Industry experts are confident that Bitcoin (BTC) will soon reach the much-awaited $100,000 all-time high (ATH) mark.
While this figure seemed like a big target a few months ago, BTC surpassing $90,000 on November 13 demonstrates that the asset is on its way to $100k. A new ATH for BTC was also recorded on November 19, as the asset climbed to $94,000.
“First, we’re seeing unprecedented institutional adoption amid significant political shifts. Following Donald Trump’s victory in the recent U.S. presidential election, market sentiment has strengthened due to expectations of a more crypto-friendly regulatory environment,” Netscher said.
Daryll Netscher, Founder of Tren Finance, told Cryptonews that several interconnected factors are driving Bitcoin’s approach to the $100,000 milestone.
Netscher believes the current institutional framework will provide a stronger foundation for Bitcoin’s growth than previous price rallies. He further pointed out that the broader macroeconomic environment shows favorable conditions for Bitcoin investment.
“The approval and launch of spot Bitcoin exchange-traded funds (ETFs) has also created a more accessible on-ramp for traditional investors.”
This is already being demonstrated, as the current BTC bull run has led to Bitcoin backers like MicroStrategy (MSTR) and Metaplanet announcing new BTC purchases this week. Notably, MicroStrategy now holds 1.5% of the asset’s total supply.
“The Bitcoin halving event in 2024, which historically precedes periods of price appreciation, is coinciding with increasing institutional interest, creating a unique combination of supply reduction and demand growth,” Netscher said.
While the $100k BTC price will be an important milestone, Tim Enneking, Founder and Principal of Digital Capital Management, told Cryptonews that the price of Bitcoin is trending up regardless of current factors.
“Bitcoin is increasing due to deflation, inflation in fiat currencies, fear of missing out, and the fact that there is no entity controlling the asset,” Enneking said. Enneking added that the growing dependency on the Internet is a reason for Bitcoin’s increasing price.