Bitcoin Poised to Hit $100,000 by Year’s End – Why It’s Still Possible
If you have been following my updates on Bitcoin (CRYPTO: BTC) over the past year, you are aware that I have consistently forecasted that the price of Bitcoin will hit six figures in 2024. At roughly $60,000 right now, reaching $100,000 could seem unattainable. But Bitcoin still has a chance to hit this milestone in spite of recent dips. This is why it’s still reasonable to expect a $100,000 Bitcoin by the end of the year.
Bitcoin Historical Trends Favor a $100,000
The price of bitcoin frequently moves in a cyclical manner, characterized by strong bull runs, severe crypto winters, and accumulation stages that pave the way for further price increases. This is a cyclical activity that is visible over shorter time spans as well as over multiple years. As of right now, Bitcoin appears to be following this well-known pattern.
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In the past, Bitcoin returns during the summer have been comparatively flat, averaging 6% in June, 7% in July, and a small decrease in August. The major action starts in October, with a small correction of about -4% usually occurring in September. In the past, October had an average return from Bitcoin of 26%, while November saw a gain of 36% and December saw an extra 11%.
Although past averages cannot guarantee future performance, they can provide valuable information about potential patterns. With Bitcoin’s history of performing well in the last quarter, there is still a good chance that it will surpass $100,000 by year’s end.
Interest Rate Cuts as a Catalyst
Apart from past patterns, there’s an additional element that might push Bitcoin over $100,000, possible reductions in interest rates. Experts predict that the Federal Reserve will lower interest rates by at least 0.25 percentage points at its forthcoming meeting in September, following years of rising rates.
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When investors are looking for better returns in an environment with lower interest rates, bitcoin is sometimes viewed as a “risk-on” asset. Bonds and other conventional investments become less appealing, and Bitcoin rises in value. Furthermore, a decline in interest rates that results in a weaker US currency may increase the allure of Bitcoin as a hedge against established financial institutions.
This possible rate cut’s timing fits in nicely with Bitcoin’s historical pattern of high performance in the last few months of the year, which could further accelerate its potential climb.
Even if there are clear parallels to previous bull markets, it’s crucial to remember that forecasts are never 100% accurate. Do I think Bitcoin will hit $100,000 in the upcoming four months? Indeed. Nonetheless, Bitcoin is well-positioned for long-term growth given its core advantages and the changing nature of the economy, regardless of whether it reaches this milestone this year or next.
There will inevitably be volatility and corrections, but just as we consider Bitcoin prices below $10,000 to be a thing of the past, so too will the days of prices below $100,000 be relics of the past.
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