Crypto Expert Predicts Bitcoin Could Soar Above $100,000 – Here is Why

Matt Hougan, Bitwise COO, is optimistic about Bitcoin’s prospects, predicting the potential for a substantial rally that could push its price into six figures.

He attributes this outlook to several critical developments.

On October 18, a surge in spot Bitcoin ETF activity signaled growing interest from institutional investors. Bitcoin, currently valued above $1 trillion, has maintained momentum, trading at $68,154.

Analyst Eric Balchunas highlighted the rapid growth of U.S. Bitcoin ETFs, which have seen over $20 billion in net inflows, significantly outpacing traditional ETFs like those tracking gold.

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Why Can We Expect Bitcoin’s Price to Keep Rising?

Looking ahead, experts suggest the 2024 U.S. presidential election could act as a catalyst for Bitcoin’s upward trajectory, especially with renewed political backing. Additionally, fiscal concerns and possible global interest rate reductions could boost Bitcoin’s appeal as a deflationary asset.

The aftermath of Bitcoin’s halving is already being felt, with large holders significantly increasing their reserves this year, now accounting for nearly 49% of the market’s realized value. The approval for Bitcoin ETF options trading by the NYSE could further drive this trend.

Alexander Zdravkov

Alexander has been working in the crypto industry for three years, during which time he has established himself through his active participation in monitoring market dynamics and technological innovations. His interest in cryptocurrencies and new technologies is not just a professional commitment, but a deep personal passion. He follows the news in the sector daily, analyzes trends, and is excited about every new step in the development of blockchain solutions. His enthusiasm drives him to continuously learn and share knowledge, as he sees the future in digital finance and its role in global transformation.