20 October 2024
Once again, Bitcoin has brought excitement to the cryptocurrency landscape as analysts predict an upward trajectory for the price of the alpha coin.
The buzz of a Bitcoin price upsurge is making headlines as two crypto experts raised the possibility of it hitting the six-figure mark per coin, intensifying the discussion on the coin’s future.
Bitcoin: On The Road To $100,000
Bitwise CIO Matt Hougan predicted that Bitcoin price will likely breach the six-figure level, saying that it is inevitable for the coin to reach that milestone.
Hougan said, in his X post, that the bullish sentiment on the digital asset put Bitcoin on a path towards trading above $100,000.
He explained that several favorable factors fuel the coin’s amplified growth, exciting traders and enthusiasts on what lies ahead for the virtual currency.
We’re heading to six-figure bitcoin.
* ETF flows reaccelerating
* Election approaching
* Infinite deficits (bipartisan agreement!)
* Economic stimulus in China
* Global rate cuts (Fed, ECB)
* Halving supply shock starting to bite
* Whales accumulating
— Matt Hougan (@Matt_Hougan) October 18, 2024
Keiser’s Projection
Meanwhile, Bitcoin maximalist Max Keiser shared the same sentiment about the future of BTC price, but his prediction is more than twice the price estimate given by Houghan.
Keiser, who is also an advisor to El Salvador’s president Nayib Bukele, made a bold statement that Bitcoin price would surge to $220,000, saying that the coin is on track to reach a new all-time record for its price.
The new ATH Gold price is predicting Bitcoin will trade over $220,000 very soon.
— Max Keiser (@maxkeiser) October 18, 2024
Key Factors For The Six-Figure Price
Houghan explained that a surge in BTC price is more likely due to several factors driving its price appreciation such as institutional interest, on-chain factors, and macroeconomics. All of these, he said, greatly contribute to the crypto’s price moving upward.
On the other hand, Keiser believed that the alpha coin’s price would skyrocket because of gold, saying it is another “safe haven asset.” Currently, gold reached a new record of $2,713.88 per ounce, the first time it has happened in the last four years.
Keiser suggested a correlation between gold and the crypto, arguing that once gold price hits an all-time high, Bitcoin will follow and reach a similar milestone.
He tweeted that for every $1 price hike in gold, Bitcoin moves up by $20. Hence, he is confident that Bitcoin can quickly reach the $220,000 level in the near future.
Bitcoin And The US Election
The looming US presidential election in November is seen as another catalyst in Bitcoin’s price appreciation.
It has been observed that Bitcoin has been one of the key issues that US political candidates face in this year’s elections, wherein it has become necessary to stipulate their stance on cryptocurrencies.
However, some believe that BTC prices will continue to have a strong performance regardless of who wins the presidential race.
Featured image from IG, chart from TradingView