The million-dollar question on the mind of every crypto enthusiast, investor and trader is whether the price of Bitcoin will hit or exceed $100,000 before the end of 2024.
When the market was bullish, which it has not been for the past few days, traders, experts and analysts seemed confident that Bitcoin would reach $100,000 and even higher. It is noteworthy that Bitcoin had risen more than 100 percent in the last 12 months.
On March 14, 2024, Bitcoin reached an all-time intraday high of $73,835.57, spurring the sentiment towards the 100K mark. This week Bitcoin has dived below 60K.
The question on the minds of many is the direction of the price of Bitcoin.
Global bullish Bitcoin views
Globally, there have been many viewpoints as to the future price of Bitcoin. A recent Finder survey on Bitcoin’s price, which included the viewpoints of 31 fintech experts, suggests that Bitcoin could reach the price of $122,000 by the end of 2024. The same survey revealed that Bitcoin price could reach $155,000 by 2025.
Optimism stems from the increase in investments from institutional investors.
The same sentiments are expressed by global asset management firm AllianceBernstein, which believes that Bitcoin’s bullish trajectory will resume after halving.
“We expect Bitcoin’s bullish trajectory to resume post-halving, when the mining hash rates have adjusted and ETF inflows resume back (negative to flat flows last 10 days),” Gautam Chhugani and Mahika Sapra wrote in a note to clients on Wednesday. “Further, integration of spot Bitcoin ETFs with wirehouses, RIAs will continue to provide structural demand for Bitcoin, in our view. We continue to expect Bitcoin to touch a cycle high of $150,000 by 2025.”
Crypto analyst Captain Faibik also forecasts a bullish rally, estimating a surge of 15-20 percent in the coming days. Faibik’s analysis highlights the emergence of an upside breakout within the Falling Wedge pattern, a signal often associated with a reversal of downtrends and indicative of an imminent bullish breakout.
Global bearish Bitcoin views
There are also analysts who are turning bearish. One of them is Markus Thielen, founder of 10X Research, who recently noted: “Our growing concern is that risk assets (stocks and crypto) are teetering on the edge of a significant price correction. The primary trigger is the unexpected and persistent inflation. With the bond market now projecting less than three cuts and 10-year Treasury yields surpassing 4.50 percent, we may have arrived at a crucial tipping point for risk assets.”
He adds: “We sold all our tech stocks last night as the Nasdaq is trading very poorly and reacting to the higher bond yield. We only hold a few high-conviction crypto coins. Overall, we are bearish (stocks + crypto).”
Banking giant Goldman Sachs reiterated that it doesn’t believe Bitcoin belongs in investment portfolios and that its clients are not interested in the cryptocurrency, with gold fan and economist Peter Schiff calling Bitcoin gambling money that has no use in the present or the future.
Even chain data provider Santiment recently found that Bitcoin sentiment has soured following the recent dip. The prevailing ratio of bearish to bullish comments reflects this negativity, suggesting a climate of apprehension among traders.
Economy Middle East wanted to test the Bitcoin waters in the Middle East region and asked crypto exchange executives and investors their views on Bitcoin reaching the 100K mark.
Middle East sentiments
Speaking to Talal Tabbaa, the founder of MENA-grown crypto broker CoinMENA, the bullish sentiment is high. Tabbaa said: “Bitcoin hitting 100k is a matter of when, not if. The two primary factors affecting Bitcoin price are global liquidity and the available supply of BTC for sale.”
He believes that central banks are expected to resume printing money to finance their growing budget deficits. He adds that Bitcoin halving will halve the daily supply of newly mined Bitcoins. Accordingly, he expects: “Both factors are likely to propel Bitcoin’s price well above 100k within the next 18 months. Bitcoin reaching 100k is both conservative and inevitable.”
Vineet Budki, managing partner and CEO of UAE-based Cypher Capital, is even more bullish. He sees Bitcoin reaching heights that to some sound gibberish today.
He notes: “If I thought Bitcoin wasn’t going much higher than 100K why would I be on a flight three times a month meeting builders and investing. 100K is FUD. 150-200K is this season’s all-time high and Cathie Wood (CEO of Ark Invest) is not wrong when she says by 2030 you will see $1 million BTC, though talking about 1 million before we reach 150k would sound like gibberish. We will talk about that in 2027!”
He backs up his statement by explaining that today there are 400 million crypto wallets, and assuming that one person owns more than one wallet, 4 percent of the global population owns crypto. He adds 90 percent of those are speculators who wake up to see BTC price. He notes: “Imagine when the number of global crypto owners goes up to 15 percent of the world population. What will the price of BTC be then.”
A resilient crypto
Matt Dixon, the founder and CEO of UAE-based Evai, an AI crypto rating platform, believes that while the crypto is still defining its fundamental characteristics as it integrates into the realm of essential holdings within a well-rounded investment portfolio, it has demonstrated resilience.
He notes, “Bitcoin now stands at the threshold of a new phase: institutional acceptance. The recent green light from regulators for Bitcoin ETFs marks a significant milestone, signalling its transition from a speculative asset to that of digital gold — a haven amid the turbulence of global finance.”
His outlook is promising. He concludes, “As its ‘Stock to Flow’ ratio surpasses that of gold with each halving, the possibility of Bitcoin crossing the $100,000 mark and beyond in the near future seems increasingly plausible.”
Sam A. Speirs, regional director for Bitget crypto exchange, agrees. “Bitcoin’s trajectory towards $100,000 before 2025 is not just a possibility, it’s a likelihood. With the potential to exceed $120,000, we’re stepping into this future post-halving with unwavering confidence.”
But the crypto’s positive sentiment in the region was most positively expressed by Saqr Ereiqat, CEO of TradeDog market manager, a financial trading house. He stated, “Bitcoin’s outlook shines bright! The halving, coupled with accelerating user adoption, layer 2 advancements for faster transactions, and the recent launch of ETFs paint a promising picture. While not financial advice, for long-term investors, Bitcoin’s potential for appreciation is significant.”
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