Once again, Bitcoin has brought excitement to the cryptocurrency scene as analysts predict a rise in the alpha coin’s price.
The hum of a Bitcoin Price The surge is making headlines as two crypto experts raised the possibility of hitting the six-figure mark per coin, intensifying discussion about the currency’s future.
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Bitcoin: on the way to US$100,000
Bitwise CIO Matt Hougan has predicted that Bitcoin’s price will likely surpass the six-figure level, saying it is inevitable that the currency will reach this milestone.
Hougan said, in his X post, that bullish sentiment on the digital asset has put Bitcoin on track to trade above $100,000.
He explained that several favorable factors fuel the currency’s amplified growth, exciting traders and enthusiasts about what’s next for the virtual currency.
We are heading towards six-figure bitcoin.
* ETF flows reaccelerating
* Elections approaching
* Infinite deficits (bipartisan agreement!)
* Economic stimulus in China
* Global rate cuts (Fed, ECB)
* Halving of supply shock starting to affect
* Whales piling up-Matt Hougan (@Matt_Hougan) October 18, 2024
Keizer projection
About that, Bitcoin Maximalist Max Keizer shared the same sentiment about the future price of BTC, but his prediction is more than double the price estimate given by Houghan.
Keiser, who is also an advisor to El Salvador President Nayib Bukele, made a bold statement that the price of Bitcoin would rise to $220,000, saying the currency is on track to reach a new all-time high price.
The new ATH Gold price predicts that Bitcoin will trade above $220,000 very soon.
-Max Keiser (@maxkeiser) October 18, 2024
Key Factors for the Six-Figure Price
Houghan explained that a rise in the price of BTC is most likely due to several factors driving price appreciation, such as institutional interest, on-chain factors, and macroeconomics. All of this, he said, contributes greatly to the rise in the price of crypto.
On the other hand, Keiser believed that the price of alpha coin would skyrocket because of goldsaying it is another “safe haven asset”. Currently, gold has reached a new record of US$2,713.88 per ounce, the first time this has happened in the last four years.
Keizer suggested a correlation between gold and crypto, arguing that once the price of gold reaches an all-time high, Bitcoin will follow and reach a similar milestone.
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He tweeted that for every $1 increase in the price of gold, Bitcoin rises by $20. Therefore, he is confident that Bitcoin can quickly reach the $220,000 level in the near future.
Bitcoin and the US elections
The imminent USA presidential election in November is seen as another catalyst in Bitcoin’s price appreciation.
It has been noted that Bitcoin has been one of the main issues facing US political candidates in this year’s elections, where it has become necessary to stipulate their stance on cryptocurrencies.
However, some believe that BTC prices will continue to perform strongly regardless of who wins the presidential race.
Featured image from IG, chart from TradingView