The million dollar question on the mind of every crypto enthusiast, investor and trader is whether the price of Bitcoin will reach or exceed $100,000 before the end of 2024.
When the market was bullish, which it hasn’t been in the past few days, traders, experts and analysts seemed confident that Bitcoin would reach $100,000 and even higher. It is worth noting that Bitcoin has risen more than 100 percent in the past 12 months.
On March 14, 2024, Bitcoin hit an all-time intraday high of $73,835.57, spurring sentiment to the 100K mark. This week Bitcoin dipped below 60K.
The question on the minds of many is the direction of the price of Bitcoin.
Global Bullish Bitcoin Views
Globally, there have been many views on the future price of Bitcoin. A recent Finder survey on Bitcoin’s price, which included the views of 31 fintech experts, suggests that Bitcoin may reach the price of $122,000 by the end of 2024. The same survey revealed that Bitcoin price could reach $155,000 by 2025.
Optimism stems from the increase in investments from institutional investors.
The same sentiments are echoed by global asset management firm AllianceBernstein, which believes Bitcoin’s bullish trajectory will resume after halving.
“We expect Bitcoin’s bullish trajectory to resume after halving, when mining hash rates have adjusted and ETF inflows resume (negative to flat flows last 10 days),” Gautam Chhugani and Mahika Sapra wrote in a Wednesday wrote note to customers. “Furthermore, integrating spot Bitcoin ETFs with wire houses, RIAs will continue to provide structural demand for Bitcoin in our view. We still expect Bitcoin to reach a cycle high of $150,000 by 2025.
Crypto analyst Kaptein Faibik is also predicting a bullish rally, estimating a 15-20 percent surge in the coming days. Faibik’s analysis highlights the emergence of an upside breakout within the Falling Wedge pattern, a signal often associated with a reversal of downtrends and indicating an impending bullish breakout.
Global bearish Bitcoin views
There are also analysts who are getting bearish. One of them is Markus Thielen, founder of 10X Research, who recently noted: “Our growing concern is that risk assets (equities and crypto) are teetering on the edge of a significant price correction. The primary trigger is the unexpected and persistent inflation. With the bond market now forecasting fewer than three cuts and 10-year Treasury yields exceeding 4.50 percent, we may have reached a crucial tipping point for risk assets.”
He adds: “We sold all our tech stocks last night as the Nasdaq was trading very weak and reacting to the higher bond yields. We only hold a few high conviction crypto coins. Generally we are bearish (stocks + crypto). “
Banking giant Goldman Sachs has reiterated that it does not believe Bitcoin belongs in investment portfolios and that its clients are not interested in the cryptocurrency, with gold fan and economist Peter Schiff calling Bitcoin gambling money that has no use in the present or the future.
Even on-chain data provider Santiment has recently found that Bitcoin sentiment has soured after the recent drop. The prevailing ratio of bearish to bullish commentary reflects this negativity, suggesting a climate of fear among traders.
Economy Middle East wanted to test the Bitcoin waters in the Middle East region and asked crypto exchange managers and investors for their views on Bitcoin reaching the 100K mark.
Middle East sentiments
Speaking to Talal Tabbaa, the founder of MENA-grown crypto broker CoinMENA, the bullish sentiment is high. Tabbaa said, “Bitcoin hitting 100k is a matter of when, not if. The two primary factors affecting Bitcoin price are global liquidity and the available supply of BTC for sale.
He believes that central banks are expected to print money to finance their growing budget deficits. He adds that Bitcoin halving will halve the daily supply of newly mined Bitcoins. Accordingly, he expects: “Both factors are likely to drive Bitcoin’s price well above 100k within the next 18 months. Bitcoin reaching 100k is both conservative and inevitable.”
Vineet Budki, managing partner and CEO of Cypher Capital in the UAE, is even more bullish. He sees Bitcoin reaching heights that are today a resounding gibberish.
He notes, “If I thought Bitcoin wasn’t going to go much higher than 100K, why would I be on a flight three times a month to meet builders and invest. 100K is FUD. 150-200K is this season’s peak of all time and Cathie Wood (CEO of Ark Invest) is not wrong when she says by 2030 you will see $1 million BTC, although talking about 1 million before we reach 150k will sound like gibberish.We will in 2027 talk about it!”
He backs up his statement by explaining that there are 400 million crypto wallets today, and assuming one person owns more than one wallet, 4 percent of the world’s population owns crypto. He adds 90 percent of them are speculators who wake up to see BTC price. He notes: “Imagine when the number of global crypto owners rises to 15 percent of the world population. What will be the price of BTC then.”
A resilient crypto
Matt Dixon, the founder and CEO of UAE-based Evai, an AI crypto rating platform, believes that while crypto is still defining its fundamental characteristics as it integrates into the realm of essential holdings within a well-rounded investment portfolio, it has demonstrated resilience.
He notes: “Bitcoin is now on the threshold of a new phase: institutional acceptance. The recent green light from regulators for Bitcoin ETFs is an important milestone, marking its transition from a speculative asset to that of digital gold indicates – a refuge amid the turmoil of global finance.
Its prospects are promising. He concludes: “As its ‘Inventory to Flow’ ratio surpasses that of gold with each halving, the possibility of Bitcoin crossing the $100,000 mark and beyond in the near future looks increasingly plausible.”
Sam A. Speirs, regional director for Bitget crypto exchange, agrees. “Bitcoin’s trajectory to $100,000 before 2025 is not just a possibility, it’s a probability. With the potential to exceed $120,000, we enter this future post-halving with unwavering confidence.”
But the crypto’s positive sentiment in the region was most positively expressed by Saqr Ereiqat, CEO of TradeDog market manager, a financial trading house. He said: “Bitcoin’s outlook shines bright! The halving, along with accelerating user adoption, layer 2 advancements for faster transactions, and the recent launch of ETFs paint a promising picture. While this is not financial advice, Bitcoin’s potential for appreciation significant for long-term investors.
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While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
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