Learn Live ICYMI: Will Bitcoin Soar to $100K by 2024?
The extreme volatility of Bitcoin and periods of strong growth throughout its history have created substantial wealth for many investors. Bitcoin breached $70,000 earlier in 2024, and many investors are eagerly awaiting price movement to $100,000.
In the eleventh episode of our Learn 101 livestream, we ask, âWill Bitcoin Soar to $100K by 2024?â
Our new series, Learn Live ICYMI, provides a recap of our Learn 101 livestreams, offering you comprehensive expertise and insights from leading figures in the crypto industry in case you miss the livestream.
Joining the livestream on Sep 11, 2024 were four distinguished guests:
Henrique Centieiro, CEO of Be Limitless VenturesÂ
Michael Ionita, CTO and Founder of AutoTrading.vip
Idriss Zitane, degen trader
Jerry Li, Earn Product Manager at BybitÂ
Under the moderation of Sabrina Chua, Crypto Evangelist and SEO Editor at Bybit, this episode explores if Bitcoinâs price will reach $100K by 2024.
Key Takeaways:
Experts agree that the price of BTC will reach $100,000, but the timeline is unknown.
Numerous factors in the short term are likely to bring volatility, and thereâs a possibility for BTCâs price to hit $100,000 in 2024 or 2025.
DCA and âbuying high, selling lowâ can both be profitable trading strategies.
Bitcoin's Journey â Looking Back to Look Forward
At the start of the livestream, Michael Ionita created an automated trading order to demonstrate how easy it is. It remained running in the background until the end of the stream, when our guests reviewed the order.
Throughout the years, Bitcoinâs price has been influenced by the Jackson Hole Economic Symposium, government policy, ETF applications and other factors. Henrique Centieiro stated that short-term macroeconomics are impacted by the Federal Reserve. The economy is currently relatively shaky, and he anticipates more money will be printed. When this last took place, the stock market shot up, and Bitcoinâs price increased substantially. Centieiro attributes this to the level of increased money in circulation.
Referring to a chart that shows a correlation between lowered U.S. interest rates and Bitcoinâs price, Ionita demonstrated that increased money supply has boosted Bitcoinâs prices.
Jerry Li is bullish over the next six months. He reminded us that inflation weakens both the U.S. dollar and purchasing power, and as interest rates drop, he sees a correction in the crypto market that will positively affect Bitcoinâs price.
Centieiro stated that some people will take profits during the rate adjustment. He believes that the next month may be bearish, but there will then be a bull rush.
Ionita said that the market has been impacted by Russiaâs new Bitcoin policy, asserting that this is bringing more funds into Bitcoin. However, many people in Russia are holding Bitcoin on a short-term basis because theyâre making purchases with it. This makes Russiaâs policy impact both bullish and bearish: Ionita maintains that other countries may act on this by prohibiting or limiting Bitcoin because of world events.
Meanwhile, Centieiro stated that the amount of money being kept on exchanges is at an all-time low, which means people are holding for a longer period of time. Bitcoin miners continue to invest in mining equipment. In addition, Michael Saylor has stated that Bitcoinâs price will reach $13 million by 2040!
Li drew attention to the fact that recently, hash power has increased dramatically, which is attributable to the entrance of more people and countries into the crypto market.
Ionita described the Bitcoin Spot ETF rally of 100%, attributing it to massive public interest. He believes BTCâs price is being heavily restricted because of this huge interest, and expects its price to rise by the end of October, based on the interest in Bitcoin Spot ETFs.
Centieiro said that thereâs a lag as money managers decide whether to invest or not. Adding Bitcoin to a fund, even in small amounts, increases diversity and lower risks. He believes this is a win-win situation for money managers.
Future Projections â Path to $100K
Li reminded us that Bitcoin will definitely reach $100,000 at some point, but nobody knows when. The upcoming U.S. election may drive its price up, but it could also bring greater volatility. Other catalysts may drive the price up as well.
Ionita referred to his screen again, saying that itâs hard to predict a price for something with multiple variables. However, he referred to the Fibonacci cycle for the current market, which reveals a Bitcoin price prediction between $200,000 to $300,000, adding that itâs impossible to predict the time frame. The average cycle time, however, is 1,069 days, which would extrapolate to the end of October 2025, but this time frame is fuzzy. He believes $200,000 is realistic for the cycle.
Centieiro described some price movement obstacles that have prevented Bitcoinâs price increase or slowed the time frame for BTC hitting $100,000 â the uncertainty of the U.S. election, for one. He also referred to a chart showing a lower flow in market-based mining activity. This indicates a type of magnet for the price. Centieiro also introduced a power log that shows BItcoinâs price should currently be around $90,000. He believes the current price is a pressure cooker, and the price will therefore greatly increase.
Zitane said the main risks that could stymie BTC price growth are regulatory uncertainty, economic instability and military conflicts, among others, directly affecting BTCâs price.
Ionita added that investors should get out of any risky asset in a downturn in order to prevent loss. He stressed the importance of understanding that both BTC and the U.S. dollar are preferred as investments in different situations, and showed a graph indicating that dollar-cost averaging (DCA) isnât a wise approach for risky assets.
Li, however, stated that he uses DCA. He believes itâs a healthy strategy over a long period of time, due to his confidence that Bitcoinâs price will eventually go back up after a dip.
Centieiro agreed with Ionita that itâs not advisable to use DCA for an asset thatâs going to zero. However, he doesnât believe that Bitcoin will ever go to zero. Centieiro believes in DCA as a solid, long-term strategy to smooth out BTC market volatility.
Zitane has a simple strategy: he only uses DCA. He makes a purchase, and then buys again if the price goes down. He pays attention to the news, keeps buying when the price goes down and continues to reduce his average price.
Ionita reminded us that you can make more money with manual trading if you know what youâre doing. Most people arenât professional traders, though, and can get wrecked in a bear market if they donât stay on top of things. He recommends that these traders use an automated algorithm.
Smart Trading â Entering and Exiting with Confidence
Centieiro explained how he enters a trade: he buys BTC and holds it for at least a few years, looking for a relatively cheaper price as compared to previous prices. This is determined by a look at the 200-day moving average. He also looks at the Crypto Fear & Greed Index. Centieiro explained that investors must decide how long they plan to hold BTC before buying it. He invests a portion of his investment amount at one time, and spreads the rest of his investment out over several weeks.
Ionita, however, holds his BTC over several months. He looks at Fibonacci and other charts to invest funds in BTC and several other assets, based on risk. He maintains a specific allocation, with more allocation to the least risky assets.
Closing Thoughts
This session of the Learn 101 livestream highlighted âWill Bitcoin Soar to $100K by 2024?â
As part of the livestream, Bybit is holding an exclusive event that offers you a chance to participate in our pop quiz and win a share of 300 USDT in airdrops. The event period is through September 18, 2024, 11:59PM UTC.
Stay tuned for more discussions on the dynamic world of cryptocurrencies!
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