Since its inception in 2009, Bitcoin (BTC) has attracted tech enthusiasts and investors alike, often making headlines with its dramatic price movements. Its journey from trading at just $1 in 2011 to surpassing $73,000 by 2024 has been a rollercoaster of meteoric rises and significant declines.
Historically, Bitcoin has been synonymous with volatility, witnessing notable fluctuations in its price over the years. In 2012, it saw modest gains, starting the year around $13 and closing at $732 by the end of 2013. The extraordinary surge in 2017 saw Bitcoin's price skyrocket from around $1,000 to a peak of $19,188 by December. This momentum carried into 2021, smashing previous records as it surpassed $60,000 in April, peaking at $64,895 mid-month, before declining to below $20,000 by mid-2022.
However, a resurgence in 2023 saw Bitcoin climbing steadily from $16,530 at the year's start to $42,258 by the end. The approval of Bitcoin Spot ETFs in early 2024 fueled another rally, propelling its price above $70,000 by March, with highs reaching $73,750 on exchanges.
Meanwhile, recent weeks have seen Bitcoin under downward pressure, dropping to the $67,500 level. This decline reflects investor caution ahead of a crucial U.S. inflation report and Federal Reserve policy decision, which could shape the near-term interest rate outlook.
Now, the big question is whether Bitcoin can reach $100,000 in 2024. Here's what experts say:
There's a strong likelihood that the bull market will persist, possibly pushing Bitcoin's price to $100,000 by year-end. The market has seen an influx of new investors, both retail and institutional, who are using spot ETFs to enter the market conveniently. The combination of reduced Bitcoin supply due to halving an increased demand from Bitcoin ETFs is a key factor driving the current bull run.
it could, along with easing inflation, boost Bitcoin's potential to reach $100,000 along with inflows into Bitcoin spot ETFs. Lower rates often lead to a weaker dollar and increased liquidity, prompting investors to seek alternative assets. Bitcoin, perceived as a hedge against inflation and currency devaluation, may attract more interest as traditional investment yields decrease. Additionally, increased market liquidity can drive investment, further supporting Bitcoin's price surge.
Bitcoin reaching $100,000 in 2024 is more feasible now than ever before due to several key factors. The approval of the spot Bitcoin ETF has spurred significant interest from institutional investors, fundamentally transforming the crypto investment landscape in favor of Bitcoin. Increased institutional adoption by companies like MicroStrategy, BlackRock, CME Group and JPMorgan is bringing substantial capital into the market, likely pushing Bitcoin's price upwards.
The recent Bitcoin halving, which reduces the number of new bitcoins mined, has historically led to an increase in Bitcoin's value. Furthermore, countries such as Thailand, Hong Kong, Australia, Singapore, and the UAE are also approving or planning to approve spot Bitcoin ETFs, providing additional support to Bitcoin’s price momentum.
A potential Federal Reserve interest rate cut in September could also positively impact Bitcoin prices by lowering returns from traditional investments like bonds, making Bitcoin more attractive. Rate cuts typically increase market liquidity, boosting investment activities which could benefit Bitcoin. Additionally, an increase in Bitcoin’s price is likely to have a positive spillover effect on the broader cryptocurrency market, especially established altcoins. Profit-booking from altcoins and reinvesting in Bitcoin could further drive Bitcoin's price upwards, making the $100,000 target more attainable in the near term.
