Bitcoin started to rise this morning and officially stood at 69K, which is only 6.7% away from the historical high of $73,798 in March. Matt Hougan, founder of ETF issuer Bitwise, optimistically pointed out that Bitcoin is heading towards 100,000 magnesium.

Bitwise: Bitcoin is heading towards 100,000 magnesium

Matt Hougan, founder of Bitwise, pointed out that due to the following factors, Bitcoin is heading towards a six-digit price (that is, more than $100,000)!

  • ETF inflows reaccelerate

  • U.S. election approaching

  • Infinite deficit (same situation for both parties)

  • China's economic stimulus measures drag on

  • Central banks around the world start cutting interest rates (including the U.S. Federal Reserve and the European Central Bank)

  • Halving supply shock starts to have an impact

  • Assets accumulated by giant whales

We're heading to six-figure bitcoin.* ETF flows reaccelerating* Election approaching* Infinite deficits (bipartisan agreement!)* Economic stimulus in China* Global rate cuts (Fed, ECB)* Halving supply shock starting to bite* Whales accumulating

— Matt Hougan (@Matt_Hougan) October 18, 2024

Top 10 cryptocurrency gains and losses

With the exception of TRX, all the ten largest cryptocurrencies by market capitalization showed gains, with Ethereum standing at $2,700, a 24-hour increase of 4%. SOL rose 6.8% to trade at $169. DOGE, the ancestor of the meme currency, Dogecoin, has gained as much as 31% in a week due to the recent frequent rise to power of the strongest candidate Elon Musk.

(Musk once again supported Trump in his speech and criticized the obstruction of free speech and technological development in the United States)

This article Bitcoin surges to 69K, Bitwise: heading towards 100,000 magnesium first appeared on Chain News ABMedia.

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