Bitcoin has been surging this year. Its price is up 55% in 2024, reaching $70,000 on March 14th. Cryptocurrency discussions can vary widely depending on the person and their viewpoint.
We want to remind you that the best way to ensure you have all the necessary information before placing any bet is to check out the best sportsbook reviews.
However, it is worth exploring betting opportunities in the cryptocurrency market and considering its future trajectory.
The first market we will examine is the price of Bitcoin at the end of April.
Bitcoin End of April Price
Oddsmakers have flipped the script and are now believers in Bitcoin. They’ve set the odds on Over $70,000.50 at -130. The Under is priced at -110, indicating an implied probability of 52%.
Let’s look at why Oddsmakers have had this sudden change of heart regarding Bitcoin.
Bitcoin dropped about $500 last month but spiked several times in March. Everything indicates that Bitcoin will continue to increase this month.
I agree with the oddsmakers and would bet over $70,000.50 at -130 odds.
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Bitcoin End of Year Price
After we’ve explored the market for Bitcoin’s price at the end of April, let’s extrapolate what the price will be at the End of the Year.
Last year, the price of Bitcoin skyrocketed. It has more than doubled, increasing 140%, or about $40,000.
Bitcoin Boom 2024: Here Comes The Halving https://t.co/TiiNRfuLO7
— Forbes (@Forbes) April 3, 2024
The upcoming halving event, which occurs approximately every four years, has the potential for a Bitcoin boom in 2024. The Bitcoin halving reduces the reward miners receive for verifying transactions.
Historically, these events have led to significant price increases for Bitcoin. In 2012 and 2016, the previous two halvings were followed by massive price surges.
Some analysts predict that the 2024 halving could see Bitcoin’s price soar to new heights, potentially surpassing previous all-time highs.
Factors contributing to this optimism include:
- Increased institutional adoption of Bitcoin.
- Growing interest from retail investors.
- Broader acceptance of cryptocurrencies.
Oddsmakers were bullish on the price of Bitcoin to exceed the $70,000 price point in April, and they believe it will keep up throughout 2024. They’ve set the price of Bitcoin at year’s end at $75,500.50.
This would be an increase of 15% on the all-time high that Bitcoin set a few weeks ago. The oddsmakers are favoring the price to exceed $75,000.50 at -150 odds. The implied probability of -150 odds is 60%!
They’re more confident that Bitcoin will reach this mark than it is at $70,000 by the end of April. I have to agree with them in this instance as well.
I would bet Over $75,500.50 at -150 odds, even though it is tempting to try and fade the oddsmakers with the plus money odds offered on the Under at +110.
Bitcoin Vs Ethereum
Finally, let’s explore a unique market where we pit two of the most popular cryptocurrencies against one another. We get to bet whether Bitcoin will reach $100,000 first or Ethereum will reach $6,000.
This is fun to speculate on because Bitcoin is far from $100,000, and Ethereum is at $3,300. Ethereum seems more likely due to the number being much closer, but we can’t dismiss Bitcoin.
The oddsmakers have priced Ethereum with a slight edge, but (-120 vs. -110) feels insignificant enough to draw any conclusions.
Coinbase’s @Alesia_HaasX on why Ethereum isn’t a security and the crypto industry rebuilding trust after the FTX “travesty.”
(via @FortuneCrypto) https://t.co/fgDUq4EFSQ
— FORTUNE (@FortuneMagazine) April 1, 2024
Additional research indicates that Ethereum may be growing in popularity. However, this doesn’t seem to be working for me.
I’m afraid I have to disagree with the oddsmakers in this situation. I do not want to fade Bitcoin at all. I will back it every chance I can get right now.
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