BTC aims for $100,000 by the end of 2024

While Bitcoin is being traded at a price of 67,000 dollars, there are those who speculate on a year-end rally with an ambitious scenario for BTC.

The overall situation for the cryptocurrency is particularly positive, with several indicators suggesting a possible price increase in the short term.

Various market analysts are starting to aim for 1000,000 dollars by the end of the year, while attention is growing worldwide for cryptographic products.

Let’s see all the details below.

Bitcoin enters the last quarter of the year: new rally coming for the price of BTC 

Bitcoin opened Q4 with a price above $60,000, recording a moderate increase of 2.5% in the previous quarter.

The cryptocurrency has been trading for several months now in the range from 70,000 to 50,000 dollars per BTC, without taking a clear direction.

The third quarter was particularly complex, given that several negative factors came into play that weighed negatively on its price.

The various failures reported in the industry, including that of Mt. Gox which saw billions of dollars in Bitcoin returned to creditors, have not favored a bull price dynamic.

Even the liquidations of cryptocurrency holdings by Germany and United States have had a negative impact, generating fear and uncertainty among investors.

Nonetheless, Bitcoin has managed to smoothly overcome various challenges, showing significant strength in protecting the price from the market’s black swans.

Now BTC has just entered the phase of the year that historically is favorable for the rise in prices. Consider that in Q4 2020, it increased by 172%, subsequently inaugurating the bull market of 2021 with further rises.

Usually, the summer period tends to be bearish for the currency, while the more bullish months are those coinciding with the winter season.

As of today, Bitcoin is confirmed as the asset class with the best performance of 2024, even though it has reduced its lead over other products.

We will see if at the end of the quarter it will manage to extend the distances by reaching new all-time highs, confirming itself as the king of the crypto market.

Positive market outlook for Bitcoin in USA: ETF, presidential elections, and interest rates

The general market outlook for Bitcoin at this moment is particularly favorable, and it could push BTC above the price level of 70,000 dollars as early as October.

Several analysts have already positioned themselves accordingly, betting on a bull of the quotations from now until the end of the year.

Specifically, the cryptocurrency sees positive scenarios in the field of ETFs, the USA elections and in macroeconomic monetary policies.

Regarding exchange-traded funds, it is evident how large investors have marked the recent sessions with significant capital inflows.

According to SoSo Value data, BTC ETFs have attracted over 20 billion dollars in “Net Inflow”, locking about 64.5 billion dollars.

If this trend continues in the coming months, we will have constant buying pressure on Bitcoin that will positively support the price.

Furthermore, the US elections, scheduled for November 4th, could act as a catalyst for the growth of the currency.

Now that even Harris has sided in favor of crypto like Trump, any result is viewed positively by the market, while keeping in mind that the victory of the Republican would certainly have a better impact on the markets.

At this moment, Trump is leading with 59.7%, against Harris’s 40.2%.

Finally, making the speculative outlook of Bitcoin bullish are the decisions of the FED, which

in the next month it will likely continue to introduce economic stimuli.

For the FOMC on November 7 (3 days after the USA elections), a rate cut of 25 basis points is expected, following the mega cut of 50 points last month.

BTC (Bitcoin) Price Analysis: Analysts and Investors Aim for 100,000 Dollars

With such an optimal Bitcoin landscape, analysts and traders see ambitious price targets and aim for $100,000 per BTC by the end of the year.

The prediction market Polymarket is gradually raising the stakes, with the probabilities of a new all-time high in 2024 having risen to 75%.

The same bettors on the platform firmly believe that Bitcoin will surpass the 70,000 mark in October, especially after the session of the last week.

To reach 5 figures, the crypto should grow by about 50%, replicating in 3 months the same performance recorded since the beginning of the year.

At the moment, the projections indicate a 20% probability that this will happen, up from 13% at the beginning of October.

At the same time, investors in options on Deribit are also boosting their bull bets on the price of BTC.

According to the data from Deribit Metrics, at the expiration on December 27, 2024, the 100,000 dollar level appears to be the most focused on with an open interest of 611 million dollars.

In total, we find 60,000 call options against 25,000 put options, highlighting a bull bias among the Bitcoin derivatives markets.

It is also worth highlighting how there are big bets even for the price ranges between 70,000 and 100,000 dollars.

Much more likely BTC will break new all-time highs but will not manage to surpass the 5 zeros by the end of the year, with the target shifting only by a few months.

In all this, we also point out how in Asia several private investors are entering the cryptocurrency market aggressively.

According to a report by Aspen Digital, a growing number of Asian asset managers are considering investing in Bitcoin.

Digital resources have emerged as an alternative investment class for private wealth in Asia, with 76% of family offices and high-net-worth individuals investing in cryptocurrencies and 16% planning to do so in the future.

31% of the respondents expect in this regard that BTC could reach the much-anticipated price target of 100,000 dollars by the end of the year.