull Robert Kiyosaki expects more turbulence first, with prices possibly plunging to $60k, before eventually settling around $250k by 2025. Rather than selling if it crashes, he says he’ll buy more at that “sale” price.