Crypto analyst Miles Deutscher recently made a bold prediction in a podcast: Bitcoin could hit $100,000 in 2024. Deutscher cites a confluence of factors, from easing market pressures to potential political catalysts and rising institutional adoption, that could fuel this surge.
According to a recent analysis, the Bitcoin bear market may be ending. The German selling overhang has ceased, which has reduced negative pressure on the price of Bitcoin. Additionally, strong inflows into Bitcoin ETFs indicate growing investor confidence.
Political factors are also influential in this scenario, with speculation suggesting that if Donald Trump becomes president again, he might introduce a US Bitcoin strategic reserve plan. Such an announcement, reported in a similar podcast titled, Thinking Crypto podcast, could influence Bitcoin’s adoption and price.
Moreover, the Bitcoin 2024 conference is anticipated to be a major event, likely generating more attention for Bitcoin and potentially driving further investment.
Institutional acceptance of Bitcoin continues to rise, with financial companies like Goldman Sachs entering the market through tokenization. This form of institutional interest is a strong signal of Bitcoin’s real and long-term value proposition. Also, the anticipation of new Ethereum spot ETFs will likely contribute to additional positive pressure on the cryptocurrency market.
The analyst claims that an average BTC price increase could be 95% and that the coin will climb to $115,000 from $25,000 in 123 days. Deutscher encourages Bitcoin holders to hold onto their coins rather than sell them during this expected price surge.
As of now, Bitcoin is priced at $63,475.80, with a daily trading volume of $27,303,478,579. Although it has dropped by 1.85% in the past 24 hours, Bitcoin has risen by 11.15% over the last week, showing a positive market outlook and raising hopes for further gains.