Bitcoin $100K Rally: This passage was taken from Forward Guidance’s newsletter. Subscribe to read complete versions. Bitcoin reached around $99,500 overnight before falling below $97,300 a few hours later. At 2:00 pm ET, the asset’s price was approximately $99,350.What will happen when Bitcoin reaches the $100,000 mark? Or what if it fails to overcome it shortly?
As you are already aware, no one knows for sure. However, Federico Brokate, the head of 21Shares’ US operation, caught up with me (again). He oversaw iShares’ business strategy in the Americas and assisted BlackRock in launching the iShares Bitcoin Trust (IBIT) in January.
Bitcoin Eyes $100K Amid Thanksgiving Rally
Bitcoin’s price has soared in recent months, reaching impressive highs, including a peak of over $93,000. As of mid-November, Bitcoin is hovering near $91,000, and many expect the rally to continue, especially with the Thanksgiving holiday on the horizon. Historically, Bitcoin has shown bullish behavior during Thanksgiving, with some analysts predicting that the price could hit $100,000 as early as the end of November.
Key Drivers of the Bullish Trend
Several factors are propelling Bitcoin to surpass $100K toward this significant price level:
Institutional Investment
Large institutional investors are increasingly diversifying their portfolios by adding Bitcoin. This trend has given the digital asset more credibility and provided a solid foundation for its price growth. With more institutional capital flowing into the market, Bitcoin’s price floor has risen, and its potential for higher valuations has become more likely.
Bitcoin Digital Gold
Bitcoin is often viewed as “digital gold”—a hedge against inflation. With rising inflation and economic uncertainty, more investors are buying Bitcoin as a store of value. This increased demand from consumers and institutional investors has raised its price.
Bitcoin Scarcity & Usability Growth
As Bitcoin gains popularity worldwide, its scarcity, owing to the fixed quantity of 21 million coins, drives up its value. Like the Lightning Network, blockchain technology improves Bitcoin’s usability for transactions and decentralized finance (DeFi) applications.
Possible Policy Changes
A U.S. Securities and Exchange Commission (SEC) policy change could boost Bitcoin prices. Since SEC Chairman Gary Gensler may resign by November, the crypto industry expects a more favorable regulatory climate, which could increase institutional and retail Bitcoin investments.
Thanksgiving Effect
Thanksgiving This seasonal financial market phenomenon increases Bitcoin and other asset activity and price movements. Bitcoin trading volume and price have grown due to retail investors looking to profit from Christmas sentiment, holiday spending, and institutional investment strategy changes. As Bitcoin hits $100K in 2024, some analysts predict the Thanksgiving effect could raise prices as more players buy crypto.
What’s Next for Bitcoin?
Bitcoin is gathering speed, making $100,000 possible soon. Increased market confidence and new investment may boost Bitcoin, especially as the psychological $100,000 level approaches. If it keeps rising, Bitcoin could hit the milestone before Thanksgiving.
The cryptocurrency market is fickle, but macroeconomic factors, institutional interest, and regulations could push Bitcoin past $100,000 in 2024. As Thanksgiving approaches, investors and crypto fans will see Bitcoin milestones. While Solanaa (SOL) just reached a new price peak at roughly $263, ETHETH remains about 32% off its November 2021 high. XRP was up about 65% from a week ago, as of 2 pm ET Friday.
Final thoughts
Finally, Thanksgiving might mean more than turkey and football this year. After all, Brokate reminded me that holiday gatherings often spark curiosity when investors discuss their investment journeys and gains. Brokate recalled that in 2017, BTC hovered in the $6,000 to $9,000 range before surging to about $16,000 after Thanksgiving.
