A crypto analyst named Ash Crypto believes Bitcoin could reach $100,000 by the end of the year. He’s not alone – other experts have made similar predictions.
Why Bitcoin Could Skyrocket
Ash Crypto points to several factors that could push Bitcoin’s price higher:
Halving Cycles: Bitcoin’s price typically goes through a period of consolidation after each halving event (when the reward for mining new bitcoins is cut in half). This time, Bitcoin has been consolidating for about 161 days since the halving in April. Ash Crypto thinks this consolidation period is coming to an end, and a price breakout is likely in the next few weeks.
Global Economic Factors:
- China’s Stimulus: China is injecting $280 billion into its economy, which has historically been bullish for Bitcoin.
- US Interest Rates: The US Federal Reserve has started cutting interest rates, which could make more money available for investments like Bitcoin.
- Japan’s Interest Rates: The Bank of Japan has decided against raising interest rates, which is seen as positive for Bitcoin.
Other Factors:
- Trump’s Return: Donald Trump is leading in polls for the US presidency. His previous support for cryptocurrencies could be good news for Bitcoin.
- Spot Bitcoin ETFs: These ETFs are starting to accumulate Bitcoin again, suggesting more institutional interest.
- Low Selling Pressure: Bitcoin is being held by investors rather than sold, indicating a lack of selling pressure.
- FTX Repayments: FTX customers are expected to receive their repayments this quarter, which could bring more liquidity into the Bitcoin market.
- Russia’s Crypto Plans: Russia plans to use cryptocurrencies for cross-border payments starting in November.
- Global Money Supply: The global money supply is at an all-time high, which could drive demand for Bitcoin as a hedge against inflation.
Ash Crypto believes the market hasn’t fully accounted for these bullish factors yet. He thinks Bitcoin will reach a new all-time high once the market realizes the full potential of these developments.
