Bitcoin has been on a roller coaster ride over the past few years, with its price reaching all-time highs of over $68,000 in November 2021, before crashing to around $35,000 in June 2022. Since then, the price has been on an upward trend, and many experts believe that it could hit $100,000 by the end of 2024.
Here are some of the factors that could contribute to Bitcoin reaching $100,000:
Institutional adoption: More and more institutional investors are starting to invest in Bitcoin, which is helping to drive up demand. This includes major companies like Tesla, Square, and MicroStrategy.
Regulation: Governments around the world are starting to regulate Bitcoin, which is helping to legitimize the cryptocurrency and make it more attractive to investors.
Supply and demand: Bitcoin has a finite supply of 21 million coins, which means that demand for the cryptocurrency could outpace supply, driving up the price.
Inflation: Bitcoin is often seen as a hedge against inflation, as its supply is not controlled by any central bank. As inflation rises, investors may turn to Bitcoin as a store of value.
Of course, there are also some risks that could prevent Bitcoin from reaching $100,000:
Volatility: Bitcoin is a very volatile asset, and its price could crash again at any time.
Regulation: Governments could crack down on Bitcoin, which could make it more difficult to buy and sell the cryptocurrency.
Competition: There are many other cryptocurrencies on the market, and some of them could eventually become more popular than Bitcoin.
Adoption: Bitcoin is still a relatively new technology, and it may take some time for it to be widely adopted.
Overall, it is too early to say for sure whether or not Bitcoin will reach $100,000 in 2024. However, the factors that could contribute to the cryptocurrency reaching this price level are strong, and there is a good chance that it could happen.
It is important to remember that investing in cryptocurrencies is a risky proposition, and you should only invest money that you can afford to lose. You should also do your own research before investing in any cryptocurrency.