Investing

Prediction: Bitcoin Will Top $100,000 in 2024

Sam Daodu

Published: March 24, 2024 9:34 am

Bitcoin (BTC), the world’s first and most popular cryptocurrency, has captivated investors with its meteoric rise and dramatic falls.  In 2023, it experienced a significant price increase, leaving many wondering if it can maintain this momentum and reach the highly anticipated milestone of $100,000 in 2024. 

This article explores the key factors influencing Bitcoin’s possible $100,000 price trajectory and analyzes the scenarios supporting and opposing this ambitious prediction.

Bitcoin (BTC) Price History

Source: rzoze19 / Shutterstock.com

Accurately forecasting any crypto token’s future price is complex.  Although past performance isn’t a perfect predictor, examining Bitcoin’s historical price movements offers valuable context for evaluating price predictions.  

Bitcoin’s price journey has been nothing short of remarkable.  Upon its launch in 2009, Bitcoin held no value.  However, its price rose as user adoption grew through buying, selling, trading, and general use.  Bitcoin surpassed the $0.09 mark in 2010 and broke the $1 barrier in early 2011, even reaching double digits later that year.  The price fluctuated significantly, but Bitcoin climbed above $1,000 in 2013 before experiencing a decline in 2014, followed by a recovery in 2015.  

A significant surge occurred in 2017, with Bitcoin surpassing $1,000 and reaching a peak of over $17,000 during the late 2017 crypto bullish run.  The following year, Bitcoin witnessed a correction, with the price dipping below $10,000 as the market entered a bear cycle.  However, 2021 marked a period of significant growth for Bitcoin and the cryptocurrency market.  

Bitcoin experienced multiple price spikes, reaching a high above $60,000 in April before a summer slump.  The price recovered, culminating in a new all-time high of $68,789.63 on November 10, 2021.  The year closed with Bitcoin priced at $45,819.95.

The cryptocurrency market experienced a significant downturn in late 2022.  A series of crashes resulted in Bitcoin (BTC) trading below $20,000 by November.  By year-end, Bitcoin closed at $16,517.52, representing a near 65% annual decline that mirrored the overall market trend.

In contrast, 2023 proved to be a more positive year for Bitcoin.  The price temporarily surpassed $30,000 in April before experiencing a correction, reaching a low of $24,797 on June 15th. By November 1st, the price exceeded $35,000, and a key milestone was achieved on December 3rd when Bitcoin climbed above $40,000 for the first time since April 2023.  Bitcoin closed the year at $44,167.33, reflecting a remarkable 165% annual increase and exceeding general market performance.

The positive momentum continued into early 2024. The launch of crypto ETFs on January 11th pushed the price even higher, reaching $48,969.  A slight correction occurred later in the month, with Bitcoin dipping below $40,000.  However, February recovered, with Bitcoin’s price reaching $47,125 by February 9th, 2024.

As of today, Bitcoin (BTC) is trading at $73,139.81.  The 24-hour trading volume is significant, exceeding $51 billion.  Bitcoin’s price has increased by 2.78% in the past 24 hours.  It maintains its position as the leading cryptocurrency by market capitalization, valued at over $1.4 trillion.  There are approximately 19.65 million BTC coins in circulation, with a maximum supply capped at 21 million.

The Bullish Case for $100,000 Bitcoin

Source: Thongden Studio / Shutterstock.com

Several factors contribute to the bullish sentiment surrounding Bitcoin’s price prediction to reach $100,000 in 2024:

1. The Halving Effect:  Scheduled for May 2024, the next Bitcoin halving event will significantly reduce the number of new Bitcoins entering circulation. Historically, price surges have followed halving events as demand outstrips supply. Proponents argue that the reduced supply and increasing demand could propel Bitcoin towards six figures.
2. Institutional Adoption:  The growing acceptance of Bitcoin by institutional investors, including hedge funds, investment banks, and corporations, is a significant driver of its price. As these institutions allocate more of their portfolios to Bitcoin, demand is expected to rise, potentially pushing the price toward $100,000.
3. Macroeconomic Uncertainty:  Global economic factors, such as rising inflation and potential recessions, could lead investors to seek alternative assets like Bitcoin.  Bitcoin’s perceived scarcity and potential hedge against inflation could attract investors seeking to preserve their wealth, potentially driving the price upwards.
4. Technological Advancements:  The continuous development of the Lightning Network, a second-layer solution designed to address Bitcoin’s scalability issues, could bolster its adoption and utility. Faster transaction speeds and lower fees attract a broader user base and contribute to increased demand, potentially pushing the price toward $100,000.

The Bearish Case Against $100,000 Bitcoin

Source: Arsenii Palivoda / Shutterstock.com

While the arguments predicting Bitcoin’s price at $100,000 by 2024 are compelling, several factors could hinder its progress:

1. Regulatory Scrutiny:  Regulatory uncertainty and potential crackdowns by governments worldwide could dampen investor enthusiasm and restrict Bitcoin’s growth. Stringent regulations could make it more difficult for institutions and individuals to invest in Bitcoin, potentially hindering price growth.
2. Altcoin Competition:  The emergence of alternative cryptocurrencies (altcoins) offering faster transaction speeds and unique features could challenge Bitcoin’s dominance. Investors may allocate funds towards altcoins with perceived advantages, impacting Bitcoin’s demand and price growth.
3. Security Risks:  The inherent volatility and security risks associated with cryptocurrency markets could deter investors seeking more stable investment options. High-profile hacks and security breaches could erode trust in Bitcoin and hinder its mainstream adoption.
4. Energy Consumption Concerns:  The energy-intensive proof-of-work mining process employed by Bitcoin raises environmental concerns. Growing public pressure and potential regulations to reduce Bitcoin’s carbon footprint could dampen investor sentiment and price growth.

The Road to $100,000: A Speculative Outlook

Predicting the future price of Bitcoin is a complex endeavor as it hinges on several factors.  The combined effects of the halving event, institutional adoption, and increasing public awareness could create a scenario conducive to positive price growth. However, regulatory issues, altcoin competition, and ongoing security concerns pose significant challenges.

Regardless of the circumstances, the positive market sentiments and the impending bull run are set to propel Bitcoin to new heights. And with the approval of spot ETFs, Bitcoin is now available on the retail market, further increasing its viability. These market conditions are expected to impact Bitcoin, and we predict the cryptocurrency will finally cross the $100,000 milestone in 2024.