February 26, 2024

Bitcoin’s Ascent to $100,000 in 2024: Overcoming Hurdles and Embracing Catalysts

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As the crypto community eagerly watches the evolving landscape, let’s take a bold prediction for Bitcoin’s trajectory in 2024, we are foreseeing a climb to what we see as being a significant milestone of $100,000. But this will not happen in one full swoop, we feel it will happen in stages. There are two crucial hurdles – $50,000 and $75,000 – on Bitcoin’s journey, with several factors we are looking at that is contributing to this bullish outlook.

Bitcoin’s current momentum we see as a bullish trend that could propel it past the $50,000 mark in the coming days or weeks. The increasing institutional adoption, growing interest from retail investors, and a supply shortage due to Bitcoin’s capped maximum supply of 21 million coins are key factors bolstering this upward movement. Positive regulatory developments and wider acceptance in traditional finance further add to the optimistic sentiment.

Once Bitcoin overcomes the $50,000 hurdle, the attention should turn to the $75,000 resistance level. Based on what we are seeing now, we anticipate that sustained institutional interest, global economic uncertainties, and the continued trend of Bitcoin as a store of value will contribute to this climb. Growing integration of blockchain technology into mainstream financial systems and the increased recognition of Bitcoin as “digital gold” are expected to reinforce its appeal to investors. The integration of layer-2 platforms to scale Bitcoin will be key as well as the crossover in some way of other layer-1 blockchains.

The digital asset space is no stranger to forks, where changes are made to a blockchain’s underlying protocol. While forks can sometimes introduce uncertainty, the potential impact of the next Bitcoin fork in 2024 we view and is viewed by many in this space as a positive catalyst. Forks often aim to improve scalability, security, or functionality. If the upcoming fork successfully addresses existing challenges and enhances the overall efficiency of the Bitcoin network, it could instill confidence among investors and contribute to upward price momentum.

The approval and launch of Bitcoin exchange-traded products (ETPs) that happened recently were anticipated to be game-changers for the cryptocurrency market and it’s getting there. ETPs, such as Bitcoin exchange-traded funds (ETFs) are providing traditional investors with a regulated and familiar avenue to gain exposure to Bitcoin. This influx of institutional capital, coupled with increased accessibility for retail investors, could result in substantial price appreciation. This will over 2024 trickle into other layer-1 blockchains such as Ethereum, Solana and we believe Pecu Novus towards 2025.

Now while this prediction in this volatile space may seem far fetched, it actually isn’t, the confluence of positive factors presents our compelling case for Bitcoin’s potential movement to $100,000 in 2024. The key factors are the overcoming of hurdles at $50,000 and $75,000 marks. These hurdles being overcome will also depend on a combination of market sentiment, regulatory developments, and technological advancements. The potential impact of the next fork and the recent introduction of exchange-traded products are not doubt poised to shape Bitcoin’s journey as well as the journey of a few viable and select layer-1 networks. This is our view on the 2024 future of Bitcoin based on the above information and is not investment advice at all, investors are advised to approach the digital asset space with caution and conduct thorough research before making investment decisions.

Louis Velazquez
FGA Partners

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