Can Bitcoin Hit $100,000 By the End Of 2024?

The king of cryptocurrencies is benefiting from macroeconomic and technical catalysts, suggesting a break above $100,000 by the end of the year. After surpassing $93,000 last Wednesday, November 13th, Bitcoin is now not far from the $100,000 threshold. This price had been predicted a year ago by the Standard Chartered bank.

Can Bitcoin reach $100,000 by the end of the year? Analyses differ.

At the moment, it is hard to ignore this new asset class. Bitcoin has gained 123% since January, driven by investor euphoria. The latter have bet on investment products linked to Bitcoin, Bitcoin ETFs introduced by the SEC (Securities and Exchange Commission).

“Buy everything you can” in cryptocurrencies, asset manager Bernstein recently told clients.
On the business side, there is also excitement. While the giant Microstrategy continues to buy bitcoins, competitors could also take the plunge, such as Microsoft, at its general meeting in mid-December.

Beyond the appeal of institutions, Bitcoin is also benefiting from a favorable wind coming from the United States. Its price has exploded since the election of Donald Trump, who declared that he wanted to make the United States “the world capital of bitcoin and cryptocurrencies.” Among his flagship proposals are the ouster of the current chairman of the American stock market policeman, Gary Gensler (very anti-crypto), or an initiative aimed at adopting bitcoin as a strategic reserve asset in the United States.

A clean growth trajectory

This move “could act as a powerful lever for the bitcoin price, propelling it well beyond the six-figure mark. Other countries and nations could also more quickly adopt their own bitcoin treasury strategies for fear of missing out on this opportunity, which would provide further support for the bitcoin price,” Simon Peters, a market analyst at eToro, said in a note.

But Bitcoin also seems to be following its own growth trajectory. As happened during the last bull cycles, its price naturally increases a few months after its last halving . Historically, bitcoin always performs well in November (with a 45% monthly increase on average). The king of cryptos “started the month at around $70,000 and reached $91,500 on November 14th, which is an increase of around 30% over these first two weeks,” underlines the Journal du Coin.

“If we assume that there is still room and that it will achieve this 45% monthly increase, that brings us to around $101,000,” the media concluded.

Despite these optimistic projections, investors should remain cautious. Indeed, bitcoin may have already benefited from a Trump effect. “What remains of the post-election speculation stage with upcoming projects on cryptocurrencies?” asks Alexandre Baradez, chief analyst at IG.

“We should see it at $80,000 rather than $100,000 if we look at how all other assets have performed since the election,” he concluded.

We will have to wait until Donald Trump’s inauguration in January to see whether or not certain initiatives in favor of the crypto ecosystem will see the light of day. For their part, maximalist bitcoiners will always stick to their position: one bitcoin is equal to one bitcoin. Understand: its price (on a curve) ultimately has little importance.

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(Featured image by Traxer via Unsplash)

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First published in BFM CRYPTO. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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