Bitcoin's Surge Continues: Insights on the Potential $100,000 Price Target

Cryptocurrencies Are Soaring: Will Bitcoin Hit $100,000 This Year?

Bitcoin's recent rally has brought it within 10% of its previous all-time high with investors now set on a $100,000 price tag. Since the start of 2024, the cryptocurrency asset class has jumped more than 35%, hitting a total valuation of more than $2.25 trillion. These levels haven't been seen since November 2021, making it safe to say that crypto is back.

Bitcoin's new customers can't stop buying

At the center of Bitcoin's recent jump is the simple fact that demand has outpaced supply. This struggle between opposing forces is nothing new for Bitcoin, but the scale and magnitude at which this is occurring might be.

A halving unlike any other

It remains to be seen whether these institutions will maintain their rate of accumulation, but what is more certain is that Bitcoin's supply is going to come under even greater pressure in just a few short months. About every four years, Bitcoin's inflation rate is cut in half. Known as the halving, this process is hardwired into Bitcoin's code and serves as the foundation of its robust monetary policy to ensure there will only ever be 21 million bitcoins.

The perfect recipe for $100,000

Let's add it all up. We have institutions buying at unprecedented rates, there's a halving coming up in less than two months that will push Bitcoin's inflation rate to under 1%, and there's an existing supply that's already under immense pressure. Nothing is certain, especially in crypto, but it's difficult to see how these developments won't compound and send Bitcoin to not only new all-time highs, but also past the long sought-after $100,000 mark.