After 15 years, the price of Bitcoin finally touched the $100,000 mark, a price level now accompanied by more bullish predictions
Bitcoin (BTC), the world’s leading digital asset, finally crossed the psychological level of $100,000 on December 4. Since the bullish run after the U.S election, traders and investors have anticipated this price point. However, BTC pushed traders around for weeks before flipping 100k to land at $102,733.
Experts Maintain Optimism, Predicts $1 Million
This historical achievement has several implications and could do one of two things in crypto: rise or crash. Several analysts have predicted the possible future outlook for Bitcoin, and these views range from highly optimistic to cautious.
Jack Dorsey, the founder and former CEO of Twitter (now X), believes Bitcoin could soar as high as $1,000,000 by 2030. He predicted this when Bitcoin changed hands at around $63,000 – $64,000. Dorsey is not alone in this prediction; other notable analysts share this view.
Mike Novogratz, Galaxy Digital CEO, expects Bitcoin to surge past the $100,000 mark. He predicts “much higher” prices due to multiple bullish catalysts.
Aaron Arnold of Altcoin Daily thinks there is further room for Bitcoin to climb now that it has crossed the $100,000 level. He emphasized that the outgoing head of the Securities and Exchange Commission (SEC), Gary Gensler, suppressed the growth of the crypto market.
However, now that the lid is lifted, Bitcoin has nowhere else to go but up, as crypto assets were on a price rediscovery. Arnold insists that the next nine months will have bullish gains and describes it as the last leg of the bull market.
Similarly, Samson Mow, CEO of Jan3, opines that Bitcoin is still undervalued and the market is on track to $1,000,000. He believes the exchange-traded funds (ETFs) remain a crucial catalyst that could push BTC to the million mark. Additionally, U.S debt accumulation can be seen in the rebasing of the dollar to Bitcoin.
Will Bitcoin Price Experience a Pullback?
Ran Neuner, founder and CEO of The Creative Counsel and Onchain Capital, adopts a cautious, optimistic position.
He insists that the political and regulatory climate favors Bitcoin to soar. He based his predictions on factors such as Donald Trump’s re-election, Paul Atkins’s nomination, and a pro-crypto to head the Securities and Exchange Commission (SEC).
Despite his earlier positivity, Neuner maintains the Bitcoin chart tells a story. Bitcoin has surpassed the psychological level, so he expects the usual 25% to 30% pullbacks in about four to eight weeks.
If this happens, Neuner predicts that BTC will sell for between $75,000 and $80,000. He explained it is a usual pattern for Bitcoin to experience these price corrections. He cited corrections from 2016/17 and 2020/2021 and projects that a crash might happen before the January 20, 2025 inauguration.
As of this writing, BTC is trading at $102,719.37, representing a 6.11% increase. Market volume has soared by 82.97% to $126.74 billion. Whether an analyst’s prediction will turn out true depends on time and market volatility.
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