Five Factors That Can Push Bitcoin Price To $100,000 in 2024

Bitcoin Price is currently trading above the $43,000 threshold for the first time in the last 2-years, pushing other top cryptocurrencies to follow the same suit.

Bitcoin Price has surged to $43K from its yearly lows, marking a 129% increase over the past year and signaling potential for even more substantial gains in 2024. Experts’ predictions for the end of 2024 anticipate a new all-time high (ATH) between $90K and $100K.

Observers attributing the Bitcoin price surge to the narrative of the Bitcoin halving and positive investor sentiment might be missing the bigger picture. Despite challenges like the Luna-Terra fall and FTX fiasco in 2022, along with 474 Bitcoin obituaries, Bitcoin remains resilient. Notably, the broader market remained steady even when CZ bid farewell.

The broader cryptocurrency market is experiencing remarkable innovations and practical applications, making both crypto and Bitcoin more relevant and robust than ever. Here are five factors propelling Bitcoin Price toward $100K in the upcoming bull run.

1️⃣ Tangible Solutions for Real-world Issues Pushes Bitcoin Price

Cryptocurrency platforms are addressing genuine inefficiencies in traditional sectors such as finance, supply chains, trade, and beyond. This market has evolved into a comprehensive sector with actual clients, real use cases, and practical products.

For instance, major corporations like FCL, Gultainer, Coke, and Marsh utilize Morpheus Network’s blockchain middleware solutions to enhance visibility and traceability within their supply chains. This startup, backed by Google Accelerator and Microsoft Hub, collaborates with over 100 leading technology and service providers like DHL, FedEx, Swift, Ripple, Salesforce, and Oracle, among others.

Ripple offers global payment solutions facilitating seamless value transfer for prominent enterprises and institutions like I-Remit, Novatti, Tranglo, Travelex Bank, Instarem, SBI Remit, and more.

Blockchain Gaming Market

Web3 games are gaining traction by offering free-to-play and play-to-earn models that extend beyond entertainment. The global blockchain gaming market is projected to grow from $4.6 billion in 2022 to $65.7 billion by 2027, with approximately 3 billion gamers worldwide. Metaverse-based universities, rock concerts, and exhibitions are blurring the boundaries between the physical and virtual realms.

2️⃣ Adoption by Enterprises

Banks, corporations, governments, and institutions are increasingly inclined to explore blockchain potential and crypto functionalities. Initiatives like JPM’s Onyx blockchain, PayPal’s stablecoin launch, Starbucks’ NFT loyalty program, and Walmart’s blockchain-based food tracking signify this trend, alongside a flurry of spot ETF applications with the SEC.

Polygon has established partnerships with prominent brands like Nike, Starbucks, Reddit, Mastercard, Adobe, Disney, Meta, Adidas, Mercedes, and Google Cloud. Nike’s digital marketplace for NFTs and digital fashion items operates on the blockchain.

Enterprise-level adoption spans across sectors like healthcare, education, supply chain, data management, cloud computing, and more. The industry’s focus lies in overcoming scalability challenges, a crucial obstacle hindering widespread blockchain adoption at the enterprise level.

Investors are displaying a long-term outlook for the sector, emphasizing viable projects over quick profits. Institutional interest in Bitcoin and other cryptocurrencies is on the rise, with entities like BlackRock, MicroStrategy, Galaxy Digital, Ark Invest, Amazon, and Google, among others, investing or innovating in this space.

3️⃣ Emphasis on Utility Over Hype

Cryptocurrencies are shifting focus from hype-driven models to utility-centered economic structures. The market is maturing, steering away from overhyped memecoins. Cryptos serve multiple purposes, either as utility tokens native to a blockchain or within a platform’s ecosystem.

For example, ETH is utilized to cover gas fees for using the Ethereum network, while the MNW token initiates smart contract-based work contracts, shipping and customs documents, and international payments.

Stablecoins are pegged to fiat currencies or precious metals, and RWA tokens are backed by assets like real estate, securities, collectibles, etc. They serve as stores of value or mediums of exchange, similar to Bitcoin, Litecoin, ZCash, etc.

NFTs and soulbound tokens establish ownership and contract terms for trustless transactions and traceability. These tokens can represent university degrees, product documents, property papers, tickets, decentralized identities, and more.

4️⃣ Diverse Growth Across Categories: NFTs, RWA, DeFi, and AI

While Bitcoin holds the largest market share, numerous cryptocurrencies are experiencing real-world adoption. Growth in the crypto sector spans diverse categories like DeFi, RWAs, NFTs, etc., evident in both small-cap platforms like Landshare facilitating property sales on the blockchain and large-cap projects like Chainlink enabling smart contracts for over 30 enterprises and platforms.

DeFi disrupted the FinTech sector, introducing new products such as flash loans, liquidity pools, crowdfunding, etc. Projects like Aave, 1inch, Lido, Compound, Rocketpool, MakerDAO, Uniswap, etc., collectively hold a TVL (total value locked) worth $52 billion.

RWAs are gaining institutional favor for their ability to bridge Traditional Finance (TradFi) and DeFi, fractionalize real estate, and tokenize securities, loans, artworks, and more. Currently, the RWA sector stands as the eighth-largest sector and is anticipated to reach $16 trillion by 2030, according to Binance Research.

While 2021 saw an overhyped NFT craze, it showcased remarkable utilities in gaming, collectibles, and supply chain provenance.

AI initially overshadowed crypto projects deserving of investor attention. However, projects like DeepBrain Chain and BlackBird AI are leveraging AI, ML, and blockchain to explore unprecedented use cases.

5️⃣ Evolving Regulations Pushing Bitcoin Price Higher

Institutional investors steer clear of unregulated projects. Regulatory advancements, such as the EU’s MiCA framework for stablecoins, are paving the way for the next crypto revolution while reinstating investor confidence. 

Notable shifts include Dubai and Abu Dhabi’s warming attitudes toward crypto, El Salvador’s initiative to become the first Bitcoin-led economy, and countries like Singapore, Slovenia, Portugal, and Switzerland, among others, offering capital-tax-free gains to crypto holders, fostering adoption.

Bitcoin Price Current Outlook

On Wednesday, Bitcoin broke above the $44,000 level for the first time in the last 2-years, pushing other top cryptocurrency prices upward to experience a similar rally. Currently, the Bitcoin price is experiencing a short bear run, dropping below the $44,000 threshold, dropping more than 0.70% in the last 24 hours.

Bitcoin Price Live

Since mid-October, Bitcoin has gained more than 50%, breaking out of an extended tiredness. The last time prices were this high was immediately before the Terra stablecoin network failure, which triggered a devastating bear market.

Talking about the current major supports and resistance, the token is currently facing heavy resistance at the price level of $44,000 and $45,000. In addition, the token faces strong support at the price level of $43,000 and $42,500. However, looking at the current market scenario and the growing institutional interest, it can be anticipated that Bitcoin price might continue its bull run for a prolonged time. 

Conclusion

The impending bull run in the crypto market will be driven by utility-focused projects delivering tangible products and services. This trend will elevate Bitcoin price and similar assets to unprecedented heights, focusing on delivering next-generation solutions from scratch or building atop existing legacy systems.

While the market is still emerging, mainstream adoption appears imminent as more products and use cases emerge. Projects addressing real-world problems will thrive, and the industry as a whole will benefit.

This time, BTC won’t be the sole driver of market growth. The broader market will catalyze novel solutions and functionalities, adding substantial value to the original cryptocurrency.

To learn more about the current scenario of Bitcoin Price, go check out SunCrypto Academy.

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. All content provided is for informational purposes only, and shall not be relied upon as financial/investment advice. Opinions shared, if any, are only shared for information and education purposes. Although the best efforts have been made to ensure all information is accurate and up to date, occasionally unintended errors or misprints may occur. We recommend you do your own research or consult an expert before making any investment decision. You may write to us at [email protected].

Leave a Comment

Related Posts

GameStop News

The Man Behind GameStop (GME) Token’s 5,500% Growth

In recent years, memecoins have emerged as an exciting way of earning wealth or becoming

Notcoin Price

BIG ALERT for this WEEK: Will Notcoin reach $1 in June 2024?

Amidst the ongoing crypto market breakdown, Notcoin (NOT) has made headlines by recording significant gains

Ethereum ETFs Approval

US SEC Finally Approved 8 Spot Ethereum ETFs

In a significant development for the cryptocurrency market, the United States Securities and Exchange Commission