{"id":560300,"date":"2023-11-12T15:40:03","date_gmt":"2023-11-12T15:40:03","guid":{"rendered":"https:\/\/uniquehot.com\/?p=560300"},"modified":"2024-06-11T06:58:28","modified_gmt":"2024-06-11T06:58:28","slug":"the-big-question-will-bitcoin-hit-100000-by-2024-spotlight-on-potential-drivers","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/the-big-question-will-bitcoin-hit-100000-by-2024-spotlight-on-potential-drivers\/","title":{"rendered":"The Big Question: Will Bitcoin Hit $100,000 By 2024? Spotlight On Potential Drivers"},"content":{"rendered":"
In addition to the widespread attention and media coverage, there exist many elements and forces that have the potential to significantly influence the trajectory of Bitcoin.<\/p>\n
In the face of the dynamic landscape of cryptocurrencies, as the year 2023 draws to a close, there exists a climate of conjecture, optimism, and tangible eagerness.<\/p>\n
Bitcoin, the pioneering digital entity, finds itself amidst this tumultuous environment, projecting a substantial influence of possibilities and prospects.<\/p>\n
The inquiry arises: Is it plausible that in 2024, the attainment of the highly sought-after $100,000 threshold will be realized?<\/p>\n
The primary catalyst now under consideration is the anticipated legalization of spot exchange-traded funds (ETFs)<\/a>, which is a topic of widespread interest.<\/p>\n Growing speculation that the US Securities and Exchange Commission may approve a spot Bitcoin ETF is what’s fueling the revival of bitcoin. Analysts at Bloomberg Intelligence have projected a 90% possibility of approval for this vehicle, which may allow significant institutional investors with US headquarters to enter the cryptocurrency market before January 10 next year.<\/p>\n Bitcoin<\/a> is currently displaying a robust technical outlook with an overwhelmingly bullish sentiment. TradingView’s one-day indicators give a ‘buy’ rating for 15 indicators, with moving averages signaling a ‘strong buy’ for 13, while seven indicators remain neutral.<\/p>\n This technical strength aligns with the recent surge in Bitcoin’s value, primarily fueled by widespread anticipation surrounding the potential approval of a spot Bitcoin ETF.<\/p>\n <\/p>\n Another possible factor that could stimulate change is the US Federal Reserve adopting a more cooperative approach.<\/p>\n Over the past 18 months, the central bank\u00a0has used a proactive approach of raising interest rates in order to address the issue of inflation, and there is a possibility that this policy position may be sustained.<\/p>\n If Federal Reserve Chair Jay Powell and his staff feel confident in their efforts to effectively control inflation, it is possible that they may not only halt the increase of interest rates but also consider reducing them by 2024.<\/p>\n The interconnected nature of financial markets and policy decisions underscores the need for vigilant observation as we navigate the evolving landscape of economic dynamics.<\/p>\nBitcoin slightly above the $37K level today. Chart: TradingView.com<\/a><\/pre>\n
A More Accommodating Stance By The Fed<\/strong><\/h2>\n
Bitcoin Halving Could Be A Game-Changer<\/strong><\/h3>\n