Cardano Creator Charles Hoskinson Says Crypto To Benefit From Tariff War, Unveils Six-Figure Bitcoin Target The Daily Hodl
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Recently, Bitwise CIO Matt Hougan expressed optimism about Bitcoin. He said the cryptocurrency was due for a significant rally that would drive the token price well into six-figure territory due to several factors.
Comments reflected a broader optimism over digital assets after institutional investors continued to show confidence in Bitcoin’s potential. Therefore, the pace of inflows into Bitcoin-based ETFs has been viewed as an essential function of such a trend, reflecting changing market dynamics that may force Bitcoin’s price to new highs.
This growing institutional involvement also comes amid a confluence of supportive macroeconomic conditions and on-chain signals that most analysts claim will drive Bitcoin upward to a $100,000 valuation and even further.
Bitwise CIO Outlines Bitcoin’s Bullish Catalysts
Bitwise CIO Matt Hougan has claimed that Bitcoin, the flagship cryptocurrency, is all set to attain a six-figure price value. This will add more steam to the Bitcoin Bullish thesis, which has been gathering in the crypto community recently.
According to Hougan, Bitcoin, the only trillion-dollar crypto asset, will cross the mark of $100,000 per coin due to a combination of Institutional, Macroeconomic, and on-chain factors.
We’re heading to six-figure bitcoin.
* ETF flows reaccelerating
* Election approaching
* Infinite deficits (bipartisan agreement!)
* Economic stimulus in China
* Global rate cuts (Fed, ECB)
* Halving supply shock starting to bite
* Whales accumulating— Matt Hougan (@Matt_Hougan) October 18, 2024
The CIO at Bitwise explained why he thinks so, naming the factors contributing to Bitcoin’s gradual rally to $100,000.
He commented:
“We are heading to six-figure bitcoin. * ETF flows reaccelerating * Election approaching * Infinite deficits (bipartisan agreement!) * Economic stimulus in China * Global rate cuts (Fed, ECB) * Halving supply shock starting to bite * Whales accumulating”
Hougan and analysts from QCP Capital and others have identified the upcoming 2024 US elections as a significant factor likely to drive a surge in Bitcoin’s price. With Donald Trump, a pro-Bitcoin candidate, leading in several betting platforms, the crypto industry sees this as a potential boost for Bitcoin’s value, supporting predictions that the cryptocurrency could surpass the $100,000 mark.
Also, there is quite a possibility that the Bitwise CIO was right, especially if we consider the fact that just recently, SEC approved NYSE and Cboe options trading on Spot Bitcoin ETFs, unlocking new opportunities for investors.
US Elections and Whale Accumulation Drive Bitcoin’s Path to $100K
Bitwise CIO also highlighted the activity of Bitcoin whales, increasing their investments in the asset and signaling strong confidence in its long-term growth. Whale accumulation is often viewed as an indicator of bullish sentiment, as large holders tend to buy during periods of anticipated upward movement.
Further strengthening this bullish outlook, Bloomberg’s Senior ETF Analyst, Eric Balchunas, noted the rapid growth of Bitcoin ETFs in the U.S. The latest data reveals that spot Bitcoin ETFs have accumulated over $20 billion in net flows, with $1.5 billion in inflows just this past week. The American Bitcoin ETF sector now manages more than $1.5 billion in assets, a significant milestone reached faster than similar asset classes like gold.
Balchunas went further that Bitwise CIO and compared this growth to gold ETFs, which took several years to achieve the same level of assets under management, emphasizing the speed at which Bitcoin ETFs capture market share.
Meanwhile, data from CryptoQuant founder Ki Young Ju showed that Bitcoin’s open interest hit an all-time high of $20 billion, with new whale wallets now controlling 9.3% of the total Bitcoin supply.
These trends in institutional involvement, coupled with on-chain factors, continue to support the case for Bitcoin’s climb toward $100,000. Currently, the cryptocurrency is trading around $68,217, leaving it with a $31,785 climb to hit the anticipated milestone.
Teuta
Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries. Starting her career in 2005 as a lifestyle writer for Cosmopolitan in Croatia, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg. Influenced by figures like Don Tapscott and Bruce Dickinson, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions. Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law, enjoys punk rock, chablis, and has a passion for shoes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
With the Bitcoin halving event now completed, analysts and market experts turn their attention to a much-anticipated bull run based on historical trends in the BTC market. In particular, a crypto analyst with the X handle ecoinometrics has tipped the maiden cryptocurrency to at least achieve a six-figure in the current bull cycle.
How High Can Bitcoin Rise Post Halving?
In an X post on Saturday, econometrics shared a strong bullish prediction of Bitcoin price following the fourth halving event on April 19. The crypto analyst stated that if BTC produced a similar growth pattern seen in previous bull cycles, its market price would likely range between $140,000 – $4,500,000.
For context, the bull run, which forms the latter part of the Bitcoin bull cycle, occurs in the months following the halving event, according to BTC’s price history. During this period, the market leader is known to record massive price gains, as seen after previous halvings in 2012 (7,592.30%), 2016 (1,818.8%), and 2020.
Price range for Bitcoin in the 4th halving cycle:
upper bound ~ $4,500,000
lower bound ~ $140,000That is *if* Bitcoin ends up following a growth trajectory in the range of the previous cycles. pic.twitter.com/s93yldJEI0
— ecoinometrics (@ecoinometrics) April 20, 2024
Econometrics stated that a repeat of such positive performance could see Bitcoin trade as high as $ 4,500,000 per unit. However, other speculators have attacked this prediction, believing BTC will likely soon experience some level of diminishing returns. Thus, such a high price level seems unfeasible.
In response, econometrics stated that Bitcoin currently operates similarly to “megacap tech stocks”, which have shown notable defiance to this economic theory. However, the analyst acknowledged that $4,500,000 may be an unrealistic price target for BTC, but there is much confidence that the digital asset will achieve a mid-six-figure value.
Bitcoin Price Overview
Bitcoin is currently trading at $65,043, with a modest 2.21% gain over the last 24 hours. However, its daily trading volume has declined massively, falling by 52.88% to a substantial $21.62 billion, underscoring decreased market activity and investor interest.
Over the past week, Bitcoin has also shown fair improvement resulting in a total gain of 1.86%. However, despite these recent gains, the monthly chart reflects a decline of 4.16%, following some significant price dips and massive liquidations in the past week.
On a larger scale, Bitcoin remains quite impressive, with its year-to-date growth percentage of 131.69%. With a market cap value of $1.28 trillion, the premier cryptocurrency remains the largest digital asset in the world.
BTC trading at $65,270.47 on the daily chart | Source: BTCUSDT chart on Tradingiew.com
Featured image from iStock, chart from Tradingview
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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