Can Bitcoin Hit $100,000 in 2024? Exploring the Chance for a Mega Jump!

Just a year ago, Bitcoin (CRYPTO: BTC) was stuck in a tough time, dropping to $16,735 in what crypto enthusiasts call a "crypto winter." But look at it now – it's bounced back by more than 160% in 2023, hitting a high of over $43,000, signaling the end of that tough winter.

But the big question on everyone's mind is, can Bitcoin really hit $100,000 in 2024? Is that a bit too much, too soon?

Taking a Closer Look

For Bitcoin to reach $100,000, it needs to go up by another 130%. Now, considering it usually goes up by an average of 167% each year, it seems like it could happen. But how likely is it, really?

Looking into the Future

To figure this out, let's not just look at the averages. We need to think about what might happen in 2024 that could push Bitcoin to this big number.

The Halving Effect

In 2024, something important called "halving" is coming up. Every four years, the growth rate of Bitcoin's tokens gets cut in half. The next halving in April 2024 will slow down the growth rate from 1.7% to 0.85%. In the past, this has made Bitcoin's price go up by an average of about 128%. If history repeats, we might see Bitcoin go over $99,000.

Low Supply History

Halvings usually make the price go up, but there's more to it. There's a shortage of Bitcoin on the market. Investors are holding onto their Bitcoin more than ever. The tradable supply is down to 2.3 million tokens, the lowest since 2018. This scarcity, combined with the upcoming halving, might make Bitcoin hit $100,000.

New Things Bringing More Interest

Big names from Wall Street like BlackRock, Fidelity, and Franklin Templeton are waiting for the green light to support Bitcoin ETFs. If they get approval, Bitcoin could be added to things like pensions and retirement accounts, bringing in more people.

Also, there's renewed interest in making Bitcoin better. Recent improvements, like Layer-2 solutions, mean Bitcoin can do more than just be saved. Now, it can be used for things like making digital art (NFTs), dealing with decentralized finance, and working as a reliable way to pay for stuff.

What Could Happen Next?

Putting together a low supply and the upcoming halving, $100,000 for Bitcoin in 2024 seems like a possibility. But this might just be the start. Bitcoin is breaking through old barriers and moving into a new kind of economy. While $100,000 is a safe guess, who knows what might happen after 2024?

Thinking About Investing?

Thinking about putting money into Bitcoin? While it might be tempting, remember that investing in cryptocurrencies can be risky. It's smart to do your own research and maybe talk to someone who knows about this stuff. Cryptocurrencies can be a bit unpredictable, so be careful!

Also Read: Crypto Had a Really Good Year, but There Are Still Challenges in 2024