When will bitcoin surpass $100,000?

Key facts:
  • Bitcoin breaks a new price mark on March 13, 2024.

  • The arrival of $100,000 would occur shortly before or after the halving, says Kane.

According to market researcher Logan Kane, there is reason to think that the price of bitcoin (BTC) will exceed $100,000 (USD) in the short term. This is indicated by his most recent analysis, while the currency reaches new record prices in history.

The specialist details that bitcoin’s high fundamental value is currently combining with key factors. One is the high capital inflows into the market, partly from exchange-traded funds (ETFs) launched two months ago in the United States. Added to this was the growing interest of the media and the strong momentum in the price.

“Given the factors at play here (…), I think the end result is for bitcoin to exceed USD 100,000 in this wave, possibly shortly before or after the halving,” he maintains.

The halving, which will have its next edition in April, is the halving of the bitcoin issuance produced every four years until 21 million BTC are mined. This event limits the selling pressure, which causes the price to rise due to the law of supply and demand. That is why it functions as a fundamental value of the market, which differentiates it from fiat currencies (and most cryptocurrencies) that have an unlimited supply.

Kane warns that investors are likely to pump tens of billions more into ETFs of bitcoin while the financial media massively promotes the halving over the next month and a half. Therefore, he understands that the price increase to the six-figure target is possible.

“I still believe that bitcoin will continue to rise in the long term, but it is likely that all kinds of short-term speculative transactions are taking place now,” he comments due to the aforementioned catalysts.

Still, “if some major macroeconomic events happen or stocks crash, this will be derailed,” he clarifies. Although he considers that something like this is unlikely to happen given the current bullish state. “The only real catalyst for bitcoin to go down in the near term is a rapid change in sentiment,” he mentions.

Kane highlights that bitcoin is recording new all-time high prices before its halving, while that has historically occurred months later. He adds that this could increase demand due to FOMO (fear of missing out) and decrease supply.

For all these reasons, he considers that, with the currency trading around USD 73,000, its historical maximum, the odds of it reaching $100,000 this year are greater than not. Furthermore, he adds that, as capital continues to flow, this milestone “is increasingly in sight in the short term.”

Bitcoin price so far in 2024. Source: TradingView.

USD 100,000 could experience selling pressure

To reinforce his projection, Kane adds that the options market is beginning to see an increasing number of buy and sell orders for a price of $100,000.

Options are rights to buy or sell an asset during a fixed period for a specific price. This allows you to buy it cheaper if it is listed higher than expected or sell it more expensive if it is listed lower.

Kane also mentions that he sees it possible that, if bitcoin rises to USD 100,000 in the short term, may be a key psychological level for sellers to intervene. In this sense, its profit taking could pressure a price drop. However, “in the short term, the overwhelming direction seems to be upward towards such a milestone, culminates.

As CriptoNoticias shared, this projection joins those of other specialists who also predict bitcoin above USD 100,000 this year. One of them is Robert Kiyosaki, the author of the book “Rich Dad, Poor Dad,” who envisions such a milestone in mid-2024 and USD 300,000 before it ends, if demand continues.

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