It’s a crazy thought, isn’t it? We are nine months down in 2024 with Q4 to go and the prospects of Bitcoin touching $100K is already on the charts.
It is safe to say that 2024 has been a roller-coaster ride for BTC. There were many factors driving its phenomenal growth while there were also events trying to pull it down.’
With U.S. presidential elections scheduled on November 4, the idea that BTC will value 1/10th of a million US dollars is no longer an overreach. Market traders are getting their claws sharpened and investors are jittery as BTC is currently stuck at the resistance level of $55k.
In this article, we will track the trajectory of BTC through Q1, Q2 and Q3 of 2024 and how major events shaped its meteoric growth. We will also try to answer the million dollar question: will BTC hit $100K by 2024 end?
Why was 2024 good for BTC?
After a prolonged crypto winter fueled by economic recession, rampaging inflation rates, and the Russia-Ukraine war, BTC suffered a setback and failed to get up on its feet for a while. The breakthrough was made in early 2024 when it started racing toward $60K.
This was followed by a big boost in March thanks to the SEC’s approval of Bitcoin spot ETFs. It took a short time for Bitcoin to hit a new all-time price high of $73,737. As soon as that began, talks of a bullish rally started right away. Sadly, it didn’t happen, although we’ve entered an era of a relatively stable price.
Wide Adoption of BTC fuels its growth
Bitcoin’s influence in 2024 goes beyond the world of cryptocurrencies. It’s used for sports betting on the largest events and even takes a prominent payment spot at top crypto sports betting brokerage firms. It’s widely used in online casinos too, and has grown into an almost perfect gambling payment solution. You can use it to deposit and withdraw fast from crypto sports betting sites, with many experts believing it will reshape the online gambling industry.
However, that also means it should first grow to the heights many say it will. Right now, that’s not happening. Since early March and the new all-time high, Bitcoin has been struggling. The bullish rally never occurred, and for months, it has been unable to break through the $60K level.
Is Halving to Blame for Bitcoin’s Growth Halt?
In April 2024, Bitcoin underwent a halving, a technical event that slashes the price awarded for mining blocks every four years. The rewards were reduced from 6.25 to 3.125 Bitcoin. This particular event usually drives the price up before it settles. Initially, it followed with a bit of a price decline, which happened this year too. However, the sluggishness is supposed to wear off, and that hasn’t happened by far.
Apparently, this year is weaker than other halving cycles. Political factors, the AI frenzy, regulatory obstructions, and global macroeconomic conditions have wildly affected Bitcoin’s performance. We’ve been stuck in a price cycle around $60,000 for a while, and some experts believe that it’ll stay like that for the foreseeable future.
Some are more optimistic. Crypto traders believe that the current period represents a typical post-halving re-accumulation phase. It has been observed previously too, although it was shorter. So, the Bitcoin halving isn’t to blame for this year’s poor price performance. There are many factors that contribute to Bitcoin’s sluggish performance this year, so it’s a bit of a complicated matter we hope resolves soon.
Price Predictions for the End of the Year
As we saw in the years before, Bitcoin and cryptocurrencies in general are more dependent on macroeconomic factors (and the tech industry) than we thought. That makes specific price predictions pretty challenging. However, there’s an interesting pattern to observe that compares the two previous halvings.
In 2020, Bitcoin’s price between August and December surged by 270%. That was right after the May halving. In 2024, it only needs to rise by 70% in the same period to reach $100K by the end of the year.
Most price analysts believe that it’s crucial for Bitcoin to retain the range between $63,000 and $65,000. The market dynamics in this range can set the tone for the rest of the year. Maintaining the price above or below this level is a key indicator for strong market growth. This price point reflects the cost basis for short term holders and those interested in investing in ETFs.
Of course, the inflation rate and global economic recession may further derail these plans. A price decline is expected from September. But, if equities hold well by the end of the year, we might see the consolidation period to be over, and for a bullish rally to take center stage.
Conclusion: What Can We Expect?
The price of Bitcoin, Ethereum, and the crypto market in general is continuing to rise. It may not look like that right now, but things change quickly in the world of crypto. Experts are still optimistic that there’s time for a bullish rally, and it’s happened not that long ago in 2020.
A lot of that will ride on the macroeconomic situation in the world. We’ve been stuck in years of a bleak period, but remember – the night is always darkest before dawn. Once dawn breaks, we could be looking at a great crypto run.
