The Path of Bitcoin $BTC Beyond $100,000
Although $100,000 represents an important milestone for Bitcoin, industry experts like Bitwise Chief Information Officer Matt Hougan believe that Bitcoin's potential is far from being realized. He argues that the true milestone for Bitcoin is $500,000, a price at which he believes Bitcoin will transition from being an emerging asset to a mature store of value, similar to gold.
Hougan expects Bitcoin to capture 50% of the gold market capitalization of $1.177 trillion, leading to BTC rising to $500,000. The key to this growth is increased government and institutional investments.
While this is a long-term outlook, analyst Ali Martinez outlined the short-term path for Bitcoin after $100K. Martinez points to historical patterns suggesting that Bitcoin could reach at least $138K with a potential target of $150K before a pullback. If a rally occurs, corrections could push Bitcoin to $105K or $96K with key support at $83K and $72K.#2024withBinance
