Bitcoin on Track to Hit $100,000 in 2024: Here’s Why

Bitcoin has been a constant source of surprises and excitement for investors over the years, and it seems like the cryptocurrency is gearing up for another major milestone. With its price currently hovering around $70,000, the possibility of Bitcoin reaching $100,000 in 2024 is becoming increasingly likely.

One key factor that could contribute to Bitcoin’s surge past the six-figure mark is the recent halving event that took place in April 2024. The halving, which occurs approximately every four years, reduces the reward for mining new blocks by half and has historically led to significant price appreciation for Bitcoin. In fact, in the year of a halving, Bitcoin’s price typically increases by around 125%, putting it on track to reach $100,000 based on its current price trajectory.

But there’s another variable at play this time around that could give Bitcoin the extra push it needs to break the $100,000 barrier: Spot Bitcoin ETFs. These investment vehicles allow institutional investors to accumulate Bitcoin without the regulatory and custodial concerns associated with traditional crypto exchanges. The influx of institutional money into Bitcoin, coupled with increased access for retail investors, is expected to further drive up demand and push the price of the cryptocurrency higher.

While there’s no guarantee that Bitcoin will hit $100,000 in 2024, the combination of the recent halving event and the growing interest from institutional investors certainly makes a compelling case for the cryptocurrency’s continued success. Whether it happens this year or in 2025, one thing is for sure: Bitcoin is poised to keep exceeding expectations and surprising investors for years to come.