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Once again, Bitcoin has created excitement in the cryptocurrency landscape as analysts predict an upward trajectory for the alpha coin’s price.
The hum of one Bitcoin price The revival made headlines when two crypto experts suggested the possibility of hitting the six-figure mark per coin, intensifying debate over the future of the coin.
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Bitcoin: on its way to $100,000
Bitwise CIO Matt Hougan predicted that the Bitcoin price will likely cross the six-figure level, saying it is inevitable that the coin will reach that milestone.
Hougan said in his X-post that bullish sentiment on the digital asset put Bitcoin on a path toward trading above $100,000.
He explained that several favorable factors are driving the coin’s amplified growth, making traders and enthusiasts excited about what lies ahead for the virtual currency.
We’re going to six-figure bitcoin.
* ETF flows are accelerating again
*Elections approaching
* Infinite Deficits (Bipartisan Agreement!)
* Economic stimulus measures in China
* Global interest rate cuts (Fed, ECB)
* Halving the supply shock is starting to bite
* Whales stack up— Matt Hougan (@Matt_Hougan) October 18, 2024
Emperor’s projection
In the meantime, Bitcoin maximalist Max Keizer shared the same sentiment about the future of BTC price, but his prediction is more than twice Houghan’s price estimate.
Keizer, who is also an advisor to El Salvador’s President Nayib Bukele, made a bold statement that Bitcoin’s price would rise to $220,000, saying the coin is on track to reach a new all-time high for its price .
The new ATH Gold price predicts that Bitcoin will trade above $220,000 very soon.
— Max Keizer (@maxkeiser) October 18, 2024
Key factors for the six-figure price
Houghan explained that a rise in the BTC price is more likely due to several factors driving the price increase, such as institutional interest, on-chain factors, and macroeconomics. All this, he said, is a major contributor to the price of crypto rising.
On the other hand, Keizer believed that this would cause the price of the alpha coin to skyrocket goldand says it’s a ‘safe haven’ again. Currently, gold reached a new record high of $2,713.88 per ounce, the first time in the past four years.
Keizer suggested a correlation between gold and crypto, arguing that once the gold price reaches an all-time high, Bitcoin will follow suit and reach a similar milestone.
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He tweeted that for every $1 price increase in gold, Bitcoin increases by $20. Therefore, he is confident that Bitcoin can quickly reach the $220,000 level in the near future.
Bitcoin and the US elections
The threatening US presidential elections in November is seen as another catalyst in Bitcoin’s price rise.
Bitcoin has been observed to be one of the key issues facing US political candidates in this year’s elections, where it has become necessary to determine their stance on cryptocurrencies.
However, some believe that BTC prices will continue to perform strongly regardless of who wins the presidential race.
Featured image from IG, chart from TradingView