What’s Next for Bitcoin After $100K? Experts Reveal Targets for 2024

Published by

Vignesh S G

December 5, 2024

Bitcoin Battles the $100K Barrier: Is the Bull Run Losing Steam?

Bitcoin has finally done it—it’s crossed the $100K mark, a milestone that many thought was years away. The crypto world is buzzing with excitement, but as the celebrations continue, one big question looms: What happens next for Bitcoin?

With so much riding on this achievement, the next steps could be game-changing. Let’s dive into what’s been driving this growth and where Bitcoin might be headed in the months ahead.

Q4 of 2024: A Strong Quarter for Bitcoin

The fourth quarter of 2024 has been a fantastic period for Bitcoin. Since November 5, the BTC market has surged by at least 51.12%. Several factors have contributed to this growth, including the shifting political landscape, especially in the U.S., where regulations are becoming more favorable for cryptocurrencies.

Additionally, institutional interest in major cryptocurrencies like Bitcoin, Ethereum, and XRP is rising. Just yesterday, Bitcoin rose by 2.91%. At the time of writing, Bitcoin stands at $102,676, a solid 2.67% above the $100K mark.

What’s Next? Looking Ahead to the Halving Cycle

With the current upward trend, investors are eager to know how far Bitcoin can go during this halving cycle. A useful way to estimate this is by looking at the returns from previous cycles.

In the 2013 cycle, Bitcoin saw an incredible 7900% return. In 2017, it dropped to 2560%, and in the last cycle, it was just 594%.

This pattern suggests that Bitcoin’s returns are decreasing over time, so a return higher than 200% in this cycle seems unlikely.

Future Projections for Bitcoin

Based on past cycles, most experts believe Bitcoin will grow between 100% and 200% during this halving cycle. The most optimistic projections suggest Bitcoin could reach $190,000—anything beyond that seems unrealistic.

These insights show that while Bitcoin’s future looks bright, expectations should remain grounded.

Are you curious to know if the Bitcoin price will hit $120,000 this 2024? Read CoinPedia’s Bitcoin Price Prediction to explore the long-term possibilities! Moreover, subscribe to us for the latest crypto updates!

Bitcoin as a Global Reserve Asset

Although the near-term outlook is constrained by past patterns, there’s still hope for Bitcoin. Experts agree that if BTC were to become a global reserve asset, it could spark a period of exponential growth. This possibility could dramatically change Bitcoin’s future, unlocking new opportunities for the cryptocurrency.

FAQs

How much will 1 Bitcoin be worth in 2030?

Bitcoin’s future value depends on market conditions, but projections estimate it could reach $250,000-$500,000 by 2030

What is the highest price of Bitcoin in history?

Bitcoin recently hit an all-time high of $103,403, surpassing the $100K milestone for the first time.

How many Bitcoin are left to buy?

Only about 2.3 million BTC remain to be mined, with the total supply capped at 21 million coins.

Vignesh S G

Vignesh is a young journalist with a decade of experience. A proud alumnus of IIJNM, Bengaluru, he spent six years as a Sub-Editor for a leading business magazine, published from Kerala. His interest in futuristic technologies took him to a US-based software company specialising in Web3, Blockchain and AI. This stint inspired him to view the future of journalism through the lens of next generation technologies. Now, he covers the crypto scene for Coinpedia, uncovering a vibrant new world where technology and journalism converge.