Cryptoanalyst Predicts Bitcoin Surge to $100,000 by 2024
Lark Davis has made a compelling case for Bitcoin’s potential surge to $100,000 in 2024, with the possibility of reaching even higher in 2025. In his analysis, Davis presents a combination of hard data and market dynamics to support his prediction.
Bitcoin’s Halving Event as a Catalyst
Davis begins by highlighting the upcoming Bitcoin halving event (expected to occur in April 2024), which will reduce the daily production of Bitcoin from 900 to 450. This significant decrease in supply, coupled with increasing demand, particularly from Bitcoin ETF products, sets a bullish backdrop.
Surging ETF Inflows
The analyst points out the unprecedented inflows into the recently-launched spot Bitcoin ETFs, which have been taking in 10 times more Bitcoin off the open market than what is being produced by miners. Even if demand drops significantly, the inflows into Bitcoin would still be substantial enough to drive prices higher.
Supply Constraints and Retail Participation
Davis also mentions the decreasing supply of Bitcoin on exchanges, which is at its lowest level in seven years, alongside an increase in retail participation. This combination of tight supply and robust demand from both institutional and retail investors further supports the bullish thesis.
Historical Price Movements and Future Predictions
Looking at historical data, Davis suggests that it typically takes about six months post-halving for Bitcoin to enter price discovery and surpass previous highs. Based on this pattern, he predicts that Bitcoin could reach $100,000 by late 2024 or early 2025. However, he also entertains the possibility that the influx of funds from Bitcoin ETFs could accelerate this timeline.
The Impact on Altcoins
Finally, Davis discusses the potential impact of Bitcoin’s rise on altcoins. He believes that as Bitcoin’s market cap grows, it will spark interest in altcoins as investors seek higher returns. This could lead to significant gains across the altcoin market, with many coins potentially experiencing 10x growth or more.
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