Bitcoin is once again battling toward a six-figure price tag despite being pronounced “dead” over 400 times during the past 14 years.
Bitcoin (BTC) was pronounced dead 415 times by mainstream media sources, with the first publication dating back to October 2010, when BTC was trading for just $0.11.
Looking at Bitcoin’s historic returns, this means that every $100 investment in Bitcoin when it was pronounced dead would have amounted to a total of over $101 million, according to data from bitcoindeaths.com
Bitcoin is dead chart. Source: Bitcoindeaths.com
Despite the gloomy predictions, Bitcoin staged an over 5.9% recovery from $92,000 to surpass $97,500 as of 12:15 pm UTC on Nov. 29, Cointelegraph data shows.
BTC/USD, 1-month chart. Source: Cointelegraph
This comes as a positive signal for Bitcoin price, as some analysts predicted that Bitcoin’s current correction may result in a 30% drawdown before resuming its upward battle toward the $100,000 price tag.
Bitcoin battles toward $100,000 high
Bitcoin was just $200 away from reaching the $100,000 all-time high on Nov. 22 when it surpassed the $99,800 high — prompting analyst predictions that Bitcoin will surpass $100,000 in the next couple of months.
However, it is uncertain whether Bitcoin can cross above the six-figure mark before the end of 2024, despite the optimistic long-term outlook, according to Szymon Sypniewicz, co-founder and CEO of Ramp Network.
He told Cointelegraph:
“While reaching $110,000 for Bitcoin seems inevitable at some point, it’s uncertain whether it will happen before the end of the year, as we can expect the market to experience some ups and downs along the way.”
Another catalyst for Bitcoin is the growing global money supply, which is projected to increase by over $20 trillion by January 2026.
BTC projection to $132,000 on M2 money supply growth. Source: Jamie Coutts
Based on historical analysis, this may attract an additional $2 trillion worth of investment into Bitcoin, which has previously captured around 10% of the newly printed money supply.
The growing money supply could set up Bitcoin for a potential cycle top of above $132,000, according to Jamie Coutts, chief crypto analyst at Real Vision.
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