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#Bitcoin Price: 3 Factors That Could Push #BTC🌪️ Price to $100k
The recent cryptocurrency market crash, Bitcoin price is trying to recover, after dropping below $60,000.
However, optimism and financial giants such as Robert Kiyosaki and Standard Chartered Bank who foresee BTC price reaching $100,000 by the end of 2024.
📢Bitcoin Price Market Performance
Bitcoin price has fluctuated, increasing by 5.47% in the past day, to reach $61,583.24. Even though its 24-hour trading volume is $31.7 billion, demonstrating a decrease of 21.86%, the leading cryptocurrency according to CoinMarketCap has recorded a market cap of 1.21 trillion.
📢Factors That Could Push Bitcoin Price to $100,000
Various factors could propel the BTC price to rise to $100,000 as discussed next.
1. Bitcoin ETFs are a Potential Game-changer
The demand for Bitcoin is challenging, with price spikes in the recent months being linked to the launch of ETFs in the United States.
The recently introduced Hong Kong Bitcoin ETFs, there is a positive outlook for a rising trend in the price of BTC, because of growing institutional interest and investments from the US ETF markets.
2. Bitcoin Halving
Historically, Bitcoin halving events have been known to push Bitcoin’s price higher. With the ongoing scarcity of supply and persistent strong demand, it seems more and more probable that Bitcoin could reach $100,000.
This shows an extended period of stability or flattening (consolidation) and lateral movement, indicated in red on the charts.
3. The Federal Reserve interest rates Decision
The Federal Reserve‘s decision to maintain stable interest rates may have a significant impact on Bitcoin’s price movements, potentially propelling it closer to $100,000. This decision may boost confidence in the market, indicating a promising future for high-risk assets such as Bitcoin.
Conclusion
The possibility of Bitcoin hitting $100,000 is still very close from industry experts and influential figures offer insight into the possible future direction of Bitcoin’s price.
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