11 hours ago Bitcoin touched its remarkable all-time high of 99,655.50 dollars per coin, nearing $100,000. Various expert analysts believe it will reach this milestone within hours where it will create global attention, causing another sharp increase. But what exactly is the driving force behind this soar? Where it is really headed?
This article will analyse the current situation of Bitcoin and try to predict where is it moving towards. We will cover the reasons for the surge and the factors that influence the upcoming movements. Let’s begin.
What’s Causing This Surge? Current Market Scenario of Bitcoin
The current market situation of BTC is driven by various factors like the rise of global right-wing governments that endorse the coin. In the U.S. election, Donald Trump and BTC had a successful symbiotic relationship. Let’s get into some other factors that navigated the price surge.
- Regulatory Clarity: When it was created, Bitcoin witnessed various scrutinies from regulatory organizations of governments mainly because of its anonymity and links with black markets. It was seen as a worthless evil asset that disturbed the traditional economic framework. However, gradually the authorities realized the potential of this asset, and various rules and regulations were made along with the approval. Recent months saw massive global adoption of BTC and various other blockchain technologies.
- Mass Adoption: Bitcoin was used by millions of crypto enthusiasts even before it became a legal tender. The user base increased after the soft approach of international regulations. This year saw huge inflows of funds into BTC mainly because of the approval of ETFs by several European countries and the U.S. Meanwhile in the East, Russia, along with the BRICS nations, have gotten into BTC and other cryptocurrencies as a part of their search for alternative financial systems.
- Bitcoin Halving: Historically, Bitcoin has seen bull runs after every halving, and this recurring phenomenon is evident in this latest trend. After the first halving in November 2012, BTC soared by 90 times within 12 months. The previous halving that happened in 2020 witnessed a 7.5 times increase within 10 months. The recent halving was concluded in April 2024, and the coin has grown by 54% since then.
- The Strong Foundational Value: Beyond all these recent developments and the approval from governments, the coin has an intrinsic value that is derived from its utility, safety, scarcity, and demand. From the launch itself, BTC maximalists believed that it would become a game changer in the future. According to them, we are still not late.
Factors Affecting Bitcoin’s Upcoming Moves
Despite the surge, the high volatility of the asset makes its moves unpredictable. As a decentralized asset with no market makers or whales to control it, market fluctuations will happen either way. It creates an uncertainty in its short-term price forecast. However, there are certain factors that can be observed to get a minimum clarity about its upcoming moves.
The macroeconomic conditions that depend on wars, scarcity, inflation, climate crisis, and various other factors will influence the crypto market. So, getting in touch with the global economy will somewhat help us to navigate through the BTC market. Deep research and reasonably strong willpower, with a large amount of luck, can help us forecast future movements.
Where is Bitcoin Headed Next? Forecasts From Experts
The chart data indicates that the current surge mirrors the 2017 pattern where it broke $10,000. However, there is a difference in scale; the contemporary traders include institutional investors like governments and corporations, whereas in 2017 it was some individual whales.
The recent clarity in the regulatory framework and the massive adoption of blockchain by popular institutions indicate that the upward momentum will continue. Market analyst and investor Ali Martinez forecasts a milestone of $150,000 in the ongoing market cycle.
As an influential analyst whose prediction of BTC reaching 100,000 became almost true, Ali Martinez’s latest prediction has created huge excitement in his followers, increasing the optimism around the global trading community.
Michael Van De Poppe, another analyst who predicted BTC touching 100K, expects it to reach $120,000 within one or two months. As a reputed crypto expert who founded MN Consultancy, his forecast is considered authentic by many. He also predicts that this uptrend will affect Ethereum and it will have a notable dip soon. This will likely ignite the new altcoin season.
Conclusive Thoughts
Since the coin is in a bull trend, all those who plan to invest should wait for dips. Otherwise, the FOMO can lock us in a bull trap. Instead of blindly believing in the predictions of other analysts, do your own research to get insights about perfect entry and exit.
Another solution is that you can purchase BTC and HODL for lifelong so that you can avoid all these hectic trading processes. Also, various altcoins can be considered to diversify the portfolio. Finally, don’t forget to DYOR!
At the time of writing this, Bitcoin is trading at $98,524.30 per coin.