The cryptocurrency market is awash with speculation about when Bitcoin will surpass $100,000, with predictions ranging from imminent milestones to a skyrocket to $1 million.
After Donald Trump won the presidential election, Bitcoin rose to a record high of $93,000, and is expected to grow by 120% by 2024. A prediction market on Polymarket puts the probability of Bitcoin reaching $100,000 by the end of the year at 64%.
While $100,000 is seen as an achievable target in the short term, some market observers predict an even more dramatic rise in the coming years.
Trump’s return to the White House has created a stir in the cryptocurrency industry. His campaign promises included firing SEC Chairman Gary Gensler, introducing crypto-friendly regulations, and creating a national Bitcoin reserve.
Analysts expect these policies to create a favorable environment for digital assets. Research firm Bernstein predicts Bitcoin will soon surpass $100,000, while Standard Chartered predicts it will jump to $125,000 before the end of the year. Both firms predict it will rise to $200,000 by 2025.
Bitwise Chief Investment Officer Matt Hougan believes Bitcoin’s journey to becoming a mature store of value similar to gold is just beginning. He sees a potential rally to $500,000 in 2024, citing the launch of spot Bitcoin ETFs and increasing institutional adoption as catalysts.
“Until Bitcoin becomes as boring as gold, which is widely held by central banks and institutions, we are still, by definition, in the early stages,” Hougan said.
BitMEX co-founder Arthur Hayes is even more optimistic. He argues that Trump’s plans to revive American industry could push Bitcoin past $1 million in the next few years. According to Hayes, such initiatives would require government subsidies and expanded bank loans, potentially weakening the US dollar.
If this scenario were to play out, Hayes sees an inevitable quantitative easing that would benefit cryptocurrencies and send Bitcoin into seven-figure territory.
*This is not investment advice.