Bitcoin dips below $77,000: Will it hit $100K this year?

Bitcoin’s August rally has cooled since the start of September, dipping below $77,000 briefly after the top cryptocurrency had reclaimed $80,000 for the first time since May. 

^{For informational purposes only. Not trading advice. See full disclaimer below.}

The pullback comes after a month of significant strength from broader crypto markets, highlighted by Bitcoin’s jump of around 23% in the last 30 days of trading according to data from CoinGecko.

That strength, which was buoyed by significant ETF inflows, has retraced in recent days, with spot Bitcoin exchange traded funds producing outflows in two of the last three trading days, resulting in net outflows of more than $220 million over that period, according to CoinGlass.

As the price has cooled, it has also significantly pulled down more optimistic forecasts for BTC. 

Last week, traders on Kalshi had priced odds of Bitcoin extending to as high as $110,000 before the end of the year at 23% for a time. Those odds have now sunk more than 10% as Bitcoin has fallen to $77,041 at the time of writing, recently trading at just 12% for BTC to eclipse $109,999.99 before year end. 

Odds of reaching even further, like making a new all-time high above $129,999.99, are just 5%.