Bitcoin (BTC) recently surged to new record highs, crossing the $80,000 barrier for the first time in its history 🚀. This surge came after the recent US elections and the victory of President Donald Trump 🗳️, which led to renewed interest in cryptocurrencies 💻. But the question now is: Can Bitcoin reach $100,000 by December 2024 🤔
US Elections as a Catalyst for Bitcoin 🇺🇸📈
Historically, US elections have been a catalyst for Bitcoin price movement. Since the currency’s launch in 2009, Bitcoin has gone through three election cycles, all of which saw significant price increases 💡. Each time, the rises were followed by declines, but Bitcoin’s price ultimately never returned to pre-election levels 🔝.
In 2012, the price of Bitcoin rose by about 10,000% after the election, jumping from about $11 to over $1,100 💵📊.
In 2016, the coin saw an increase of almost 3,600%, with the price rising from $700 to $18,000 by December 2017 📅💸.
In 2020, Bitcoin saw a 478% surge amid the COVID-19 pandemic, peaking near $69,000 🌍🦠.
If this historical pattern continues 📉📈, we could see another increase in the price of Bitcoin, although the rises may be less sharp than before 🧐. If this upward trend continues 📈🔝, Bitcoin could see an increase of up to 47.8%, allowing it to surpass $100,000 by December 2024🏆.
Future expectations 🔮
Although the previous rallies were significant, the overall trend suggests that Bitcoin gains may become more moderate in the future 📊. The decreasing volume of rallies between election cycles may indicate a gradual growth in price 📉➡️📈, with moderate but steady gains 📅.
Conclusion 🔚
It is not unlikely that Bitcoin will witness a significant rise that may push it above $100,000 by December 2024🏅. However, expectations indicate that this increase may be more gradual compared to previous rises ⏳.
