The expectations of the crypto community are increasing as we get closer to 2024. Starting with ‘Uptober,’ the market has generally performed well during the last quarter of every year. The bets on Bitcoin (BTC), reaching $100,000, are increasing.
Please Read This: Ripple: How Long Should You Wait For XRP To Hit $3?
Bitcoin’s price at the time of this publication was $62,260.74. The king-coin has risen by more than 13% in the last month. BTC currently sits 15% below the all-time record of $73,750.07. In order to achieve $100,000, BTC must increase by 60% or more from the current price.
Bitcoins potential surge to $100k is influenced by several factors
Bitcoins’ Journey to $100k
While Bitcoin might seem uncertain right now, many analysts urged the community to take a look at its past. Ash Crypto revealed on X that, “Will Bitcoin hit $100K in Q4?” Lies from the past
Please Read This: This US Stock Is Up For Massive Surge In 2025 With Profits Upto 150%
Analysts pointed out the importance of previous cycles that have seen a halving. In 2012, for example, the price increased by 9% during Q4 while it rose 59% in 2016. This breakout occurred after 161 consecutive days of consolidation.
In 2020, Bitcoin rose 171%. This was also 175 days after consolidation. Ash Crypto, after analyzing the data, believes that a breakout could occur in two or three weeks.
Global and Industry Related Events
Is the Bitcoin price going to reach $100,000 with the half-off? A cryptocurrency expert said that a variety of events at the global level and in industry would affect BTC’s course.
Included in this are China’s attempts to boost its economy through the printing of $280 billion and the Feds’ reductions of interest rates, as well as the Bank of Japan decision to stop increasing interest rates. Bitcoin’s price will be affected by the US election and the Fed rate cuts.
Bitcoin Exchange Traded Funds and Market Inflows
Bitcoin ETFs have seen increased flows, indicating a shift towards the crypto market. FTX is expected to start distributing funds in the first quarter of this year. The analyst noted that BTC flow has dropped to a lower level which indicates less trading.
This is what the analyst concluded. saying,
“IMO, the crypto market has still not factored in all these bullish factors. Once it does, BTC will hit a new ATH, followed by large caps.”
Also Read: Ethereum (ETH) Predicted To Hit A New Peak Of $6,000
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: watcher.guru
