- Institutional investments in Bitcoin are rising as major firms see its value as a hedge against inflation.
- The Bitcoin “halving” event in 2024 could restrict supply, contributing to the projected price increase.
- Economic uncertainty and inflation concerns may push investors to Bitcoin, influencing price upward before the inauguration.
According to a recent report by CNBC, Bitcoin’s price is expected to hit a trading price of $100,000 before the next U.S. presidential inauguration.
This forecast comes amid growing optimism about Bitcoin’s market trajectory, supported by both technical and macroeconomic factors.
Possible factors are expected to influence the surge,Institutional investment in Bitcoin has increased, contributing to the potential for higher prices.
Large-scale investors, including asset management firms and hedge funds, have increased their Bitcoin holdings, recognizing its potential as a hedge against inflation and a digital asset with growing global adoption.
Besides, recent filings for spot Bitcoin ETFs by major firms have added momentum to the market, as approval of such ETFs could lead to an influx of investment. These institutional moves are expected to strengthen market demand, thereby supporting the projected $100,000 target.
Bitcoin’s supply dynamics also play a key role in its price trajectory. With a fixed supply of 21 million coins and more than 19 million already mined, the scarcity of Bitcoin is often viewed as a factor that can drive its price upward.
Moreover, the approaching “halving” event, expected in 2024, will reduce Bitcoin’s mining rewards, potentially further constraining supply.
Analysts argue that this built-in scarcity, combined with rising demand, could serve as a catalyst for significant price gains in the months ahead.
According to Coin MarketCap, the chart from November 7 shows Bitcoin’s price movements over a 24-hour period.
Starting at approximately $75,050, Bitcoin experienced fluctuations, peaking early in the day near $75,600 before dipping below the initial level.
Midday, the price hovered around the $75,000 mark, showing both minor gains and losses.
Around 6:00 PM, Bitcoin’s price rose steadily, surpassing previous highs. By 9:00 PM, it reached a peak of $76,650 at the time of writing.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
