Bitcoin Eyes $83K Bull Market Confirmation as Nvidia Strikes $12.9B AI Deal

Bitcoin’s rebound gathered momentum this week, but CryptoQuant said one more technical hurdle needs to be cleared before it considers the new bull market confirmed. The firm is watching for a weekly close above $83,000 while also warning that short-term profit-taking could pressure BTC.

Prediction markets also remained in focus as Kalshi disclosed $1.12 billion in private equity sales since April, with reports suggesting the company could seek a valuation as high as $40 billion in another funding round.

Meanwhile, Nvidia followed a strong second-quarter earnings report with a reported $12.9 billion agreement to acquire open-source AI platform Hugging Face, potentially expanding its reach beyond chips and deeper into the AI software ecosystem.

1. CryptoQuant says Bitcoin needs $83,000 to confirm bull market

CryptoQuant said Bitcoin has entered the early stage of a new bull market after its Bull Score jumped from 30 to 80 in one week. BTC briefly reached $81,000 before settling near $79,000, but the firm said a weekly close above $83,000 is needed to confirm the shift.

Despite improving spot and futures demand, CryptoQuant warned of a possible near-term pullback. Short-term holders realized $1.2 billion in profits between August 20 and August 22, while rising exchange inflows could signal further profit-taking or hedging.

2. Kalshi fundraising puts $40 billion valuation in focus

Kalshi disclosed roughly $1.12 billion in private equity sales from an offering that began in April and could ultimately raise nearly $1.5 billion. The filing follows a $1 billion Series F round in May that valued the prediction market at $22 billion, although it is unclear whether that funding is included in the disclosed total.

Prediction market trading volume. Source: Artemis

Reports suggest Kalshi is also discussing another $750 million raise at a valuation of up to $40 billion. Investor interest comes as annualized trading volume has reached about $178 billion and institutional volume has increased 800% over six months.

3. Nvidia agrees to $12.9 billion Hugging Face acquisition

Nvidia has reportedly agreed to acquire open-source AI platform Hugging Face for $12.9 billion, shortly after reporting second-quarter revenue of $96.2 billion, ahead of analyst expectations of $92.4 billion. Hugging Face was valued at $4.5 billion in its previous funding round.

The acquisition would extend Nvidia further into AI software, models, and cloud computing as major AI developers work to reduce their dependence on its hardware. Hugging Face provides a widely used platform for building and sharing open-source models, potentially giving Nvidia a larger role across the AI technology stack.