Can Bitcoin Surpass £100,000 Soon?

Bitcoin's potential to surpass £100,000 is a topic of much debate among experts. According to Deribit, a prominent exchange, the probability of Bitcoin reaching £100,000 by the end of December is less than 10%. However, some analysts, like Matt Hougan, CIO of Bitwise, and Max Keiser, a Bitcoin maximalist, predict that Bitcoin will not only surpass £100,000 but also reach as high as £220,000.

Key Factors Driving Bitcoin's Price:

Institutional Interest: Increased adoption and investment from institutional players

On-Chain and Macroeconomic Factors: Favorable economic conditions and growth in global money supply

Election and Economic Stimulus: The upcoming US presidential election and potential economic stimulus packages

Halving Supply Shock: The reduction in Bitcoin's supply due to the halving event

While some experts are optimistic about Bitcoin's potential, others remain cautious. The options market suggests a 22% swing in prices in either direction by December's end, indicating potential volatility.

Predictions and Forecasts:

Jamie Coutts, chief cryptocurrency analyst at Real Vision, predicts Bitcoin may exceed £100,000 in the current cycle

Max Keiser forecasts Bitcoin reaching £220,000, citing the correlation between gold and Bitcoin price