Bitcoin Targets $100,000! Analysts Share Their Comments!

After weeks of directionless trading, the cryptocurrency market has once again embarked on an upward trajectory. Optimism significantly increased on Monday with the approval of spot Ethereum ETFs, in addition to US inflation data showing a decrease in CPI figures, initiating a widespread bullish movement in the market.
Bitcoin (BTC) Targets $100,000! Analysts Share Their Comments!

Expert Opinion on Bitcoin

Based on the current Bitcoin price analysis and supported by the sentiment among investors post-halving, it appears that there is an expectation for a rise towards $100,000. Bloomberg ETF analysts, including Eric Balchunas, have increased the likelihood of Ethereum ETF approval from 25% to 75%. Due to the upcoming US elections later in the year, some factors may be politicized to gain time using the crypto vote. Cryptocurrency holders in the US continue to grow, and such a move could influence their candidate selection.

Following these developments, Ethereum’s value has significantly increased. This reflects Bitcoin’s pre-ETF approval rally on January 10th. Ethereum closed at a critical level of $4,000 but pulled back to $3,785 within 24 hours while maintaining a 21% increase in value.

bitcoin BTC

Post-Halving Situation in Bitcoin

The Bitcoin halving occurred in April, reducing the reward miners receive per block from 6.25 BTC to 3.125 BTC. This event, which happens in four-year cycles, is crucial not only for Bitcoin to remain a deflationary asset but also for the continuity of the network. The halving reduces the number of rewards and newly minted cryptocurrencies entering the market from 900 BTC to 450 BTC, causing a gradual decrease in the available supply over time. If demand remains the same or increases, it could create optimal conditions for a parabolic rally.

However, the impact of the Bitcoin halving is usually felt gradually, so the lulls observed in April and early May are also attributed to this. This could also signify a highly bullish long-term outlook, emphasizing the $100,000 prediction by 2024. The increase in prices last week continued into Monday, with the Bitcoin price reaching $72,000. Supported by the buzz around Ethereum ETFs, the bullish momentum spread across the market, pushing the total market cap to $2.66 trillion.

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