Can Bitcoin Price reach $100,000 in 2024?

Key Takeaways:

• Bitcoin is on the verge of breaking out into positive territory above the $28,000 mark. If we see a breakout of BTC price above $28,500, we can see a strong rally up to the $32,000 level.
• Some of the top factors that will affect Bitcoin price include the US Federal Reserve meeting in June, Bitcoin halving event in 2024, and the increasing mainstream adoption, amongst others.
• The future of Bitcoin looks promising thanks to a bunch of reasons, including increasing mass adoption, popularity, and the potential for revolutionary policy reforms and regulatory clarity from governments across the world!

How did BTC Price perform in 2023 till now?

• Bitcoin price has had a strong pullback in the early days of 2023, seeing a near 80% rally at the YTD highs. BTC price has corrected since then, but it is still trading up over 60% as of writing this article.
• On the upside, BTC price will face some resistance at the $28,500 mark in the short term – after which it will enter the accumulation zone (marked in grey).
• After that, BTC price will fall into the accumulation zone between $28,500 to $32,000 zone, which would be difficult for the BTC price to break. This has served as a mid to long-term accumulation zone for quite some time and would be difficult to breach.
• The $28,500 mark also coincides with the 50-day exponential moving average, which would also serve as a short-term resistance level.
• The $30,000 mark would serve as a support zone when we see a breakout as it sees a confluence between it being a psychological mark and also the higher high, higher low pattern (blue diagonal trendline).
• A convincing break out of the $32,000 mark would result in a potential 12% to 33% rally from those levels.

Additional Read: Bitcoin Price Prediction

Top Factors Affecting Bitcoin Price

1. US Federal Reserve Meeting:
   The upcoming June session of the US Federal Reserve meeting is expected to be one of the most defining factors that will affect Bitcoin prices in the near future. Experts from various places believe that the rate hike spree from the Federal Reserve governor, which began back in 2022 that signaled the start of the crypto bear market, is expected to come to a halt this time around. A halt in the interest rate hike regime would inject strong bullishness across various asset classes, including cryptos.
2. 2024 Bitcoin Halving
   Bitcoin halving events, which occur approximately every four years, reduce the block reward given to miners. This limited supply event can contribute to long-term price appreciation as the rate of new Bitcoin creation decreases. In Bitcoin’s case, historically, BTC prices have always rallied immediately after the halving event and that can be expected to play out in this case, too, in mid-2024.
3. Institutional Adoption:
   Increasing institutional adoption of Bitcoin can positively impact its price. As more traditional financial institutions and corporations embrace Bitcoin, it can bring legitimacy and attract more investors, driving up the demand and price of the most popular crypto asset in the world.
4. Geopolitical Factors:
   Geopolitical events – such as trade disputes, political instability, and economic sanctions, can create uncertainty in traditional financial markets. In such situations, investors may turn to Bitcoin as a hedge against economic turmoil, potentially driving up its price.
5. Technological Advancements: Technological developments within the Bitcoin ecosystem, such as scalability improvements, layer-2 scaling solutions, and advancements in security, can enhance Bitcoin’s utility and attract more users and investors, potentially driving up its price.
6. Regulatory Developments:
   Government regulations and policies regarding cryptos can greatly influence Bitcoin’s price. Regulatory changes can create uncertainty and affect market sentiment, leading to price fluctuations. Many countries across the world are currently working on formulating formal regulations for crypto innovation to foster innovation and cut down on malicious bad actors in the ecosystem.

Bitcoin Price Prediction 2023-2024

The price of BTC is believed to be set for an upward trajectory, supported by positive signals from the United States Federal Reserve. Market analysts predict that the ongoing cycle of interest rate hikes, which started in 2022, might soon reach its conclusion, resulting in temporary bullish market sentiment. This anticipated pause in the increase of borrowing costs contributes to a favorable outlook.

Moreover, the upcoming Bitcoin halving event in 2024 adds to the optimism among miners, investors, and traders. This event, which reduces the reward for mining new Bitcoins, prompts them to accumulate the crypto in anticipation of both the halving and the subsequent potential price rally. The convergence of these two optimistic factors in the market sets the stage for a bullish trend throughout the remainder of 2023.

Year	Bitcoin Price Forecast
2023	$31,000
2024	$45,000

The forecast shared in the table above is a very conservative outlook on the market and Bitcoin’s growth potential. If things happen to go really well over the course of the remaining half of 2023 and the whole of 2024, touching $100,000 wouldn’t be too much of a difficult task for Bitcoin. However, from a purely technical perspective, a $45,000 to $50,000 level seems adequate, considering the current situation of the crypto market and the overhang of the bear market of 2022.

Future of Bitcoin

The future of Bitcoin appears promising as the crypto industry continues to gain mainstream acceptance and adoption. Here are some key factors that contribute to the positive outlook for Bitcoin:

1. Growing Institutional Adoption: Institutions, including banks, asset management firms, and corporations, are increasingly recognizing the value and potential of Bitcoin. Their entry into the market brings credibility and liquidity, further fueling its growth.
2. Mass Market Acceptance: Bitcoin is gradually becoming more widely accepted as a form of payment. Major companies, such as PayPal and Square, have integrated Bitcoin into their platforms, enabling users to buy, sell, and transact with the crypto. This increased acceptance and accessibility drive its mainstream adoption.
3. Technological Advancements: Bitcoin’s underlying technology, blockchain, continues to evolve and improve. Scalability solutions like the Lightning Network aim to enhance transaction speed and reduce fees, making Bitcoin more efficient and practical for everyday use.
4. Global Economic Uncertainty: Bitcoin’s decentralized nature and limited supply make it an attractive hedge against inflation and economic uncertainty. In times of financial instability or currency devaluation, Bitcoin’s value may rise as investors seek alternative stores of wealth.
5. Regulatory Developments: Regulatory frameworks for cryptos are maturing, providing clearer guidelines and fostering investor confidence. As governments worldwide establish regulatory frameworks, it is likely to attract more institutional investors and facilitate mainstream adoption.

While the future of any asset class is subject to uncertainties, the ongoing developments and trends in the crypto space suggest a possibility for a positive trajectory for Bitcoin. However, it is important to note that investing in cryptos carries risks, and individuals should conduct their own research and seek professional advice before making any investment decisions.

Read On: How to Buy Bitcoin in India?

Should you invest $1000 in Bitcoin right now?

When considering whether to invest $1000 in Bitcoin at the current moment, it’s important to approach the decision carefully. Bitcoin is known for its volatility and unpredictable price movements. Factors such as market conditions, regulatory changes, and investor sentiment can all impact its price.

It’s crucial to conduct thorough research and analysis, understanding both the potential benefits and risks associated with Bitcoin investment. Consider your personal financial goals, risk tolerance, and time horizon for investment. Keep in mind that investing in cryptos involves a level of uncertainty, and it’s essential to only invest what you can afford to lose. It may be beneficial to consult with a financial advisor or seek advice from experienced investors before making any investment decisions.

Values as on May 23, 2023.