Bitcoin's Next Move: Could Bitcoin Hit $100,000 by End of 2024?

Bitcoin (BTC) hit an all-time high of $73,750 back in March, and many thought it was on the verge of a massive breakout in 2024. But instead, Bitcoin has been moving between $54,000 and $64,000 over the last six months, leaving many investors wondering what's next. While some experts believe Bitcoin will stay flat for the rest of the year, there's still a chance for a big rally. My prediction? Bitcoin could hit $100,000 by the end of 2024, followed by even bigger gains in 2025.

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Why Bitcoin Could Reach $100,000 Before the Year Ends

There are three main reasons to believe Bitcoin could still hit $100,000 by the end of 2024:

1. Renewed Interest in Bitcoin ETFs: After a brief slowdown in August, when investors pulled back following a "crypto flash crash," things are looking better for Bitcoin exchange-traded funds (ETFs). By the end of September, a surge of new money started flowing back into Bitcoin ETFs. This mirrors what happened earlier in the year when Bitcoin's price shot up after the launch of new ETFs. If the same trend continues, we could see Bitcoin’s price climb again.

   
   

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2. Impact of the 2024 Presidential Election: The upcoming U.S. presidential election could also play a big role in Bitcoin’s future. Former President Donald Trump has positioned himself as a strong supporter of Bitcoin and other cryptocurrencies. If he wins, it could push Bitcoin’s value higher. Even if the election is too close to predict, Vice President Kamala Harris has also made positive comments about crypto, which could benefit Bitcoin no matter who wins.

3. Bitcoin Halving Event: In April, Bitcoin went through its "halving" event, where the reward for mining new bitcoins was cut in half. While this didn’t have an immediate impact, history shows that Bitcoin tends to experience huge price gains months after a halving event. For example, after the last halving in May 2020, Bitcoin’s price shot up by 270% during the final four months of the year. If this happens again, Bitcoin could easily surpass $100,000 by early 2025.

Why Bitcoin Might Not Hit $100,000

Despite these positive signs, there are a few reasons why Bitcoin might struggle to reach $100,000 by the end of 2024. One of the biggest issues is that Bitcoin is now more closely tied to the overall stock market than it used to be. According to Bloomberg, Bitcoin’s correlation with the S&P 500 index is the highest it’s been since early 2022.

For risk-averse investors, this might be a good thing because it means Bitcoin is behaving more like traditional assets, which can be less volatile. However, many people buy Bitcoin because they expect high returns and the chance to profit from its unique value. If Bitcoin continues to act like a regular stock, some investors might lose interest.

What’s Next for Bitcoin?

Looking ahead, there are two key events that could cause Bitcoin to break free from its close ties to the stock market: the U.S. election and the lingering effects of the April halving. These could push Bitcoin into a new phase of growth, helping it reach $100,000 by the end of the year.

If Bitcoin hits $100,000 in 2024, 2025 could be a huge year for the cryptocurrency. Some experts are even predicting that Bitcoin could soar even higher. Investment firm Bernstein believes Bitcoin could reach $200,000 by the end of 2025, while VanEck thinks it could go as high as $350,000. Financial expert Robert Kiyosaki is even more optimistic, forecasting Bitcoin could reach $500,000 in 2025.

Bitcoin's Future Outlook

Investing in Bitcoin right now can be risky. While some experts believe it has the potential for huge gains, others point out that the cryptocurrency market can be unpredictable. Bitcoin has only a 16% chance of reaching $100,000 by the end of 2024, according to prediction markets.

That said, if you believe in Bitcoin’s long-term potential, this could be a great time to buy while the price is still relatively low. Just be sure to keep your expectations realistic and be prepared for the ups and downs that come with investing in cryptocurrencies.

Also Read: U.S. Judge Rules in Favor of SEC in Rivetz Crypto Token Case