Bitcoin's price has surged to a new record high due to expectations that Donald Trump will win the 2024 U.S. presidential election and policies supporting cryptocurrency.
Analysts and cryptocurrency experts are currently discussing when Bitcoin will reach the highly anticipated milestone of $100,000. With post-election momentum combined with speculation about potential U.S. strategic Bitcoin reserves and interest rate easing, many predict that the Bitcoin bull run will continue.
"Welcome to the bullish cryptocurrency market, grab everything you can", Bernstein analysts wrote in a note to clients on Monday, along with Standard Chartered, which has set a target of $200,000 for Bitcoin by the end of 2025. The Polymarket market prediction also received a lot of interest, with over $3 million wagered on whether Bitcoin will reach $100,000 by the end of 2024, with odds currently fluctuating around 59%.
The CEO of Douro Labs, Michael Cahill, believes that Bitcoin could rise to $100,000 as early as the first quarter of 2025, as broader economic conditions continue to support the digital asset. "Bitcoin reaching $100,000 is not a matter of 'if', but 'when'," Cahill said in a statement. "We are witnessing unprecedented momentum as the macro environment aligns with digital assets."
Matt Klein, portfolio strategist at Nascent, noted that growth potential would accelerate if Senator Cynthia Lummis's pro-crypto bill is passed, suggesting that Bitcoin could hit $100,000 by Inauguration Day in January. He added, "There will be no high point if the Lummis bill becomes law."
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Cahill and other experts warn that this bull run is not just speculation driven by retail. Cahill stated, "In the end, the market is accepting Bitcoin as a legitimate asset and a hedge against inflation." "Today, we are witnessing a structural shift in investor sentiment." Cahill noted that this shift positions Bitcoin as a reliable asset in the global financial system.
Bitwise's CIO, Matt Hougan, also agrees with this view, adding that one of the main reasons for this bull run is that long-term Bitcoin holders no longer want to sell below $100,000, while short-sellers are mainly withdrawing. Hougan wrote on X that "Bitcoin could 'easily' reach $100,000 by the end of the year."
Tides.Network CEO Chandra Duggirala believes Bitcoin could reach $100,000 before Thanksgiving in the U.S., but added that FOMO (fear of missing out) from individuals and asset managers is still in the early stages. He stated, "We believe that FOMO will truly come after the $100,000 barrier is broken."
Two Prime CEO Alexander Blume believes that $100,000 could be achieved before the year ends, citing Bitcoin's implied volatility (currently at 55) as a sign that momentum remains strong. Blume said, "There is still room to run," noting that volatility could increase further.