Will Bitcoin Reach $100,000 in 2024?
1 min read
In 2023, Bitcoin has experienced a monumental surge, with its price skyrocketing by approximately 160%. As of now, Bitcoin’s price stands at around $43,700. However, there is a strong possibility that it could reach the coveted $100,000 mark by the end of 2024.
Several factors contribute to this optimistic outlook. Firstly, there is a high likelihood of a spot exchange-traded fund (ETF) being approved by the Securities and Exchange Commission (SEC) in the near future. Major asset managers, such as BlackRock and Fidelity, have already filed applications for these products. If approved, a spot ETF would legitimize Bitcoin in the financial services industry, potentially attracting significant capital to the digital asset.
Moreover, macroeconomic factors could also play a role in Bitcoin’s growth. With inflation showing signs of cooling, the Federal Reserve may consider cutting interest rates multiple times in 2024. Looser monetary policies generally benefit riskier assets, which could be advantageous for Bitcoin.
Another significant catalyst is the upcoming halving event, scheduled for late April 2024. This event reduces the new supply of Bitcoin entering the market by half. Historically, such events have led to a surge in Bitcoin’s price due to reduced supply and increased demand.
In conclusion, while it is difficult to predict the exact trajectory of Bitcoin’s price, the combination of potential catalysts, such as a spot ETF, macroeconomic factors, and the halving event, suggests that Bitcoin could reach $100,000 by the end of 2024.
