Bitcoin Fails to Reach $100,000 in November, Leading to Heavy Liquidations on Polymarket
As November came to a close, Bitcoin fell short of hitting the coveted $100,000 milestone, leaving many traders on Polymarket disheartened after placing substantial bets on this event. Despite nearing the threshold with a peak price of $99,655, Bitcoin ultimately could not maintain its momentum, resulting in traders who had hedged their bets facing liquidation.
At the end of the month, Bitcoin soared to an all-time high of $99,655, raising the likelihood of crossing the $100,000 mark to 91%, according to figures from Polymarket. This significant probability drew a flurry of investment from traders eager to capitalize on the anticipated price increase.
However, the situation took a turn as Bitcoin experienced a sharp correction, plunging to approximately $90,800 on November 27 before making a brief recovery. By the end of the month, Bitcoin closed at around $98,000, which resulted in the liquidation of bets placed on the asset reaching the $100,000 milestone.
Heavy Ionization as 91% Odds Fizzled Out
The 91% odds reported on Polymarket encouraged users to make hefty wagers, such as one user identified as TomApproves, who placed a bet of $114,000. Another trader risked $56,000 on the same outcome. Unfortunately for both, Bitcoin’s failure to reach the target by month’s end rendered their investments void.
Overall, the trading volume for this particular event amassed an impressive $28.5 million on Polymarket.
December Poll Shows Renewed Optimism for $100,000
Looking ahead, a new poll indicating Bitcoin’s potential to hit the $100,000 mark in December has seen a surge in optimism, rising from just 19% to 71%. At the time of the report, this new poll had already garnered over $14 million in trading volume.
In addition, another poll suggests a 40% likelihood that Bitcoin could drop to the $90,000 level. As the week began, Bitcoin was trading at $98,150 but had dipped to $95,229 at the time of the report. Its 24-hour trading volume stood at $66 billion.
Despite the recent downturn, some analysts remain hopeful that Bitcoin will achieve the $100,000 target in December. Notably, renowned financial commentator Robert Kiyosaki has forecasted that the cryptocurrency may drop as low as $65,000 before ultimately breaking the $100,000 barrier.
Understanding Polymarket
Polymarket has emerged as a leading online prediction platform based on cryptocurrency, allowing users to place bets on the outcomes of ongoing events. The site gained significant traction during the U.S. election cycle, where it accurately predicted results days in advance. However, analysts are expressing concerns about Polymarket’s future relevance post-election, given the potential lack of substantial global events for users to bet on.
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