Bitcoin’s Potential to Reach $100K by 2024: Key Factors Explored
Bitcoin on the way to 100,000 dollars in 2024?
The question of whether Bitcoin will reach the 100,000 dollar mark in 2024 is currently occupying many investors and market observers. In particular, the discussions around Bitcoin ETFs could have a significant impact on the price of the cryptocurrency.
Bitcoin Price Development and Forecasts
In the past week, Bitcoin was able to gain more than 3% and approached the 44,000 dollar mark. According to data from CoinMarketCap, the cryptocurrency was trading at 43,912.86 dollars at the time of reporting, with a market capitalization of over 860 billion dollars.
An analyst who developed the Stock-to-Flow (S2F) model even predicts that Bitcoin could exceed the 100,000 dollar mark in 2024 and reach a price of 532,000 dollars in 2025. This prediction was made at a time when Bitcoin ETFs were a hotly debated topic in the market.
Influence of Bitcoin ETFs
If Bitcoin ETFs are approved, investors could expect a further increase in the Bitcoin price. Crypto Tony, a well-known crypto analyst, also shared that he expects Bitcoin to reach 50,000 dollars if ETFs are approved.
Outlook for Investors
Even though the 100,000 dollar mark seems ambitious and it may still be too early to make such predictions, there is good news for investors. Captain Faibik pointed out in a tweet that the Bollinger Bands of Bitcoin are narrowing in the daily chart. This could indicate that the price of Bitcoin could rise in the coming days.
On-Chain Metrics of Bitcoin
An analysis of Bitcoin’s on-chain metrics revealed that the buying pressure on Bitcoin is increasing as the Exchange Reserve and the Exchange Netflow are in the green zone. This suggests that the movements of long-term holders have been below average over the past seven days. In addition, the buying sentiment among US investors was dominant, as evidenced by the Coinbase Premium of Bitcoin.
Potential Resistance Zones
If Bitcoin were to start a bull rally in the coming days, there could be some resistance zones. An analysis of Bitcoin’s liquidation heatmap showed that the liquidation of Bitcoin increased the last time the price reached the 45,000 dollar mark. Therefore, Bitcoin must exceed this mark in order to maintain its bull rally.
Sources: AMBCrypto, CoinMarketCap, CryptoQuant, Hyblock Capital.
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