Will Bitcoin Hit 100K?
It seems like ages ago when a single Bitcoin was trading for $0.00099 in 2009 and being considered nothing more than a fad. But 15 years later, the world’s first-ever cryptocurrency is proving that it’s way more than a pipe dream. If you have been keeping tabs on Bitcoin’s current value, you’ve likely noticed just how high the digital asset has been climbing in the past few years.
Since the start of 2024 alone, Bitcoin has shattered predictions and reached new price heights. As a result, finance experts and crypto holders are all asking the same question: Will Bitcoin hit $100,000?
The short answer: All signs point to Bitcoin hitting $100K. The long answer: This is set to happen due to a number of reasons that bring this ambitious Bitcoin price prediction to life.
Where Is It Right Now & Will Bitcoin Hit 100k
In the week of March 18, 2024, Bitcoin traded around the $66,000 mark. This continues the cryptocurrency’s journey from where it reached $60,000 on February 28 for the first time since 2022. But this is just the start for what is undoubtedly a bullish run for the world’s prime digital asset.
To say that Bitcoin is having a tremendous year would be a massive understatement: While it started the year just above $44,000 apiece, it was quick to slide past the psychological barrier of $50,000 by mid-February. Roughly a month later, it crossed the $70,000 mark on March 8, marking the first time Bitcoin’s current value reached this awestruck height.
While Bitcoin has since dropped to a value of just above $66,000 at the time of writing, Bitcoin price prediction from industry experts paint a fantastic picture for the cryptocurrency and those who hold it. While many deduce that Bitcoin reaching $100,000 is a no-brainer, others go as far as to say that hitting $150,000 is quite possible in 2024 for the digital asset.
Unlike the tall claims that you used to hear about cryptocurrency prices in the past two years, the confidence in these predictions is palpable. This is due to a few reasons that start from Bitcoin’s current value and go all the way to the reinvigorated popularity of Bitcoin ETFs. While the way that Bitcoin is climbing new records is reason enough for the $100,000 dream to seem like reality, the newfound interest from professional investors is also causing a stir in the market.
The Bitcoin Price Predictions From Analysts
Whether or not you need an explainer on Bitcoin and all that it has achieved so far, you may instantly understand that the premier cryptocurrency holds paramount importance in the world of decentralized finance. This is why the world’s top analysts and institutions spend their resources on tracking Bitcoin’s current value as well as projecting its future price.
As we have said before in this guide, most Bitcoin price prediction trends indicate that the answer is yes for “will Bitcoin hit 100k – most probably in 2024. But how experts come to this conclusion is just as important to understand, especially if you are investing a huge chunk of your personal fortune into this still-emerging financial asset.
The following factors shed a light on the strengths of these price predictions and answers your questions on will Bitcoin hit 100k.
Historical Price Trends
Will Bitcoin hit 100k? The answer lies within historical price trends. It’s because it is the first factor that contributes to the possibility of Bitcoin hitting any type of milestone achievement.
When you study the pricing trends for Bitcoin, you might be delighted to learn that Bitcoin has a consistent history of delivering the average annual return of 74% in the past decade. As other experts put it: This means that if you invested $4,000 in Bitcoin 10 years ago, you would have made a million dollars by now.
But instead of regretting the investments that you did not make, you should look into the returns that you may still obtain. By looking at Bitcoin’s current value and past pricing trends, you can quite likely determine that it’s sure to hit the coveted milestone of $100,000.
For some experts, this means that Bitcoin will reach this pitstop and then move on to bigger heights within a year. For others, it translates to a slightly longer wait time before this momentous shift takes place for the digital currency. Nonetheless, almost every expert is objectively confident in their analysis of will Bitcoin hit 100K sooner or later.
Spot Bitcoin ETFs
Another big reason behind the imminent rise in Bitcoin’s current value is the emergence of spot Bitcoin ETFs. Unlike Bitcoin futures that trade on the derivative value of the digital currency, spot ETFs actually buy and sell Bitcoin. This means that when you purchase a spot Bitcoin ETF, you are buying a portion of an actual Bitcoin without holding the cryptocurrency in your digital wallet.
While the first Bitcoin futures contract was launched in 2017, spot Bitcoin ETFs didn’t get approval from the U.S. Security and Exchange Commission (SEC) until January 2024. But when that approval came through, it marked a shift in attitude towards Bitcoin as well as a more optimistic outlook towards Bitcoin price prediction.
Immediately after their launch, spot Bitcoin futures became a massive hit among investors. By mid-February, spot Bitcoin futures had garnered a whopping $4.2 billion in net new flows. This caused analysts to deduce that spot Bitcoin futures will see even more interest in the upcoming year and have their net new flows go past a massive value of $10 billion. This, in turn, is set to increase the trading value of Bitcoin.
New Use Cases
While the two primary reasons mentioned above directly influence Bitcoin’s current value and future price due to its market movements, this factor correlates to the functional benefits of Bitcoin and its blockchain network. In the past few years, these advantages have taken Bitcoin from a slow cryptocurrency funds transfer method to a faster blockchain platform with additional benefits.
This has become possible due to Layer 2 protocols, which improve the overall performance of the Bitcoin blockchain. In the recent past, these Layer 2 protocols have made way to better transaction speeds, improved scalability, and enhanced privacy.
This most popularly includes the Lightning Network, which opens channels between two corresponding parties to limit the reporting details and improve the efficiency of transactions. This makes Lightning Network a great way to shorten transaction speeds while also protecting privacy,
Another popular solution is known as Stacks. This is a blockchain platform designed on top of the Bitcoin blockchain. What makes Stacks so popular is how it directly utilizes smart contracts, which are the reason that made networks like Ethereum so popular.
With these new use cases, Bitcoin may show that is securing its overall longevity and that it is here to stay. Since the overall price of an asset is driven by keeping tabs on its functionality and long-term efficiency, this factor has a noticeable effect on Bitcoin’s current value and future price.
Expected Halving
As the world’s first cryptocurrency, Bitcoin originated the concept of mining. To give you a quick overview, mining refers to the process where people/entities who verify transactions on the blockchain network and keep it functional earn new Bitcoins. This not only serves as a reward for Bitcoin miners, but also adds to the overall number of Bitcoins in circulation.
That’s where halving comes in. Since the total number of Bitcoins to ever exist is limited to 21 million, quick generation of new Bitcoins could make the network lose its value. With the bitcoin halving, the amount of Bitcoins that miners can generate is cut by half. This takes place after 210,000 new blocks have been created on the Bitcoin platform. The time period for this halving to occur is roughly 4 years.
The last Bitcoin halving occurred in 2020, with the previous ones taking place in 2012 and 2016. In the past, Bitcoin’s current value has increased after each halving. With the halving about to occur in a couple of months, estimated to be May 2024, analysts are keen on seeing Bitcoin’s price increasing by Q3 or Q4 of this year.
These are some of the most important factors that have encouraged financial experts to be extremely confident in their Bitcoin price prediction this time around. When you combine the effects of these movements with other events that will affect Bitcoin’s value, it is not that difficult to determine that the stage is set for Bitcoin finally reaching the $100,000 mark.
The Different Interesting Events That Took Place and Will Take Place That Will Have an Impact on Bitcoin
In the past couple of years, various events have taken place that rolled out the red carpet asking will Bitcoin hit 100k. These include but are not limited to the following.
Current Crypto Cycle
What is a crypto cycle, you ask? It is the way the market moves for digital assets with their pricing trends and fluctuations. For Bitcoin, the crypto cycle works in a challenging way for investors and analysts alike. But after years of assessments, some experts believe that they have it nailed down to a science.
While this is not an exact estimation, one interpretation of Bitcoin’s cycle is that it first touches a record high, then drops drastically in ways that depletes its value by about 80 percent of the new peak. This might continue until a year or so, before Bitcoin picks itself up and aims for a new high in another two years. This process continues for another year before the cryptocurrency slows down.
The current market movements indicate that we are in the middle of a new cycle, which further strengthens the Bitcoin price prediction of the cryptocurrency reaching the $100,000 milestone.
Launch of Spot Bitcoin ETFs
The launch of spot Bitcoin ETFs in 2024 is perhaps the biggest market-level success that the world’s first cryptocurrency network and its proponents could hope for: With $4.2 billion in net new flows within roughly a month of their launch and prediction of fetching $10 billion by the end of the year, spot Bitcoin ETFs are a success story for the network.
With that, they also paint a positive picture for Bitcoin’s current value and future price trends. That is why, when you ask when will Bitcoin hit 100k, most experts answer it as 2024, while some are more conservative by projecting a 2025 victory.
Upcoming Halving of Bitcoin
Historically, the three halving instances of Bitcoin that took place in 2012, 2016, and 2020 have shown an increase in the price of Bitcoin shortly after the halving. In 2024, the stage for halving is set for May. With roughly six months to go until the end of the year, it is definitely one of the events that will affect Bitcoin’s value.
After the halving, it usually takes a few weeks or a couple of months for the price to noticeably increase. But experts believe that in combination with other instances, this could be the catalyst that may answer the question of will Bitcoin hit 100k.
Bitcoin Network Enhancements
While not a direct player in terms of market price movements, blockchain network enhancements also play a role in Bitcoin’s current value. With protocols like the Lightning Network and Stacks rising in popularity and value, respectively, these Layer 2 protocols can help shepherd Bitcoin’s price into a new era.
It is also important for price maintenance: Once Bitcoin becomes even more popular following its upcoming price hike, it might have to face scalability and efficiency concerns. Having these network enhancements in place can help curb those worries and lead to Bitcoin’s current value at the time to sustain and increase continuously.
How Long Is a Typical Crypto Cycle?
A typical crypto cycle typically lasts 4 years. This includes 3 years of upwards pricing movements that are followed by a year of downwards trend. According to many experts, we are currently in the upwards trends of a Bitcoin cycle. This means that the cryptocurrency will continue to jump to new highs before its price stabilizes and then starts to drop.
After understanding what is a crypto cycle and tracking Bitcoin’s performance from its creation in 2009, you can see how the current phase of Bitcoin’s pricing trends indicates a volatile ride for the cryptocurrency and its proponents.
Which Countries Hold Bitcoin, Which Countries Are Likely To Hold Bitcoin
While many countries in the world put strict limitations on trading Bitcoin, there are several countries that hold Bitcoin in a significantly higher proportion than the rest of the world. Some of these territories have maintained this distinction for a few years, while others have only joined the race in the recent past.
As of 2023, the following countries hold the most cryptocurrency. Seeing that Bitcoin is the world’s most popular digital asset, it is not incorrect to assume that a large part of these cryptocurrency holders have Bitcoin in their wallets.
Nigeria
In Nigeria, approximately 47% of the country’s population of 230 million owns cryptocurrency. This is an increase from 2020, where only 32% of Nigerians claimed to hold some sort of cryptocurrency. This puts Nigeria at the top of the list of countries with the highest share of the population being cryptocurrency users.
Turkey
With 47% of its population owning some sort of cryptocurrency, Turkey paints the same picture as Nigeria. But in the case of Turkey, this share comes from a population of just over 84 million. This also signifies stark growth from 2020, where only 16% of people from Turkey were stated to hold some type of cryptocurrency.
United Arab Emirates
Around 31% of the United Arab Emirates’ 9 million population holds cryptocurrency. But in 2020, this number only stood at 10% of the population. This means that the UAE is one of the fastest countries to adopt the use of cryptocurrencies like Bitcoin.
Indonesia
Indonesia took a few years to warm up to cryptocurrencies. But the past few years have seen a noticeable growth in Indonesian cryptocurrency holders. In 2023, 29% of the 237 million population owned cryptocurrency, as opposed to 13% in 2020.
Brazil
Brazilians have embraced cryptocurrencies with open arms. In 2023, 28% of Brazil’s 214 million population claimed to hold some sort of cryptocurrency. This is a significant growth from 2020 where only 12% of them were cryptocurrency owners.
The Potential Price Targets for Ethereum and Other Current Popular Coins
While Bitcoin is the reigning king of cryptocurrencies, altcoins such as Ethereum and Dogecoin still maintain their own hold on the market. This may lead you to wonder about the altcoin price targets 2024 brings to the table. This is especially helpful when you consider that if Bitcoin’s price goes on a bull run, it can also lead altcoins towards upwards pricing trends.
Some of the altcoins that may benefit the most from Bitcoin price prediction include the following.
Ethereum
If Bitcoin is the leader of the cryptocurrency market, Ethereum certainly follows right behind it. At one point, it was also considered to take Bitcoin’s crown due to its smart contracts and being home to hundreds of functional blockchain platforms, some of which are active to this day.
While Ethereum’s eponymous token (ETH) has certainly not dethroned Bitcoin, it is still considered a strong cryptocurrency. In 2024, it is said to reach the target of $8,000 as compared to its current value that stands around $3,400.
BNB
BNB is the digital token of popular cryptocurrency exchange Binance. The platform not only uses the BNB token to accept fees on its platform, but also offers users some perks for doing so. This makes BNB a sought after altcoin that is here to stay.
In 2024, BNB might grow to a price of $750 from its current price of around $500. If you are a Binance account holder, then you might do especially well with holding this token in your wallet.
Solana
As a standalone blockchain that is known for its support of decentralized apps, Solana has become a force to be reckoned with. The platform’s cryptocurrency SOL has grown exponentially in value in the past few years alone.
SOL is currently trading just above $185, but it is expected to overtake BNB or at least stand right beside it in price by the end of the year. This marks its projected value around $750.
Dogecoin
While Dogecoin initially started as a meme coin, it has sustained its popularity among its holders that include names like X owner Elon Musk. This passionate community is one of the main reasons DOGE has sustained its value for this long.
The famous DOGE is currently trading just around $0.14. But if factors like Musk’s ongoing remarks about the cryptocurrency are any indication, it might reach the much-hyped $0.30-$0.50 target that is a big achievement for an altcoin that began as nothing more than an amusing idea. Dogecoin may even go to heights such as $2.00 or more this time around.
XRP
XRP, the altcoin launched by the company Ripple, is perhaps most known for being in the news for its legal battles and victories against the SEC. But on its own, the altcoin provides just as much use to its users as any other cryptocurrency.
XRP is currently trading just above $0.62, but it is predicted to get some gains on the coattails of its legal arguments against the SEC and go as far as $1. With that being said, the case is not fully resolved, which is why anything that happens with XRP’s price is dependent on how its legal challenges with the SEC turn out. XRP has not had the same amount of momentum as previous cycles, it may indicate that the market is favoring other tokens.
It could be best to understand which tokens have more momentum in this cycle and to select those over previously popular tokens that are experiencing slow price growth or minimal growth at all.
After learning these altcoin price targets 2024 brings to the table, you can make your mind about investing in these cryptocurrencies along with keeping an eye on Bitcoin’s current value.
Opportunities for Airdrops
While researching Bitcoin price prediction, you may come to know a lot about digital assets and how they work. If there’s one thing that you may learn about cryptocurrencies, it’s that you can find them a dime a dozen in this day and age.
This also opens doors to new crypto airdrops 2024 has to offer. These “airdrops” are simply small portions of new cryptocurrencies that you can get for free from platforms that are trying to expand their user base.
In 2024, you can find these airdrops by first setting up a wallet that supports the specific blockchain. Since Ethereum supports various new platforms, creating an Ethereum wallet can be beneficial for you.
You can find airdrops from new platforms by subscribing to news websites and researching projects that seem intriguing and reliable to you. Some of these platforms might require you to sign-up and use their services before you can get the airdrop. Typically, you can sign up for airdrops through the platform’s website or blockchain.
Apart from checking news platforms and airdrop aggregator websites, You can also browse around platforms such as Reddit to keep an eye on new airdrops as well as signs of fraudulent activities. This can help you steer clear of scams.
What Is Different This Time?
In the past, you might have seen many predictions about will Bitcoin hit 100k. But this time, there are several factors at play that could make this dream come true and enhance Bitcoin’s current value to new heights of success.
These include but are not limited to:
- Spot Bitcoin ETFs
- Bull trends in crypto cycle
- Historical pricing trends
- More efficient network
- Increased public and investor knowledge
What Are the Risks To Watch
While Bitcoin price prediction comes with a lot of positives, it’s not free of its risks. Similar to other financial sectors, cryptocurrency is a volatile market where trends can go south and make you lose funds on an otherwise surefire bet. This is especially true for the digital asset market that is still finding its footing after all these years.
At the same time, it is important to note that the risks in 2024 can range from outside situations that can have an impact on markets and sentiment. These events can range from war related risks to growing weakness in the global economy and even a sustained correction in the stock market.
Keeping this in mind, make sure that any money that you invest in Bitcoin’s current value comes from funds that you can afford to lose. With that, it is also good to keep realistic expectations from the investment and track any industry news to avoid putting your money into the wrong places. This can help you get ready for the historic bull run by Bitcoin while still protecting your interests.
While Bitcoin has since dropped to a value of just above $66,000 at the time of writing, Bitcoin price prediction from industry experts paint a fantastic picture for the cryptocurrency and those who hold it. While many deduce that Bitcoin reaching $100,000 is a no-brainer, others go as far as to say that hitting $150,000 is quite possible in 2024 for the digital asset.
Unlike the tall claims that you used to hear about cryptocurrency prices in the past two years, the confidence in these predictions is palpable. This is due to a few reasons that start from Bitcoin’s current value and go all the way to the reinvigorated popularity of Bitcoin ETFs. While the way that Bitcoin is climbing new records is reason enough for the $100,000 dream to seem like reality, the newfound interest from professional investors is also causing a stir in the market.
Interested in learning more? This guide takes you through the events that will affect Bitcoin’s value and take it to the grand milestone of $100,000.