2024 has been an exceptional year for Bitcoin, with the asset hitting new all-time highs earlier in the year. In the past week, Bitcoin (BTC) reached the impressive mark of $65,000, following a bearish trend in August that left many in the market cautious.
According to CoinMarketCap, Bitcoin is trading at $59,334.46, representing over 6% drop in just 24 hours. Despite this recent decline, many analysts and market experts maintain a strong sense of optimism for Bitcoin’s performance as we head into September.
Since Bitcoin hit its all-time high of over $73,000 in March, bullish sentiment among investors has surged, with many now targeting an ambitious $100,000 as the next milestone. Many analysts have indicated that BTC could soon surpass the $70,000 level again, with expectations that the world’s largest cryptocurrency will be on the path to reaching $100,000, marking a new high.
Will Bitcoin Hit $100,000 by September?
Reclaiming the $65,000 resistance level is a crucial initial target for Bitcoin on its journey toward the ambitious $100,000 mark. The recent trends indicate that this milestone seems achievable in the coming months due to the increasing prominence of cryptocurrency.
As cryptocurrencies gain traction, they have become a hot topic among economists, financial analysts, and government officials, particularly with the upcoming US election creating a sense of top-priority and interest.
Notably, Donald Trump and his campaign have actively voiced their support for cryptocurrencies, which has energized bullish sentiment in the market. This political backing could potentially influence wider acceptance and adoption of digital currencies, paving the way for Bitcoin to reach new heights.
Additionally, the success of Bitcoin ETFs has positively boosted the asset’s performance since their launch in early 2024, which was a key factor in BTC hitting its all-time high in March 2024. As Ethereum ETFs entered the market, the competitive environment has spurred investor interest, yet inflows into bitcoin ETFs have remained strong.
Our expert’s analysis indicates that if Bitcoin closes above the key resistance level of $65,440, it may signal the start of a bullish trend. Analysts suggest this could push the BTC coin towards a new local peak of approximately $87,000, paving the way to reach $100,000.
Note: The increasing demand and acceptance of digital currencies, combined with political support and successful ETFs, create a perfect storm for Bitcoin to hit $100,000 by the end of 2024. However, as with any investment, there are no guarantees and it is always essential to do your own research before making any financial decisions.
Also Read: Solana (SOL): Can SOL Hit $200 This September?
Disclaimer
The information in this article should not be considered financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please conduct your own research and consult a financial advisor before making any investment choices.
