Can Bitcoin reach $100,000 mark in 2024? Here's what experts say

However, a resurgence in 2023 saw Bitcoin climbing steadily from $16,530 at the year's start to $42,258 by the end. The approval of Bitcoin Spot in early 2024 fueled another rally, propelling its price above $70,000 by March, with highs reaching $73,750 on exchanges.

Meanwhile, recent weeks have seen Bitcoin under downward pressure, dropping to the $67,500 level. This decline reflects investor caution ahead of a crucial U.S. inflation report and Federal Reserve policy decision, which could shape the near-term interest rate outlook.

Now, the big question is whether Bitcoin can reach $100,000 in 2024. Here's what experts say:

Edul Patel, CEO of

There's a strong likelihood that the bull market will persist, possibly pushing Bitcoin's price to $100,000 by year-end. The market has seen an influx of new investors, both retail and institutional, who are using spot ETFs to enter the market conveniently. The combination of reduced Bitcoin supply due to halving an increased demand from Bitcoin ETFs is a key factor driving the current bull run.

Also, if the Federal Reserve cuts the interest rates this September, it could, along with easing inflation, boost Bitcoin's potential to reach $100,000 along with inflows into Bitcoin spot ETFs. Lower rates often lead to a weaker dollar and increased liquidity, prompting investors to seek alternative assets. Bitcoin, perceived as a hedge against inflation and currency devaluation, may attract more interest as traditional investment yields decrease. Additionally, increased market liquidity can drive investment, further supporting Bitcoin's price surge.

, CEO of BuyUcoin

Thakral believes that Bitcoin reaching $100,000 in 2024 is more feasible now than ever before due to several key factors. The approval of the spot Bitcoin ETF has spurred significant interest from institutional investors, fundamentally transforming the crypto investment landscape in favor of Bitcoin. Increased institutional adoption by companies like MicroStrategy, BlackRock, CME Group and JPMorgan is bringing substantial capital into the market, likely pushing Bitcoin's price upwards.

The recent Bitcoin halving, which reduces the number of new bitcoins mined, has historically led to an increase in Bitcoin's value. Furthermore, countries such as Thailand, Hong Kong, Australia, Singapore, and the UAE are also approving or planning to approve spot Bitcoin ETFs, providing additional support to Bitcoin’s price momentum.

A potential Federal Reserve interest rate cut in September could also positively impact Bitcoin prices by lowering returns from traditional investments like bonds, making Bitcoin more attractive. Rate cuts typically increase market liquidity, boosting investment activities which could benefit Bitcoin. Additionally, an increase in Bitcoin’s price is likely to have a positive spillover effect on the broader cryptocurrency market, especially established altcoins. Profit-booking from altcoins and reinvesting in Bitcoin could further drive Bitcoin's price upwards, making the $100,000 target more attainable in the near term.

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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

Source: Forex-Markets-Economic Times