As we inch closer to the end of 2024, the cryptocurrency community’s expectations are rising. Starting with ‘Uptober,’ the market has generally performed well during the last quarter of every year. As a result, the bets around Bitcoin (BTC) hitting $100,000 are growing strong.
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At press time, Bitcoin was trading at $62,260.74. Over the past month, the king coin surged by over 13%. BTC is currently 15% below its all-time high of $73,750.07. Considering this, the asset needs to surge by at least 60% from its present price level to reach $100,000.
Factors Influencing Bitcoin’s Potential Surge To $100K
Bitcoin’s Journey To $100K
While Bitcoin may seem a little uncertain at the moment, several analysts were urging the community to look back. Ash Crypto, a prominent trader, took to X and revealed that the answer to the question, “Will Bitcoin hit $100K in Q4?” lies in the past.
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The analyst pointed out that previous halving cycles are highly prominent. For instance, in 2012, the price appreciated 9% in Q4, while in 2016, it increased by 59%. However, this breakout came after 161 days of consolidation.
The best year to this day has been 2020, when Bitcoin rallied 171%, which was again 175 days post-consolidation. After analyzing this data, Ash Crypto believes a breakout is possible in the next two to three weeks.
Global And Industry-Related Events
But is the halving event enough to push the price of Bitcoin towards $100,000? The cryptocurrency expert noted that several global levels and industry-related events would change the course of BTC’s direction.
This includes China’s efforts to bolster its economy by printing $280 billion, the Feds’ rate cuts, and the Bank of Japan’s decision to stop raising rates. In addition, the upcoming elections in the United States will also impact the price of Bitcoin.
Bitcoin Exchange-Traded Funds (ETFs) And Market Inflows
Leaning toward the cryptocurrency market, Bitcoin exchange-traded funds (ETFs) have been witnessing increased inflows. FTX will start the distribution of funds sometime during this quarter, and the analyst pointed out that BTC’s flow to the exchange has dipped to a low level, which further indicates less selling.
The analyst concluded by saying,
“IMO, the crypto market has still not factored in all these bullish factors. Once it does, BTC will hit a new ATH, followed by large caps.”
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