Bitcoin

Is Bitcoin on track to take a big step and reach $100,000 in 2024?

Published

8 months ago

8 June, 2024

Is Bitcoin on track to take a big step and reach $100,000 in 2024?

Exceeding expectations is nothing new for Bitcoin.

In the last 15 years, Bitcoin (Bitcoin 0.34%) has already surpassed almost all projections, estimates and expectations. In just over a decade, cryptocurrency has grown from just a few cents per digital coin to over $50,000 by 2021, taking the world by storm.

Priced at around $70,000 in June 2024, the next big milestone in sight is the coveted six-figure mark. As sensational as it may sound, history tells us that a $100,000 price tag is increasingly likely. But the real question is: when will Bitcoin surpass $100,000? Could it be in 2024?

Image source: Getty Images.

Measuring the effect of halving

Any prediction like this is inherently speculative. But a little speculation can be healthy and force us to evaluate the long-term evolution of an investment.

To predict Bitcoin’s performance, it is imperative to consider the trends surrounding the reduce by half. The halving is a pre-scheduled event that occurs approximately every four years. It halves the reward for mining new blocks and forms the basis of Bitcoin’s robust monetary policy.

This mechanism effectively decreases the rate of creation of new bitcoins over time, contributing to Bitcoin’s scarcity and, historically, its price appreciation. Bitcoin recently underwent its fourth halving in April 2024, sending its inflation rate to just 0.85%.

Due to the clear influence that the halving has on the dynamics around Bitcoin supply and demand, we can form our projection around it by looking at previous halvings. In the year that Bitcoin is halved, its price increases by about 125% on average. If we measure from its price at the beginning of the year ($44,000), a 125% increase would put its price at $99,000.

A new variable to be accounted for

If this halving has a similar effect to the previous ones, it looks like Bitcoin should be close to the $100,000 mark in 2024. But to add more certainty to the fact that 2024 is the year Bitcoin hits six figures, there is a another variable we need to consider.

Unlike previous halving cycles, this one has a new factor that could be the extra boost the cryptocurrency needs to surpass $100,000: Spot Bitcoin ETFs. For most of Bitcoin’s history, its rise was primarily driven by retail investors like you and me. But with Bitcoin ETFs in sight, with deep pockets institutional investors You can start accumulating Bitcoin without regulatory or custody concerns.

The arrival of institutions, coupled with expanding access to retail investors who might previously have felt uncomfortable purchasing Bitcoin on a cryptocurrency exchange, was expected to place additional pressure on the Bitcoin supply. In fact, we are already seeing the net effect of this new vehicle for exposure to Bitcoin.

In February, ETFs were buying 10 times Bitcoin’s daily production rate (about 900 bitcoins per day), helping to push its price higher. new historical record. While the buying rate has cooled since then, it’s probably safe to say we’re just seeing the tip of the iceberg. The most important thing, however, is that if purchases returned to these levels, ETFs would be exceeding the daily supply of Bitcoin by 20 times the rate due to the now approved halving.

The end result

2024 appears to be the year Bitcoin hits $100,000. With its price close to $70,500 today, this represents a remarkable opportunity with a nice 40% gain.

However, we must keep in mind that it is usually in the year following the halving that Bitcoin makes its most impressive gains. During these years, after the full effect of the halving materialized, Bitcoin soared by an average of more than 400%. If for some reason Bitcoin doesn’t reach $100,000 this year, 2025 would be the next safe bet.

Whether this happens this year or next, one thing is certain: the continued halvings, growing adoption, and institutional involvement make a strong case for Bitcoin to continue surprising us in the years to come.

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Bitcoin

What to watch for in the markets

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Photo: Andrew Harnik (Getty Images)

After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.

Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job

Let’s take a look at what awaits us:

Major companies will release their earnings reports

Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.

Monday

Verizon will report earnings before the start of operations.

Tuesday

Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
Alphabet and Visa will report results after the market closes.

Wednesday

AT&T will release its report before the market opens.
Ford and Chipotle will report earnings after the market closes.

Thursday

Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.

Trump to speak at Bitcoin conference

Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.

In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.

Ether ETFs are on the way

New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.

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Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.

That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.

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Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.

Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.

According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.

“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”

Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.

BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.

The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.

Source: Chris BurniskeX

Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).

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Bitcoin

Here’s the next target for BTC before bulls can hold out for $70K

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.

Technical analysis

Per NegotiationRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.

Source: TradingView

The 4-hour chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.

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