Bitcoin’s (BTC) Path to $100,000: Here’s The Factors That Can Get it There

TLDR

A survey reveals that 68.44% of respondents believe Bitcoin will reach $100,000 in 2024, with a steady flow of Bitcoin ETFs being the key factor
Over 66% of respondents are inclined to invest in Bitcoin, considering the potential $100,000 price target
Technical analysis suggests that if Bitcoin closes above the $69,330 resistance level, it could trigger a rally to $74,400
On-chain data shows increasing trading activity and demand for Bitcoin, with a significant demand zone between $66,900 and $68,900
Bitcoin transaction value hit a yearly high of over $25 billion on May 28, despite the number of transactions remaining relatively normal

The question of whether Bitcoin will reach $100,000 in 2024 has been a topic of much speculation.

A recent survey conducted by Real Research sheds light on public sentiment regarding this milestone, with 68.44% of respondents believing that Bitcoin will indeed hit the six-figure mark by the end of the year.

The survey also delved into the factors that could contribute to Bitcoin’s price surge.

A majority of respondents (27.18%) believe that a steady flow of Bitcoin exchange-traded funds (ETFs) could be the key to reaching $100,000. Other factors cited include an increase in institutional investment, positive regulatory developments, and the possibility of cutting global interest rates.

2 in 3 Believe Bitcoin Will Hit $100,000 in 2024 – Survey

Despite the potential risks associated with investing in a volatile asset like Bitcoin, over 66% of respondents expressed a strong inclination towards investing in BTC, considering the potential $100,000 price tag.

This bullish sentiment extends beyond the short-term, with 64.8% of respondents agreeing with MicroStrategy’s long-term prediction of a $600,000 Bitcoin by 2026.

Technical analysis also supports the bullish outlook for Bitcoin. Prominent crypto market analyst Ali Martinez highlighted a symmetrical triangle pattern on Bitcoin’s chart, suggesting that if BTC manages to close above the $69,330 resistance level, it could trigger a rally to $74,400.

This analysis points to significant potential for upward movement if Bitcoin can maintain its momentum and break through the crucial resistance level.

Further supporting the bullish sentiment, on-chain data from IntoTheBlock indicates increasing trading activity and demand for Bitcoin.

The platform identified a significant demand zone between $66,900 and $68,900, where more than 2 million addresses have accumulated around 1.1 million BTC. This accumulation suggests strong support and a solid foundation for potential price increases.

Bitcoin’s transaction value reached a yearly high on May 28, with holders moving over 367,000 BTC, worth more than $25 billion.

While the number of transactions remained relatively normal compared to other days, the high transaction value reflects the growing interest and activity in the Bitcoin market

The post Bitcoin’s (BTC) Path to $100,000: Here’s The Factors That Can Get it There appeared first on Blockonomi.

from Blockonomi https://ift.tt/c2wKpi4