Will Bitcoin hit $100K? Here’s Everything you need to know

In light of Bitcoin’s recent increases, many are wondering if it could soon make the incredible jump to $100,000. The stage is set for possible breakthroughs with the increasing interest from institutions and the changing dynamics of the market. Will Bitcoin hit $100k next, given its current price of $67,632.06? What role will market mood, ETF approvals, and the US election play in determining its path?

Delve into the variables that have the potential to propel this digital currency to new heights of success! 

Bitcoin is Bitcoining: What does it mean?

As the “Uptober” effect spreads through the crypto market, Bitcoin (BTC) has been on a great bull run, rising more than 2% in the last week.

By October 22, BTC was selling at $67,632.06, a price it hasn’t seen since late July and a three-month high. For a short time, BTC did reach $69,500, but it quickly dropped as bears tried to stop the rise.

Bitcoin Price

The mood of the market is also changing quickly. The crypto fear and greed measure is now at 63, which means “greed.” This is a big change from September 7, when it was 26 and fear ruled the market.

Although the U.S. presidential election is coming up on November 5, investors still seem to be hopeful. In the polls, former President Donald Trump is gaining support because he has suggested policies that would be good for crypto.

Many people think that if he wins, it will make Bitcoin even more popular because his policies are seen as good for the crypto industry.

What will happen next with BTC? Where do you think BTC will go in the next few days? Important economic events are coming up and the political scene is very tense. Let’s find out.

Spot Bitcoin ETFs Surge amid positive changes

Now that the U.S. Securities and Exchange Commission has changed some rules, spot Bitcoin exchange-traded funds will trade more. This is great news for the Bitcoin market.

The SEC passed a new rule on October 18 that lets the New York Stock Exchange (NYSE) and the Chicago Board Options Exchange trade options for a number of spot Bitcoin ETFs. This change suggests that there will be more money available and prices will move more smoothly in the cryptocurrency world.

Some well-known names will be changed because of this. The NYSE can now list choices for the Bitwise Bitcoin ETF (BITB), the Greyscale Bitcoin Trust (GBTC), and the Greyscale Bitcoin Mini Trust (BTC).

At the same time, Cboe Global Markets can list choices for the ARK 21Shares Bitcoin ETF (ARKB) and the Fidelity Wise Origin Bitcoin Fund (FBTC).

These events happened just a few weeks after the SEC permitted Nasdaq to list options for BlackRock’s iShares Bitcoin Trust (IBIT).

Options are contracts that let investors buy or sell an item at a certain price before a certain date, but they don’t have to. Here, a Bitcoin ETF serves as the foundational asset.

There are no set dates for when these choices will be available, but experts think that the approval could have a huge effect. 

More financial products on major U.S. exchanges means that more people can access crypto, which could bring in a bigger range of participants, from big investors to small ones.

It couldn’t be more convenient. Recently, a huge amount of money has been pouring into Bitcoin ETFs. CoinGlass data shows that spot Bitcoin ETFs increased their total assets under control to a strong $52 billion in the week ending October 18.

The money that came into Bitcoin ETFs last week was the most in about seven months, which shows that investors are becoming more confident in crypto.

Are we close to a major Breakout?

Many industry insiders have flocked to social media to provide their predictions for the future of the Bitcoin market as the price approaches $70,000.

Bitcoin is the “Boring Zone”

The current situation of Bitcoin has been described by crypto expert Michaël van de Poppe as being in the “Boring Zone.” Having said that, this doesn’t indicate bad news.

#Bitcoin is currently in the Boring Zone.#Altcoins are currently reversing and ending the longest bear market in history.

This means it’s time for Banana Zone, and depending on how long it will take with liquidity, this Banana Zone is going to be epic. pic.twitter.com/XNNBpvUomr

— Michaël van de Poppe (@CryptoMichNL) October 21, 2024

Altcoins have been quietly showing signs of revival, while Bitcoin has been consolidating around the $68,000 level.

This stage is like a coil spring waiting for a sudden release of liquid, says van de Poppe. He defines it as “Altcoins are currently reversing and ending the longest bear market in history”.

Bitcoin is going through a pivotal “Boring Zone” right now, where the price is very stable yet is gaining momentum. When investors see a floor in the price of Bitcoin, they typically leap back in, causing the price to rise sharply. This pattern has happened many times before.

Bullish Momentum: Signals are lighting up

Another well-known crypto analyst, Ali, has used a certain measure to predict Bitcoin’s next move on the technical front.

One of my go-to indicators for gauging #Bitcoin‘s trend, the MVRV Momentum, has flipped bullish again!!! pic.twitter.com/qOtIJgXTWe

— Ali (@ali_charts) October 20, 2024

A bullish trend has recently emerged in the market value to realized value momentum indicator, which tracks the price of Bitcoin relative to its previous significant movement.

If this indication turns positive, it usually means that prices will continue to keep going up. A significant psychological component in price movement is the belief that the market is prepared for a surge higher, which is why individuals are essentially holding onto their Bitcoin.

Sellers are feeling less pressure to unload their Bitcoin holdings as confidence among investors grows. As selling pressure decreases, it becomes simpler to maintain the upward momentum, which in turn pushes Bitcoin higher.

Open interest growth: A key indicator

According to crypto futures specialist Maartunn, another important cause is the surge in Bitcoin CME Futures Open Interest, which just reached a record high of $12 billion.

Bitcoin: CME Futures Open Interest hits an ALL-TIME-HIGH with $12.0B$BTC #OpenInterest #Futures pic.twitter.com/NSDCy6ozMS

— Maartunn (@JA_Maartun) October 20, 2024

When discussing futures contracts, “open interest” means the sum of all unresolved contracts. A rise in open interest indicates that more investors are speculating on the direction of Bitcoin’s price.

Within the larger context of Bitcoin’s present velocity, the rise in open interest makes sense. The current macroeconomic circumstances are perhaps the driving force behind the traders’ expectations of a breakout.

But there’s a catch: more open interest doesn’t always mean less volatility. This is particularly true when many traders are taking the same optimistic or negative stance. The market’s movement against those positions could cause liquidations, which in turn could cause unexpected price fluctuations.

Bitcoin’s Re-accumulation phase ending

Another crypto expert Ash Crypto is highlighting a common pattern observed in Bitcoin’s price cycles.

Each Bitcoin cycle shows a repeating
pattern.

The price enters the re-accumulation
phase before the big parabolic run.

currently, the re-accumulation phase
is about to end and the price will start
a new uptrend. Bitcoin is going to
$100k sooner than you think. pic.twitter.com/a4cLlmlM17

— Ash Crypto (@Ashcryptoreal) October 19, 2024

He explains that Bitcoin typically goes through different phases, one of which is the “re-accumulation” phase. This phase happens after a price correction, where investors start buying Bitcoin again at lower prices, preparing for the next big price surge.

According to him, this re-accumulation phase is coming to an end, meaning Bitcoin is getting ready for its next significant upward movement, which he believes will take it to $100,000 sooner than most people expect. Essentially, he’s predicting a major price rally based on these cyclical trends in Bitcoin’s market.

Impact of U.S. Elections on Federal rate cuts

The US presidential election on November 5 and the Federal Reserve’s upcoming meeting on November 7 are two examples of macroeconomic factors that could impact the price movement of Bitcoin.

Many people view former president Donald Trump, who is currently leading in the polls, as being crypto-friendly. If Trump wins, investors may be more sure of the industry’s safety and support, which could make Bitcoin’s price go up.

It is more difficult to forecast how the market will respond if Kamala Harris is elected. Uncertainty may arise since Harris has not made her position on crypto clear.

There’s also the Federal Reserve’s interest rate decision coming up soon. At its meeting on November 7, the Federal Reserve is expected to decrease rates by 25 basis points, with a current probability of 90.5%.

More money would flow into the economy if interest rates were to fall, which is good news for risky assets like Bitcoin. Bitcoin stands to gain substantially from an increase in market liquidity, as a result of more cash coming into the cryptocurrency.

If both Trump wins and the Fed lowers interest rates, it could be the right storm for Bitcoin’s price to go over $70,000.

What’s next for Bitcoin?

One crypto expert thinks that $98,000 is the next goal for Bitcoin. The community as a whole thinks that momentum is slowly building and that people are becoming more sure that BTC is ready for its next leg up.

#Bitcoin Next Target: $98,000 🎯

Momentum is building.
Things are starting to smell good for #BTC 🚀 pic.twitter.com/30kOF5GA1w

— Titan of Crypto (@Washigorira) October 20, 2024

In the meantime, well-known crypto expert Rekt Capital says that we are now between $65,000 and $70,000, and the next big step could be anywhere from $90,000 to $160,000.

Since Bitcoin is getting stronger around $70,000, the next level of resistance could be $90,000. But if Bitcoin quickly breaks through $90K, it could quickly speed up to $100K or even higher.

In this case, Bitcoin prices tend to go much higher very quickly once they reach price discovery, which means they are trading above their previous all-time highs.

The current trend appears to be in favor of Bitcoin’s rise. But buyers should stay alert and keep an eye on both the technicals and the bigger picture of the economy to figure out what BTC will do next. Always be smart about your trades and never put more money into them than you can afford to lose.