Though bitcoin has been labeled dead 415 times since 2009, it is yet another determined march toward a six figure price tag. The cryptocurrency resists bear predictions because there are analysts predicting Bitcoin could reach over $132,000 in the coming weeks.
Cryptocurrency Bitcoin first hit the ‘dead’ label in October 2010, when its price was just $0.11, and has since had prices that have seen many fluctuations and periods of skepticism. Yet the digital asset has continually come up trumps for its critics, with those who sat on their hands when people predicted it was ‘dead’ now sitting on hefty returns. Bitcoindeaths.com’s data shows that a $100 investment in Bitcoin when it was declared dead would be worth $101 million today.
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Bitcoin Surpasses $97K, Targets $100K Mark Soon
As of 12:Bitcoin bounced back over 5.9%, from a low of $92,000, to trade at 15 pm UTC on November 29, more than $97,500, according to TradingView data. After predictions that Bitcoin will undergo a 30% correction before making another climb to the coveted $100,000 mark, this positive momentum follows.
Baked into November 22, bitcoin was tantalizingly close to hitting a new all-time high of $100,000 when it briefly traded as high as $99,800. While analysts continue to believe Bitcoin will hit the six figure mark in the near future, there is considerable doubt surrounding whether this will happen by the close of 2024.
Ramp Network co-founder Szymon Sypniewicz notes that while Bitcoin’s long-term future is bright, the short-term future is unclear. But one thing that could make Bitcoin price go up is when the global money supply starts to increase. If Bitcoin’s next price rally comes alongside the surge in money supply, projected to exceed $127 trillion by January 2026, that will be the perfect conditions for it.
Historically, Bitcoin has grabbed 10 percent of freshly printed money, and with $20 trillion in new global liquidity expected by 2026, analysts, including Real Vision’s chief crypto analyst Jamie Coutts, expect Bitcoin to have $2 trillion of investment. Looking at this, Coutts expects a Bitcoin cycle top in the $132,000 range.
With Bitcoin continuing to buck the odds, everyone is waiting to see if this bull run can continue and the cryptocurrency will be able to push through to $100,000 in the not-so-distant future. No matter whether or not Bitcoin achieves this milestone, it is clear that the cryptocurrency has cemented its place in the history books as a long period of value.
