Investors believe they will do the same thing forever while the king cryptocurrency is falling or rising. For example, many investors could not take advantage of the cheapness in November, as they expected the BTC price to drop to four digits. The price of Bitcoin did not drop to four digits and crossed the critical threshold of $20,000 again. Now, investors cannot make purchases due to the fear that it will drop back to $20,000, just as they could not sell when the price reached $69,000 while waiting for $100,000.
Will Bitcoin Reach $100,000?
The cryptocurrency market has experienced many ups and downs, but nothing has been anticipated as eagerly as Bitcoin’s halving. Historically, this is an event that affects the price of BTC. As the next Bitcoin halving in 2024 approaches, speculation is increasing with various industry experts sharing their predictions. A widespread belief says that Bitcoin will surpass the $100,000 level before this milestone event.
As you may recall, we recently shared PlanB’s prediction that the price of BTC would be around $50,000 during the halving.
Halving and Bitcoin Price
A recent report published by Seeking Alpha suggests that the 2024 Bitcoin block reward halving will significantly increase mining costs. The report sets a target between $30,000 and $60,000 for the cost. Considering that the all-time high price was $69,000, it can be detrimental for miners if the price stays at current levels.
The report states:
“We cannot see a way for the Bitcoin mining industry to survive without taking damage. Even with RIOT’s ambitious 35 EH/s, our model suggests that Bitcoin needs to trade above $98,000 for RIOT’s current valuation to be justified (post halving).”
The company with the largest Bitcoin mining and hosting facility in North America aims to increase its mining capacity to 20.1 EH/s by mid-2024. It also expects further expansion to 35.4 EH/s by the end of the same year.
Many industry experts easily explain their predictions that the price will reach $100,000. For example, Blockstream CEO Adam Back shares the belief that Bitcoin will shatter its previous records. Jan3 CEO Samson Mow also makes a similar prediction. Standard Chartered had also predicted that the price would reach $120,000 by the end of next year.
Similarly, Matrixport argues that Bitcoin reaching its highest level of the year on June 22, 2023, could indicate the end of the bear market and the start of a new bull run, as in previous cycles. This indicator has been triggered four times, and in each instance, a bull market developed within a period of 12 to 18 months. According to them, the price of Bitcoin will be $125,000 by the end of 2024.
