March 29, 2020

Can Bitcoin Surpass $100,000?

Bitcoin (BTC), the largest cryptocurrency in the market was able to reach $10,000 a few weeks ago for the first time since September 2019. This generated great enthusiasm in the market and other digital currencies

Bitcoin (BTC), the largest cryptocurrency in the market was able to reach $10,000 a few weeks ago for the first time since September 2019. This generated great enthusiasm in the market and other digital currencies started to move higher as well. The main question is whether the current bull trend will continue in the coming weeks and months or if it will stop. Traders believe that it could be possible for Bitcoin to reach a new all-time high this year. The last registered all-time high for Bitcoin was $20,000 in 2017.

Could Bitcoin Surpass $100,000?

According to the cryptocurrency expert and former Coinbase CTO, Balaji S. Srinivasan explained that he considers that it is possible for the most popular cryptocurrency to surpass $100,000 in the future. One of the main reasons he considers would push Bitcoin’s price higher is related to the halving event that the virtual currency will experience in the near future. We will talk about this in the upcoming section. Of course, not everyone thinks that Bitcoin will be able to surpass this level. Indeed, many consider that it is almost impossible for this to happen in the near future. Many users on Twitter said that this is not possible and that Bitcoin could fall to previous lows. Another expert known as PlanB explains that it is possible for Bitcoin to reach $100,000 in the future if we take into account the stock-to-flow model (S2F). With it, Bitcoin could eventually surpass $100,000 in the next two years. The stock to flow model shows how many years would be required to achieve the current stock of Bitcoin. The rule is that the higher the number of the S2F, the higher the price of the asset. This is why individuals and traders believe that it will be possible for Bitcoin to become a store of value for users and individuals around the world. Anthony Pompliano, the co-founder and partner at Morgan Creek Digital, believes that Bitcoin can hit $100,000 by the end of 2021. At the moment, we are more than one year away from this point. Nonetheless, it may certainly be possible for Bitcoin to reach this price level in the coming years. On the matter he commented:

“Bitcoin just hit $10,000. I still think that Bitcoin will hit $100,000 by the end of December 2021.Fixed supply. Increasing demand. Time will tell.“

Now, the main question is to know whether it will be possible for Bitcoin to continue growing in the coming months of there will be a selloff in the near future. At the time of writing this article, Bitcoin is being traded around $9,600 and it has a market cap of over $175 billion dollars.

Halving Event

One of the main reasons behind the current price increase and something that could affect Bitcoin’s price in the future is related to the upcoming halving event. This is Bitcoin’s main characteristic and feature: every four years, the new issuance of Bitcoin is cut by half. That means that miners will receive 50% fewer BTC per block compared to what they are receiving now. Each of these miners that finds a block will get 6.25 BTC per block rather than 12.5 BTC as they are now receiving. If demand for Bitcoin starts growing in the future, then it could have a positive impact in the price of the virtual currency, It will become more difficult for the market to handle the new demand of users, which will eventually push the price of Bitcoin higher.

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The goal of this article was to show whether it is possible for Bitcoin to reach $100,000 or not. Indeed, most crypto experts and enthusiasts believe that this is possible. Some models show that Bitcoin could grow by over 10 times in the next months if the halving event has a positive effect on the price of this virtual currency.

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