Bitcoin price has surged to new record highs on expectations of Donald Trump winning the 2024 US presidential election and supportive cryptocurrency policies.
Analysts and crypto experts are now discussing when Bitcoin will reach the highly anticipated $100,000 mark. With the post-election momentum combined with speculation about a potential U.S. Bitcoin strategic reserve and easing interest rates, many are predicting Bitcoin’s rally will continue.
“Welcome to the crypto bull market, grab all you can get,” Bernstein analysts wrote in a note to clients on Monday, along with Standard Chartered, who issued a $200,000 target for Bitcoin by the end of 2025. Prediction marketplace Polymarket has also seen a lot of interest, with over $3 million worth of predictions on whether Bitcoin will reach $100,000 by the end of 2024, with odds currently hovering at 59%.
Douro Labs CEO Michael Cahill believes that Bitcoin’s rise to $100,000 could happen as soon as the first quarter of 2025, as broader economic conditions continue to support digital assets. “Bitcoin reaching $100,000 is not a matter of ‘if,’ it’s a matter of ‘when,’” Cahill said in a statement. “We are seeing unprecedented momentum as the macro environment aligns favorably for digital assets.”
Matt Klein, portfolio strategist at Nascent, noted the potential for growth to accelerate if Senator Cynthia Lummis’ pro-crypto legislation gains traction, suggesting that Bitcoin could reach $100,000 by Inauguration Day in January. “There’s no high ground if the Lummis bill becomes law,” he added.
Cahill and other experts caution that this rally is not just retail-driven speculation. “The market is finally accepting Bitcoin as a legitimate asset and a hedge against inflation,” Cahill said. “Today, we are seeing a structural shift in investor perspective.” This shift, Cahill said, positions Bitcoin as a reliable asset in the global financial system.
Bitwise CIO Matt Hougan echoed these sentiments, adding that one of the key reasons for the rally was that long Bitcoin holders were no longer willing to sell below $100,000, while short sellers were mostly pulling back. “Bitcoin could ‘easily’ reach $100,000 by year-end,” Hougan wrote on X.
Tides.Network CEO Chandra Duggirala suggested that Bitcoin could reach $100,000 before Thanksgiving in the US, but added that FOMO (fear of missing out) from individuals and wealth managers is still in its early stages. “We believe the real FOMO will come after $100,000 is broken,” he said.
Two Prime CEO Alexander Blume believes $100,000 could be reached before the year is out, citing Bitcoin’s implied volatility (currently at 55) as an indication that momentum remains strong. “There’s still room to run,” Blume said, noting the potential for volatility to rise even higher.
*This is not investment advice.