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Bitcoin Price to Hit $100,000? These Experts Think BTC Can Hit Six Figures

Last Updated March 6, 2024 4:01 PM
Shraddha Sharma
Last Updated March 6, 2024 4:01 PM
By Shraddha Sharma
Verified by Peter Henn

Key Takeaways

  • Standard Chartered predicted in 2023 that Bitcoin could reach $100,000 by the end of 2024.
  • Financial analysts highlight Bitcoin’s limited supply and increasing demand as key factors for price rise.
  • If we price in Bitcoin ETF approvals, what will propel the price to a six-figure valuation?

The Bitcoin price started to emerge from a prolonged “crypto winter” in the fourth quarter of 2023. Now, experts anticipate it could soar to $100,000 by the end of 2024. Standard Chartered previously predicted that the surge to six figures would be down to a combination of factors.

Although Bitcoin reached a new all-time high on March 5, it went on the downturn. Can the top crypto jump to new heights in the year of the halving?

New Era for Bitcoin Price

In 2023, Standard Chartered announced  an optimistic forecast for Bitcoin, stating it could reach $100,000 in 2024. The prediction was based on banking sector turmoil and an expected stabilization of risk assets from monetary policies.

Bitcoin’s recovery from its 2023 lows and its current stabilization above $65,000 makes the market optimistic about it reaching $100,000. Meanwhile, developments such as Bitcoin ETF approvals by the United States Securities & Exchange Commission have been instrumental in drawing more investment into Bitcoin.

According to Lyn Alden of Lyn Alden Investment Strategy, around $8 billion in net inflows moved into Bitcoin ETFs. Since their inception, the inflows contributed to the rise in Bitcoin’s market capitalization by $300 billion.

Therefore, even if the BTC ETF approval is already priced in by the market, the record inflows are giving Bitcoin a constant push.

The Mechanics Behind the Surge

The limited supply of Bitcoin, capped at 21 million coins, coupled with its halving event — a mechanism that reduces the rate at which new Bitcoins are created — is set to further squeeze the supply. Financial analysts, including Rajat Soni, CFA, underlined  the importance of these factors.

 

Alden points out the bear market has led to Bitcoin holders being less likely to sell, setting the stage for a significant price rally with even a slight increase in demand. Soni further elaborates on Bitcoin’s appeal as a store of value, emphasizing how the decreasing supply against a backdrop of increasing demand should push its price upwards.

Soni’s analysis extends beyond just the supply-demand dynamics. He foresees a pattern where the price of Bitcoin will climb in the next 12 to 18 months, due to April’s halving. However, he cautions against a potential price drop in 2026, predicting market volatility and the emergence of scams as retail investors chase gains, mirroring past cycles.

BTC Six-Figure Possibility

The consensus among financial experts is that Bitcoin is on the brink of a fresh price milestone after its March rally. The next price rise should be propelled by a combination of regulatory approvals, supply constraints, and its growing appeal.

While the path to $100,000 might be fraught with volatility, the overarching trend is positive. Bitcoin seems to be gradually absorbing economic value from traditional systems, making the $100,000 price target the next possibility.

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