Several analysts are giving price predictions about Bitcoin that put the popular cryptocurrency above $100,000 in the near future. One of the main reasons behind this price surge could be the upcoming halving event, which is expected to take place as soon as in 2024.
Bitcoin Could Hit $100K According to Analysts
According to Canaan’s Vice President, Davis Hui, Bitcoin could surpass the $100,000 mark. During a conference in Singapore, other analysts agreed on this point and believe that the largest virtual currency could surpass the above-mentioned price.
The new demand could come from different financial institutions rather than just from retail buyers. Let’s not forget that Bitcoin has already been adopted by a large number of investors around the world, however, institutions are still lagging behind.
One of the reasons behind Bitcoin’s price increase could be linked to the halving event that will take place in 2024, according to Hui. When a halving event occurs, the new issuance of Bitcoin falls by 50%. When that happens, if there is new demand entering the market, it can be more difficult for the whole Bitcoin supply to be offered to traders who want to get access to cheap BTC.
Another reason for the price increase that Bitcoin could experience is the approval of a Bitcoin spot ETF in the United States. If the U.S. Securities and Exchange Commission approved an application to run a spot ETF, then there could be an increased demand for this virtual currency.
Let’s not forget that after the halving event that took place in 2020, Bitcoin’s price surged to $69,000 the year after, marking the highest point for Bitcoin’s price in history. At the time of writing this article, Bitcoin is being traded at close to $26,500.
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