The year has started positively for the entire cryptocurrency market, especially Bitcoin. After making a much-needed comeback, market bulls are raising the bar by climbing above the $65,000 price mark, hoping that Bitcoin will hit never-before-seen levels.
For context, $100,000 has been a long-term price target for the Bitcoin community, and the new year has heightened bullish sentiments. However, as experts have observed, a handful of fundamental and technical factors will largely dictate the path forward.
Spot Bitcoin ETFs are one of the fundamental factors that could trigger a long-term bull rally and send Bitcoin to $100,000 in the near term. Following the approval of several Bitcoin ETFs this year, as on-chain data revealed, new institutional investors have been ushered into the Bitcoin market.
The influx of new players has been credited to the recently launched Spot Bitcoin ETF products, designed to allow traditional investors to access Bitcoin without directly stepping into the market.
Market experts have associated the inflow of funds with Bitcoin’s current price rally, explaining that the presence of institutional players is positioning Bitcoin as an attractive asset.
In a recent report, Santiment, a leading on-chain analytics firm, validated this sentiment, stating that institutional players will spearhead the 2024 Bitcoin bull run. The asset could easily double its current price value in the coming months if Bitcoin continues its uptrend.
The next Bitcoin halving could send Bitcoin to $80,000 if historical patterns are imitated
The Bitcoin halving event could also catalyse a potential rally to $100,000. The halving event, which reduces network blocks by half, occurs on the Bitcoin network every four years. This year, the market is preparing for another halving, scheduled for April.
Historically, Bitcoin’s price value has surged after every halving event, hence the bullish expectations from Bitcoin proponents that this year will be no different. In 2012, 2016, and 2020, Bitcoin soared from $12.35 to $127, $650.53 to $758.81, and $8,821.42 to $10,943, respectively.
Notably, the price soared to these levels after 150 days. Analysts are optimistic that Bitcoin will mirror historical patterns and potentially record a 30% price growth within the same timeframe. Should this be the case, Bitcoin could hit $80,000 towards the end of August and potentially continue its rally to the close of the year.
At the time of this report, Bitcoin is trading for $67,056. Bitcoin has regained momentum following the 25.31% global market cap value increase.
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