Is Bitcoin On Track to Make a Big Move and Hit $100,000 in 2024

Bitcoin (CRYPTO: BTC) has already exceeded almost all forecasts, estimates, and expectations during the previous 15 years. The value of a cryptocurrency has increased dramatically in less than ten years, from a few cents to over $50,000 by 2021, and it is now a global phenomenon. As of June 2024, its estimated price is $70,000. The next significant milestone is the much sought-after six-figure threshold. As unbelievable as it may sound, historical evidence indicates that a $100,000 price tag is becoming more and more likely. The actual query, though, is when Bitcoin will surpass $100,000. 2024 might be the year.

Measuring the effect of the halving

This kind of prediction is by its very nature speculative. However, some speculation might be constructive and make us consider the long-term prospects of an investment. It is essential to take into account the trends around the halving in order to predict Bitcoin's performance. The halving is a predetermined occurrence that takes place roughly every four years. It is the cornerstone of Bitcoin's strong monetary policy and cuts the reward for mining new blocks in half. Over time, this mechanism effectively lowers the rate at which new bitcoins are created, which has historically increased the scarcity of bitcoin and raised its price. April 2024 saw the fourth halving of Bitcoin, which reduced its inflation rate to just 0.85%. We can develop our projection around the halving by taking a look at past halvings because it is evident how the halving affects the dynamics surrounding the supply and demand of Bitcoin. When Bitcoin experiences a halving, its price typically rises by 125%. A 125% increase in price would bring it to $99,000 if we base our calculations on the starting price of $44,000. With any luck, this halving will have the same impact as previous ones, meaning that by 2024, Bitcoin should be quite close to hitting $100,000. But there's one more factor we need to take into account in order to increase the likelihood that 2024 will be the year that Bitcoin achieves six figures. In contrast to previous halving cycles, this one features a novel element that can provide the cryptocurrency with the extra boost it needs to achieve $100,000: Spot Bitcoin ETFs. For the majority of its existence, ordinary investors like you and me have been the main forces behind Bitcoin's ascent. However, wealthy institutional investors can begin amassing Bitcoin without worrying about custody or regulations thanks to spot Bitcoin ETFs. Institutions entering the market and making Bitcoin more accessible to regular investors who might not have felt comfortable purchasing it directly from a cryptocurrency exchange should put more strain on the cryptocurrency's supply. In actuality, the overall impact of this new Bitcoin exposure vehicle is already apparent.