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    Home » Bitcoin poised for 100000 surge propelled by robust institutional demand and economic indicators
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    Bitcoin poised for 100000 surge propelled by robust institutional demand and economic indicators

    By adminOct. 26, 2024No Comments2 Mins Read
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    Bitcoin poised for 100000 surge propelled by robust institutional demand and economic indicators
    Bitcoin poised for 100000 surge propelled by robust institutional demand and economic indicators
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    High price targets for Bitcoin are common in the crypto world, yet a growing number of analysts and investors now see $100,000 as achievable within the next year.

    Among them is Matt Hougan, Bitwise’s chief investment officer, who sees strong evidence for Bitcoin’s rise past six figures.

    One of the main drivers of this optimism is the inflow into spot Bitcoin ETFs, which have attracted an impressive $2.11 billion since October. Launched in early 2024, these ETFs now hold over $60 billion in assets, showcasing a surge in institutional interest. This demand is a key factor supporting Bitcoin’s recent price momentum, as big investors increasingly back the cryptocurrency.

    Macroeconomic factors also play a significant role. Hougan points to the upcoming U.S. presidential election, where both prominent candidates hold crypto-friendly positions. Donald Trump has publicly backed Bitcoin, while Kamala Harris has signaled a regulatory approach that could encourage crypto growth in the U.S. Additionally, the national debt has reached unprecedented levels, now totaling $35.8 trillion, leading to a weakened dollar and making Bitcoin and other scarce assets more attractive as hedges against currency devaluation.

    READ MORE:

    Bitcoin Whale Holdings Hit Record High, Sparking Market Optimism

    In a striking figure, daily interest expenses on the U.S. public debt have surpassed $3 billion, putting pressure on the Federal Reserve to keep rates low, which can fuel inflation and bolster Bitcoin’s appeal as a scarce asset. Recent economic measures from China are also contributing to the momentum, adding further liquidity that could push Bitcoin closer to the $100,000 mark.

    Historically, Bitcoin’s value has risen alongside global liquidity, and current indicators suggest a similar trend. According to CryptoQuant, large holders have accumulated about 1.6 million BTC in the past six months, leading to a “supply shock” as available supply dwindles in the face of institutional demand. This combination of heightened demand, supportive economic shifts, and increasing scarcity paints a promising picture for Bitcoin’s potential ascent to new highs.

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