Experts Weigh In: Bitcoin $100K by Year-End?

- Bitcoin rises 30% last week, reaching an all-time high - Experts' year-end outlooks mixed; interplay between long-term investor sentiment and short-term overheating risk [Unblock Media] Bitcoin showcased a remarkable rally last week by rising nearly 30%. Currently, Bitcoin is trading at over $90,000, marking a new all-time high. According to a report from Cointelegraph, the difference in expert predictions arises due to the short-term market overheating and the contrast with mid- and long-term investment sentiment. Short-term risks include overheating in the derivatives market, while mid- to long-term factors involve increased institutional investments. Lennix Lai from OKX predicts that Bitcoin will surpass $100,000 by the end of the year. He mentioned that the recent uptrend signals a transition to the next growth phase. However, he also warned that some positive catalysts within the market, such as election outcomes and the rise of traditional stock markets, have already been priced in. Lai further noted that Middle Eastern tensions and the adversarial U.S. foreign policy could introduce additional market volatility. Tony Sycamore from IG Markets forecasts that Bitcoin will remain between the low to mid $90,000 range by the end of the year. He pointed out that favorable post-election news from Trump has already been priced in, suggesting the possibility of Bitcoin experiencing some corrections as altcoins rise. According to CryptoSlate, Ethereum 2.0 upgrades and the activation of Layer 2 solutions could become major drivers for the altcoin market in the latter half of 2024. The impact of the altcoin market on Bitcoin's capital flow must be analyzed in detail. Josh Gilbert from eToro expects Bitcoin to reach $100,000 by year-end but acknowledges that short-term corrections are unavoidable. Like Lennix Lai, he foresees Bitcoin surpassing $100,000 by the end of the year. CryptoQuant's Ki Young Ju, however, offers a more cautious outlook. He predicts Bitcoin could fall to $58,974 by year-end due to overheating in the derivatives market, citing the record open interest in Bitcoin derivatives at $5.5 billion as a significant risk factor. Meanwhile, Pav Hundal from SwyftX applied Fibonacci extension levels to suggest that Bitcoin could reach $103K by year-end. 'Investopedia' discussed the psychological resistance levels at $20,000 and $50,000 and how Bitcoin prices reacted when breaking these thresholds, analyzing how these psychological resistance levels greatly impact market participants' emotions and investment sentiment. Such historical cases provide a more precise analysis of Bitcoin's potential to break $100,000. Guy Armoni from HDI Fund predicts that Bitcoin will reach $100K by year-end, considering increased global cryptocurrency adoption and the U.S.'s favorable policy environment as major catalysts. CNBC emphasized that Trump's pro-cryptocurrency policies could be related to the approval of new ETFs and tax benefits for cryptocurrencies, necessitating a thorough review of how these policy changes might boost actual investment participation. Mati Greenspan from Quantum Economics expects a long-term uptrend for Bitcoin but views the recent price correction positively. He emphasized that Bitcoin could exhibit volatility based on short-term investor sentiment shifts. Ben Simpson from Collective Shift predicts that factors like Trump's election, interest rate cuts, and potential quantitative easing (QE) will stimulate demand for Bitcoin, anticipating it to reach $100,000 by year-end. Finally, independent analyst Tom Wan forecasts that Bitcoin could reach between $95,000 and $100,000, noting that $100,000 serves as a psychological resistance level. In conclusion, various experts provide optimistic outlooks for Bitcoin's future, indicating positive signs that the current upward trend may continue. However, multiple factors are at play, and short-term volatility should always be considered.