Bitcoin is trading at near record levels, and Kalshi users are betting that the cryptocurrency could rise above $100,000 before the end of 2024.

Kalshi data showed on Tuesday that 60% of users are betting that Bitcoin could hit the $100,000 mark before January. Moreover, 45% of users bet that the flagship cryptocurrency could reach the level this month.

Kalshi is an event contracts market that launched in 2021 and offers traders a way to bet on the outcome of events such as economic data releases and election results. The platform rose to prominence this year for its legal battle against the Commodity Futures Trading Commission, which led to presidential election betting markets being opened to US traders ahead of last week’s vote.

The digital currency has risen by more than 28% since the American presidential elections last Tuesday. The election outcome is considered bullish for cryptocurrencies as newly elected President Donald Trump has expressed his support for the sector, including implementing more favorable regulations.

The prediction markets were volatile in the run-up to the election, but were generally more bullish on Trump than traditional polls. However, betting and betting platforms do not use the methodologies used in traditional political polls, and are therefore not a substitute for political polls.

Bitcoin last traded around $89,000 on Tuesday, after rising more than 10% on Monday to just under $90,000, according to Coin Metrics.

“The strong positive sentiment is likely to continue through the remainder of 2024 and (we) see the bitcoin price potentially reaching the six-figure mark by the end of this year,” said Mike Colonnese, an analyst at HC Wainwright. “Bitcoin is now in price discovery mode after breaking an all-time high early last Wednesday morning when it was officially declared that Trump had won the election.”

— CNBC’s Tanaya Macheel contributed to this report.