Over the past 15 years, Bitcoin (CRYPTO: BTC) has exceeded all projections and expectations, skyrocketing from just a few pennies to over $50,000 by 2021. As of June 2024, its price is around $70,000, with the next milestone being the coveted six-figure mark. The likelihood of Bitcoin reaching $100,000 in 2024 is high, considering its historical performance and the recent halving event in April 2024.
The halving, which occurs every four years, reduces the reward for mining new blocks by half, leading to a decrease in the creation of new bitcoins and contributing to Bitcoin’s scarcity and price appreciation. In the past, Bitcoin has seen a price increase of around 125% in the year of a halving, putting its price close to $100,000 based on its starting price of $44,000 in 2024.
A new factor influencing Bitcoin’s price in 2024 is the introduction of Spot Bitcoin ETFs, allowing institutional investors to invest in Bitcoin without regulatory concerns. This influx of institutional investors, along with increased access for retail investors, is expected to put additional pressure on Bitcoin’s supply and drive its price upwards.
2024 looks promising for Bitcoin to reach $100,000, with its current price near $70,500 offering a potential 40% gain. If Bitcoin doesn’t hit $100,000 in 2024, 2025 could be the year to watch out for. The ongoing halvings, growing adoption, and institutional involvement make a strong case for Bitcoin to continue surprising investors in the years to come.