[Bitcoin](https://qz.com/bitcoin-history-creation-origin-price-1851347621) is currently facing resistance around the $60,000 mark, and despite earlier predictions by some crypto experts, it appears increasingly [unlikely that the top cryptocurrency will reach $100,000 by the end of 2024.](https://qz.com/bitcoin-halving-price-value-forecast-1851482904) This stagnation is also weighing down the broader cryptocurrency market, which has struggled to achieve significant growth in the past few months. Several factors are contributing to Bitcoin’s stalled momentum, but a key reason is its growing correlation with macroeconomic conditions. As Bitcoin matures, it is becoming more susceptible to the influences of global market dynamics and economic factors, which now play a larger role in shaping its trajectory than in the past. **Bitcoin made a comeback in 2024** ----------------------------------- [Bitcoin](https://qz.com/bitcoin-history-creation-origin-price-1851347621) made a major comeback in 2024 after suffering through a [prolonged crypto winter brought about by FTX’s collapse](https://qz.com/sam-bankman-fried-ftx-sbf-rise-fall-prison-sentence-1851354212). It underwent a major technical event known as [“the halving”](https://qz.com/bitcoin-halving-event-cryptocurrency-price-buy-mining-1851406085) and is increasingly gaining mainstream acceptance. Following the approval of the [spot Bitcoin ETFs](https://qz.com/best-spot-bitcoin-etfs-1851340637) from the SEC, the leading cryptocurrency [peaked at $73,737 in March](https://qz.com/bitcoin-new-record-halving-event-1851330984). [Adam Back, a prominent figure in the crypto world](https://u.today/im-not-satoshi-adam-back-says) and one of the earliest cypherpunks who helped establish Bitcoin’s ideological foundation, said [Bitcoin’s rise to the $100,000 mark is long overdue](https://bitcoinmagazine.com/markets/adam-back-100000-bitcoin-price-overdue) and should happen soon. However, it appears unlikely that the leading cryptocurrency will reach the $100,000 mark or even come close to it in 2024. This is primarily due to the complexities involved, making it a challenging feat to achieve. Crypto expert [Noelle Acheson](https://www.linkedin.com/in/noelleacheson/) believes that Bitcoin can cross the $100,000 mark—it’s just not likely to happen this year. In an email, she told Quartz that if the political uncertainty is resolved favorably—for example, if former President Donald Trump wins in November or if Vice President Kamala Harris expresses support for crypto development—then it is certainly possible, especially given the likelihood of an easing interest rate cycle. “I’m not saying it _will_ happen \[this year\], just that it’s not an outrageous prediction.” Jag Kooner, Head of Derivatives at the crypto exchange Bitfinex [LEO](https://qz.com/quote/LEO), echoed Acheson’s statement by saying that, based on historical patterns and the expectations set by events like halvings, Bitcoin could reach $100,000. “However, these forecasts often fail to account for unexpected macroeconomic shifts, the market’s maturation, and changes in investor behavior,” he stated in an email. **Blame halving for Bitcoin’s resistance?** ------------------------------------------- After [the Bitcoin halving](https://qz.com/bitcoin-halving-event-cryptocurrency-price-buy-mining-1851406085) in April, which reduced mining rewards from 6.25 to 3.125 Bitcoin, the leading cryptocurrency did not experience the significant price surge seen in previous halvings. Acheson noted that halving events often lead to a temporary decline in Bitcoin’s price in the months that follow, so the current sluggishness is not unexpected. However, this year presents a unique set of circumstances. “This year is weaker than other cycles, however, most likely due to the political factors and to the AI frenzy,” she added. Kooner attributed the current market’s complexity to various factors, including institutional investment patterns, regulatory developments, and macroeconomic conditions affecting Bitcoin price performance. “There is always a ‘buffer period’ post halving that usually occurs,” he added. “While the immediate aftermath of the halving has seen some volatility, this period might represent a typical post-halving re-accumulation phase, which has been observed in previous cycles.” **What’s the price prediction for Bitcoin in 2024?** ---------------------------------------------------- Acheson refrained from making specific price predictions for Bitcoin in 2024 but highlighted an intriguing historical pattern. She pointed out that between the end of August and December 2020, following the previous halving, Bitcoin’s price surged by 270%. Within the same time frame, for Bitcoin to reach $100,000 by the end of this year, it would only need to rise by 70%, she said. Kooner considers the $63,000 to $65,000 range crucial for Bitcoin’s market dynamics. He views Bitcoin’s ability to maintain its price above or below this level as a key indicator of market strength, as it reflects the cost basis for short-term holders and ETF buyers. “We also expect some traditional finance de-risking and a sell-the-news event causing a price decline post the actual rate cut in September. However, as long as equities hold up well in Q4 2024, we expect the consolidation period to be over by then,” he added.

[Bitcoin is now above $100,000](https://qz.com/bitcoin-price-hits-100-000-all-time-high-trump-crypto-1851704990), and with that, a big milestone has been achieved. The leading cryptocurrency reached [$101,250 on the night of Wednesday, December 4,](https://www.coingecko.com/en/coins/bitcoin) and then hit [an all-time high of $103,679](https://www.coingecko.com/en/coins/bitcoin) on December 5. [Bitcoin](https://qz.com/bitcoin-history-creation-origin-price-1851347621) crossing the $100,000 mark is much more than just a numerical milestone — it’s a watershed moment for the cryptocurrency that started trading at just $1 in 2011. Despite years of criticism from traditional financial institutions and predictions of collapse from prominent economists, Bitcoin has continued to gain mainstream acceptance. And now, with this new lofty valuation and the incoming administration’s pro-crypto stance, all eyes are on where Bitcoin’s journey will go from here. Cryptocurrency advocates are already heralding this moment as transformative. [Petr Kozyakov](https://www.linkedin.com/in/petr-kozyakov-8b536938/), co-founder and CEO of Mercuryo, a London-based leading payment infrastructure platform in the digital token space, told Quartz via email that Bitcoin’s milestone comes as industry figures anticipate widespread adoption “Cryptocurrency is destined to reach mass adoption in just the same way as the World Wide Web has today,” he said. Trump served as a catalyst in Bitcoin’s journey ----------------------------------------------- Since Trump’s election victory in November, Bitcoin’s value has increased 54%, with many analysts citing his pro-cryptocurrency platform as a key market driver. The President-elect, who frequently promoted cryptocurrency adoption during his campaign, has [taken credit for the surge](https://qz.com/trump-credit-bitcoin-100-000-record-crypto-sec-atkins-1851714261). Cryptocurrency analysts say his early transition moves were decisive. [Arthur Azizov,](https://www.linkedin.com/in/artur-azizov-b72830148/) CEO of B2BINPAY, an all-in-one crypto ecosystem for businesses, told Quartz via email that Trump’s decision to appoint pro-crypto advocate Paul Atkins as SEC Chairman paved the way for Bitcoin to finally surpass the psychological $100,000 barrier. Bitcoin ETFs played a major role in the rise of Bitcoin ------------------------------------------------------- The Bitcoin rally had momentum even before Trump’s victory. In January 2024, the [SEC’s approval](https://qz.com/bitcoin-new-record-halving-event-1851330984) of [spot Bitcoin ETFs](https://qz.com/best-spot-bitcoin-etfs-1851340637) gave greater legitimacy to the cryptocurrency. [Matt Mena](https://www.linkedin.com/in/matt-mena-87670b169/), a crypto research strategist at 21Shares—the world’s largest global issuer of crypto exchange-traded products—said in an email the Bitcoin ETFs have seen unprecedented investor interest since their January launch. The $100K milestone not only affirms the community’s long-term confidence, according to Mena, but also sends a powerful message to institutions, corporations, sovereign funds, skeptics, and hesitant investors. “Bitcoin has entered a new phase of adoption and recognition as a store of value and a transformative asset class,” he said. Where will Bitcoin’s price go from here? ---------------------------------------- While some celebrate Bitcoin reaching six figures, analysts remain divided on its near-term trajectory. Azizov cautioned that price volatility remains a factor in cryptocurrency markets, even at these elevated levels. “By year-end, Bitcoin’s price will consolidate around $100,000 before retracing to five-digit levels, potentially settling near $85,000 in the following months,” he added. While some analysts predict a price pullback, 21Shares’ Matt Mena argues this milestone marks just the start of a broader transformation in cryptocurrency markets. The market, he said, is already eyeing $110,000 as the next target. “Bitcoin will maintain its momentum leading into Q1 of 2025, well above the $100K mark,” Mena said. While this optimism fuels expectations, it also underscores the growing confidence in Bitcoin’s long-term potential.”

_This story incorporates reporting from_ [_Inside Bitcoins_](https://insidebitcoins.com/news/blackrock-ceo-larry-fink-sees-bitcoin-hitting-700k-as-goldman-sachs-ceo-says-btc-isnt-a-threat-to-the-dollar) _and_ [_Inside Bitcoins_](https://insidebitcoins.com/news/bitcoin-price-prediction-as-blackrock-ceo-larry-fink-predicts-btc-will-hit-700k-this-no-kyc-wallet-token-ico-closes-on-8m)_._ The cryptocurrency market is experiencing volatility as major coins see substantial price movements. Bitcoin, having recently dipped more than 3% to $102,661.93, has secured attention at [the World Economic Forum in Davos, Switzerland](https://qz.com/davos-2025-world-economic-forum-trump-tech-business-1851742100). BlackRock CEO Larry Fink offered a bold prediction of Bitcoin reaching a remarkable $700,000. Fink points to small allocations by asset managers, alongside Bitcoin’s potential to counter fiat currency debasement, as key drivers behind this projection. During his discussion with Bloomberg on January 22, Fink outlined how a mere 2-5% allocation to Bitcoin from asset managers globally could propel its price to the target figure. He contends that investors concerned about the potential weakening of their domestic fiat currencies, or who have concerns about their country’s political and economic stability, can turn to Bitcoin as a reliable hedge against such risks. According to Fink, Bitcoin’s global nature enables it to act as a “secure international currency” to mitigate local uncertainties. In a contrasting viewpoint, Goldman Sachs CEO David Solomon, talking to CNBC, emphasized that Bitcoin does not pose a threat to the U.S. dollar, yet acknowledged its significance as an “interesting speculative asset.” Solomon affirmed his belief in the dollar’s dominance but expressed keen interest in the technology underpinning Bitcoin. He hinted that blockchain could eventually reduce operational friction within the broader financial system, although regulatory and operational restrictions currently limit banks’ direct involvement with Bitcoin. These remarks occurred amid a broader, albeit mild, pullback in Bitcoin’s price. Analysts observed the trend with Bitcoin slipping approximately 2% further, trading at $102,628, accompanied by a noticeable decrease in trading volume — down 20% to $61 billion. The fluctuation highlights the current unstable nature of the crypto market, posing both opportunities and pitfalls for investors. Fink’s optimistic outlook contrasts notably with the general market sentiment characterized by recent price declines. His insights present a longer-term bullish narrative amidst current short-term price corrections. Whether Bitcoin’s price will approach his ambitious forecast may depend on broader adoption trends and how effectively the asset addresses investors’ demands for stability and inflation protection. As global economic conditions evolve, these factors will play pivotal roles in shaping Bitcoin’s trajectory. _Quartz Intelligence Newsroom uses generative artificial intelligence to report on business trends. This is the first phase of an experimental new version of reporting. While we strive for accuracy and timeliness, due to the experimental nature of this technology we cannot guarantee that we’ll always be successful in that regard. If you see errors in this article, please let us know at_ [[email protected]_](mailto:[email protected])_._

Bitcoin hit a new all-time high as the world’s most popular cryptocurrency reached price levels not seen since President Donald Trump’s inauguration [Bitcoin](https://apnews.com/article/bitcoin-trump-satoshi-record-6ee18c4f1a8fc2365ff939600cad2d44) hit a new all-time high as the world’s most popular cryptocurrency reached price levels not seen since President Donald Trump’s inauguration. The digital asset traded above $109,400 Wednesday morning, a huge increase from [recent](https://apnews.com/article/trump-bitcoin-crypto-tariffs-ether-4b59eeac841cb1dd1b71d7fec14be94e#:~:text=After%20holding%20relatively%20stable%20during,before%20seeing%20a%20slight%20rebound.) lows of about $75,000 last month. Several other cryptocurrencies have seen similar large gains in recent days. That includes Trump’s official meme coins, which have jumped up about 75% in the last month. The president is set to have dinner Thursday with some of the meme coins’ biggest investors, a move that’s drawn intense criticism from some Democrats who say that Trump is improperly using the power of the presidency to boost his personal wealth. Bitcoin’s price increase comes after the crypto industry scored a major win with the [U.S. Senate advancing legislation](https://apnews.com/article/senate-stablecoins-cryptocurrency-coin-trump-5b551cf99c288c4f6059ed1689d6fcb4) that creates a federal framework to regulate the stablecoins, a fast-growing form of cryptocurrency whose values are often tied to the U.S. dollar. The bipartisan vote was a major win for the [politically powerful cryptocurrency industry](https://apnews.com/article/crypto-bitcoin-trump-sacks-2da6c4d45e5df04c2e50b2b5ff8d90c7), which spent heavily in last year’s election and has amassed a large war chest for next year’s contests. A former skeptic turned enthusiastic booster, Trump has been a [major promoter](https://apnews.com/article/trump-crypto-bitcoin-digital-assets-reserve-2f4246434a657f248cd85296f14382f9) of the crypto industry and [previously took credit](https://apnews.com/article/bitcoin-trump-election-crypto-regulation-c45a747d9c32591bc4e5dcd6e5cc0c22) when bitcoin’s price broke $100,000 in December. His administration has established a “strategic bitcoin reserve” for the U.S. government and dropped or paused several enforcement actions against major crypto companies.