Bitcoin Nears $90K, Experts Predict $100K Soon

• Blockchain Council
• November 13, 2024

Bitcoin, the first widely known cryptocurrency, has recently seen a notable increase, drawing the interest of global investors and cryptocurrency followers. As of November 12, 2024, Bitcoin’s value has risen to nearly $87,515, representing a big jump from earlier levels. This surge has led some to wonder if Bitcoin might soon touch the $100,000 mark.

Bitcoin’s Recent Performance

Bitcoin has shown remarkable growth recently. On November 11, 2024, it nearly hit $90,000, largely influenced by favorable conditions. This reflects growing trust in Bitcoin as a valuable digital asset.

Tracking Bitcoin’s Price Journey

Since it was introduced in 2009, Bitcoin’s path has been marked by sharp price changes and steady growth. In its earliest days, Bitcoin had a very low value and was mostly used by tech-savvy individuals. The first major rise happened in 2013, when Bitcoin’s value jumped from around $13 in January to over $1,100 by December. A correction followed, bringing prices down below $200 by early 2015.

In 2017, another significant rally occurred, with Bitcoin reaching close to $20,000 in December. Yet again, prices dropped, falling to around $3,000 by December 2018. Then, between 2020 and 2021, Bitcoin saw a major surge, achieving an all-time high of about $69,000 in November 2021. After this, Bitcoin’s value steadied for a while before the recent price rise in 2024.

Bitcoin reached above $73,000 in March 2024, largely due to the introduction of Bitcoin Exchange-Traded Funds (ETFs) in the U.S. These ETFs opened the door for large investors to get involved in a regulated way, which helped boost confidence in Bitcoin.

In the latter half of 2024, Bitcoin prices climbed again, aiming for that $100,000 target, supported by market conditions and positive investor sentiment.

Reasons Behind Bitcoin’s Price Rise

Several elements have helped drive this recent growth in Bitcoin’s price:

• Greater Institutional Interest: With Bitcoin ETFs now available, more large-scale investors have entered the crypto space. Firms like BlackRock have introduced Bitcoin ETFs, which has brought in more funds. This new interest from major players has increased Bitcoin’s legitimacy.
• Political Shifts: The re-election of former President Donald Trump has been seen as favorable for the cryptocurrency sector. Trump has voiced support for cryptocurrencies and proposed creating a strategic Bitcoin reserve. Following the election, Bitcoin prices spiked past $75,000.
• Positive Market Vibe: In general, the mood around Bitcoin has been upbeat, with many expecting prices to keep rising. The increasing number of Bitcoin ETFs and Bitcoin’s growing market value reflect this optimism.

Industry Insights on Bitcoin’s Future

Experts from various fields have shared their predictions about Bitcoin’s possible future direction:

• ARK Invest’s Cathie Wood has an optimistic outlook, saying that Bitcoin could one day hit $3.8 million, particularly with rising institutional investment through ETFs.
• Analysts at LMAX Group suggest Bitcoin could possibly reach $100,000 by the end of 2024, citing ongoing interest and favorable market trends.
• MarketWatch reports that Bitcoin options traders are expecting a significant rally, possibly reaching $100,000 by year-end, fueled by positive sentiment and political factors.
• Bernstein analysts predict Bitcoin could hit $90,000 with a Trump administration in place. If another administration, such as a Harris administration, were in charge, they estimate prices around $50,000. They maintain a long-term goal of $200,000 by 2025, driven by rising demand and wider adoption.

Growing Optimism Around Bitcoin

The general mood toward Bitcoin has become more positive over recent months. Bitcoin ETFs and a potentially friendlier regulatory landscape have boosted public trust. The Fear and Greed Index, which measures investor sentiment, shows “extreme greed,” signaling high hopes for Bitcoin’s future. The involvement of big institutions also strengthens Bitcoin’s image as a legitimate asset.

Changing Public View of Bitcoin

Over time, people’s attitudes toward Bitcoin have shifted considerably. Initially viewed with suspicion, Bitcoin is now seen more as a mainstream asset. Institutional investments and the launch of regulated products have played a big role in changing the public’s perception of Bitcoin.

Predictions from Experts

Looking forward, experts have a range of predictions for Bitcoin:

• According to Finder.com, the average year-end forecast for Bitcoin is $77,636. Some expect a peak of $86,386, with a possible low of $46,456 by the end of 2024.
• CoinGecko notes that Bitcoin “halvings,” which happen about every four years, have typically led to price increases. The last halving, in April 2024, lowered the reward given to Bitcoin miners, which could make Bitcoin scarcer over time.
• Crypto Briefing states that prediction markets now believe there’s a 52% chance that Bitcoin will hit $100,000 by the end of 2024, indicating strong optimism among investors.
• CoinPedia expects Bitcoin to show strength in 2025, projecting a high of $135,449, a low of $61,357, and an average of $95,903, based on anticipated global acceptance and more financial products tied to Bitcoin.
• Changelly, a crypto trading platform, estimates an average Bitcoin price of $99,975.55 with a possible high of $100,346.83 in 2025, reflecting a 38% increase from current prices.

Key Considerations for Bitcoin Investors

Those thinking about investing in Bitcoin should keep a few things in mind:

• Volatility: Bitcoin is known for large swings, and its price can change dramatically in short periods.
• Regulatory Risks: While recent policy changes have been favorable, future regulatory shifts could affect Bitcoin’s value and use.
• Long-Term View: Bitcoin investment is best approached with a long view, as short-term movements can be unpredictable.
• Diversification: Spreading investments across different assets can help manage risk, rather than putting everything into Bitcoin.
• Do Your Research: Before investing, take the time to learn about the market and current developments.

Final Thoughts

Bitcoin’s recent rise has been influenced by institutional interest, political events, and a generally positive market outlook. While the chance of Bitcoin reaching $100,000 is appealing, investors should proceed carefully, stay updated on changes, and consider their risk tolerance and financial goals.