Could Bitcoin Break $100,000? Analysts Predict 6-Figure Milestone
2024年10月20日 - 9:30AM
NEWSBTC
Once again, Bitcoin has brought excitement to the cryptocurrency
landscape as analysts predict an upward trajectory for the price of
the alpha coin. The buzz of a Bitcoin price upsurge is making
headlines as two crypto experts raised the possibility of it
hitting the six-figure mark per coin, intensifying the discussion
on the coin’s future. Related Reading: 100% Uptick For Shiba Inu?
Experts Eye Global Reversal As Catalyst Bitcoin: On The Road To
$100,000 Bitwise CIO Matt Hougan predicted that Bitcoin price will
likely breach the six-figure level, saying that it is inevitable
for the coin to reach that milestone. Hougan said, in his X post,
that the bullish sentiment on the digital asset put Bitcoin on a
path towards trading above $100,000. He explained that several
favorable factors fuel the coin’s amplified growth, exciting
traders and enthusiasts on what lies ahead for the virtual
currency. We’re heading to six-figure bitcoin. * ETF flows
reaccelerating * Election approaching * Infinite deficits
(bipartisan agreement!) * Economic stimulus in China * Global rate
cuts (Fed, ECB) * Halving supply shock starting to bite * Whales
accumulating — Matt Hougan (@Matt_Hougan) October 18, 2024 Keiser’s
Projection Meanwhile, Bitcoin maximalist Max Keiser shared the same
sentiment about the future of BTC price, but his prediction is more
than twice the price estimate given by Houghan. Keiser, who is also
an advisor to El Salvador’s president Nayib Bukele, made a bold
statement that Bitcoin price would surge to $220,000, saying that
the coin is on track to reach a new all-time record for its price.
The new ATH Gold price is predicting Bitcoin will trade over
$220,000 very soon. — Max Keiser (@maxkeiser) October 18, 2024 Key
Factors For The Six-Figure Price Houghan explained that a surge in
BTC price is more likely due to several factors driving its price
appreciation such as institutional interest, on-chain factors, and
macroeconomics. All of these, he said, greatly contribute to the
crypto’s price moving upward. On the other hand, Keiser believed
that the alpha coin’s price would skyrocket because of gold, saying
it is another “safe haven asset.” Currently, gold reached a new
record of $2,713.88 per ounce, the first time it has happened in
the last four years. Keiser suggested a correlation between gold
and the crypto, arguing that once gold price hits an all-time high,
Bitcoin will follow and reach a similar milestone. Related Reading:
ETF Hopes Propel Litecoin 12% Higher, Bullish Predictions On The
Cards He tweeted that for every $1 price hike in gold, Bitcoin
moves up by $20. Hence, he is confident that Bitcoin can quickly
reach the $220,000 level in the near future. Bitcoin And The US
Election The looming US presidential election in November is seen
as another catalyst in Bitcoin’s price appreciation. It has been
observed that Bitcoin has been one of the key issues that US
political candidates face in this year’s elections, wherein it has
become necessary to stipulate their stance on cryptocurrencies.
However, some believe that BTC prices will continue to have a
strong performance regardless of who wins the presidential race.
Featured image from IG, chart from TradingView
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