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When Will Bitcoin Hit $100K?
Nov. 22, 2024. 5 mins. read.
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Bitcoin teeters on the edge of history, approaching $100K amid shifting political winds, surging investor enthusiasm, and a recalibrated regulatory landscape. Is the cryptocurrency king ready to reign supreme?
Introduction
Bitcoin’s hit to $99,500 today, tantalizing crypto price watchers. The king of crypto attracts renewed attention from retail and institutional investors as it flirts with $100,000.
The recent U.S. presidential election delivered a Republican Senate majority and a Trump presidency, signaling the possibility of more relaxed crypto regulations. Just over six months ago, it was unthinkable that Bitcoin could hit $100K, despite what all those laser eyes would have you believe. Now, Bitcoin’s path to $100,000 feels inevitable. The only real question is: when will it happen?
Disclaimer: This article is for educational purposes only and does not constitute financial advice of any kind.
Bitcoin Catalysts for the Rally to $100,000
The recent surge in Bitcoin’s price marks a turning point in the cryptocurrency market. Following Trump’s stunning election victory over Vice President Kamala Harris, Bitcoin has rallied non-stop, and the news that other pro-Bitcoiners like Elon Musk and RFK will be in Trump’s government hasn’t hurt. This surge highlights the potential for November to remain a historically strong month for Bitcoin, as past data shows consistent upward trends during this period.
The convergence of political, institutional, and retail factors is fueling optimism for Bitcoin to break the $100k barrier.
Crypto-Friendly Policies
A key catalyst has been Trump’s promise to deliver regulatory clarity for cryptocurrencies. His pro-crypto stance is reflected in potential cabinet appointments, such as Summer Mersinger as a crypto-friendly CFTC chair. The wind is finally in crypto’s favor, with Cardano’s Charles Hoskinson set to help shape crypto policy in the USA.
Gary Gensler, the current U.S. Securities and Exchange Commission (SEC) is widely seen as anti-crypto. It is hard to argue with this opinion: Gensler has sued and fined hundreds of crypto firms including Kraken, Coinbase, and Ripple. Trump said earlier this year – at Bitcoin Nashville – that he would fire Gensler on day one, and rumors are now that ‘GG’ will resign and be replaced by Brian Brooks, a former Acting Comptroller and CEO of Binance USA, which would be an extremely factor.
Trump is promising to shake things up by aligning with a celebrity team that consists of crypto favorite Elon Musk – who will lead the new Department of Government Efficiency (DOGE), Vivek Ramaswamy, and Robert F. Kennedy Jr. who revealed buying 21 Bitcoins, including three for each of his children. This is one-millionth of BTC’s hard cap of 21 million coins.
The creation of the Department of Government Efficiency has also added momentum. While primarily aimed at cutting government spending and improving, its acronym is a nod to Dogecoin. This has sparked excitement among Bitcoin enthusiasts and bolsters the narrative that crypto is becoming a core part of governmental strategies, encouraging wider adoption and investment.
Bitcoin ETFs and Institutional Capital
Institutional interest has reached high levels, with spot Bitcoin ETF inflows soaring. Major asset managers are racing to secure Bitcoin ETFs, signaling their belief in Bitcoin’s long-term potential.
Retail investors are also playing a significant role in the rally. Data shows retail interest in Bitcoin has hit a 52-month high, driving increased trading volumes. Sidelined investors are expected to ‘FOMO in’, driving Bitcoin’s price higher.
Bitcoin Halving
The 2024 Bitcoin halving event brought relief and excitement to investors. It is widely believed that it takes Bitcoin at least six months to surge after the halving event. The event, which cuts the supply of new coins in half, is a simple lesson in economics. As the supply decreases and demand rises, prices naturally go up.
Will Bitcoin Reach $100k in 2024? What Experts Say
Bitcoin’s future just got a serious upgrade. Geoff Kendrick, Standard Chartered’s global head of digital assets research, is leading the charge. Kendrick predicts Bitcoin could hit $125,000 by the end of 2024 and $200,000 by late 2025. What’s fueling his optimism? Trump’s bold pro-crypto promises.
Trump plans to clean up the system by dismissing SEC chair Gary Gensler, whose tough stance has cost crypto firms millions in fines. I bet my last satoshi that no crypto fan wants to see Gensler in charge of the SEC given the scale of damage he has done to the crypto industry. He won’t be missed.
“We’ve gone from a regulatory landscape under Biden that was largely adversarial, to one that actively supports the industry,” said Kendrick.
Ryan Lee of Bitget Research expects Bitcoin to touch the $100,000 mark by the end of November.
In Lee’s words, “If history repeats itself, Bitcoin’s projected growth could take it well above $100,000 by month-end,” Lee remarked. Coinshares’ head of research James Butterfly claims that $100,000 by the end of the year “doesn’t sound unreasonable” as it only accounts for 10% of gold’s market cap. Crypto bros see Bitcoin as the ‘digital gold’.
Gabriele Giancola, the CEO of Qiibee says Trump’s re-election could propel BTC to $100,000 in 2024.
“Bitcoin’s performance historically aligns with significant geopolitical and economic events, and the aftermath of the U.S. election could see BTC reaching $100,000 this year or shortly after a potential Trump reelection.”
Polymarket, a crypto betting site that outsmarted the majority of mainstream media by predicting a Trump win, has a 71% chance of Bitcoin hitting $100k by year-end.
A Dash of Skepticism
Not all experts and analysts share this excitement. Some are approaching Bitcoin’s price discovery with a dose of caution. Ki Young Ju, the founder and CEO of the crypto intelligence platform CryptoQuant is taking the caution route. According to Ju, Bitcoin will tumble to nearly $59,000 at the end of the year.
Other analysts believe $100,000 is within sight but not in 2024. Bitfinex’s Head of Derivatives Jag Kooner expects Bitcoin to hit the $100k milestone on Trump’s inauguration on January 20, 2025.
As Bitcoin approaches $100,000, where are we in the four seasons of crypto seven months after the halving?
Conclusion
Bitcoin’s unstoppable journey to $100k makes for a powerful narrative of shifting tides in politics, economics, and investor sentiment. With Trump’s promised pro-crypto policies, a wave of institutional interest, and the ever-powerful force of retail FOMO, the stage is set for Bitcoin to make history.
Whether it happens this week, this year or next, one thing is clear: the excitement, innovation, and potential surrounding Bitcoin are unstoppable. The $100K milestone is somewhere in the near future.
We are witnessing history in the making.
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1 Comments
One thought on “When Will Bitcoin Hit $100K?”
Incredible! As the first crypto president, Donald Trump has promised to make America the global cryptocurrency capital. In response, Bitcoin's price has surged to a new all-time high!
During his campaign, Trump made a direct appeal to the crypto community, advising them not to sell their Bitcoin. Yeah it seems unstoppable.
🟨 😴 😡 ❌ 🤮 💩