By CoinLion 
As we step into the final quarter of the year, Bitcoin is making significant bullish moves, signaling that October could be setting the stage for a massive upswing. This has sparked excitement and anticipation in the cryptocurrency space. Could we be on the brink of a massive breakout after a prolonged bear market? Let’s explore what’s happening with Bitcoin, the current trends in the crypto markets, and what we can expect in the near future.
The Current State of Bitcoin: A Critical Moment
Using tools like the Morales Money Line Tool, we can analyze Bitcoin’s price chart to see that it has been in a sideways, fake-out bearish trend since late June. This period of uncertainty has left traders and investors on edge. However, the key indicator we are watching now is whether Bitcoin can close a week above the crucial $70,000 mark. If this happens, it would mark the end of the bearish trend and the beginning of a new bullish phase.
Historically, the final quarter of the year—October through December—has been a strong period for cryptocurrencies. In previous bull markets, this time frame has seen significant gains for Bitcoin and other digital assets. After enduring a brutal multi-year bear cycle, could we now be on the cusp of a breakout that takes Bitcoin to new heights?
Price Discovery Territory: Why $70K Matters
The $70,000 level is crucial for Bitcoin because once it surpasses this point, it enters what is known as price discovery territory. This is a phase where the asset’s price reaches new all-time highs, and there are no previous resistance levels to halt its progress. In other words, the sky’s the limit.
To illustrate the importance of price discovery, we can look back at December 2020, when Bitcoin entered this phase after surpassing its previous all-time high of $20,000. From that point, Bitcoin skyrocketed, eventually reaching around $69,000 by November 2021, representing a massive 245% increase in less than a year.
This time around, if Bitcoin breaks above $70,000, many experts believe the next resistance level will be at around $90,000. From there, the journey to $100,000 could be a challenging one. However, when considering the percentage increase needed to reach $100,000—just a 42% rise from $70,000—it seems much more achievable, especially when compared to previous bull runs.
Will Bitcoin Reach $100K? The Market’s Focus
One of the most common questions in the crypto space is, “When will Bitcoin reach $100K?” According to some analysts and predictions, we could see this happen as early as the end of 2024. In fact, Crypto Casey, a prominent figure in the cryptocurrency world, has predicted that Bitcoin will hit $100K by November 17, 2024.
While this prediction may seem optimistic, the market’s focus right now is on the U.S. presidential election, set to take place on November 5, 2024. Regardless of the outcome, the end of the election will bring much-needed certainty to the markets, and markets tend to rally when uncertainty is resolved.
Read More- The Bitcoin Surge: What’s Next for Crypto Markets?
A Trump Victory: Bullish for Bitcoin?
If Donald Trump wins the election, it could be especially bullish for Bitcoin and the broader cryptocurrency market. Trump’s policies tend to favor businesses and investors, and he has been an outspoken supporter of cryptocurrency. In fact, Trump recently launched a token associated with his World Liberty Financial (WLF) Web 3.0 DeFi platform.
Although the initial coin offering (ICO) for the WLF token faced some issues, with only 1.7% of the target amount being sold, Trump’s involvement in the crypto space is significant. If he secures another term, we could see his administration implement policies that are favorable to the crypto market, potentially driving Bitcoin’s price higher.
On the other hand, a victory for Kamala Harris could bring different economic policies. However, no matter who wins, the end of the election will remove a major source of uncertainty, which is often bullish for financial markets.
Institutional Interest in Bitcoin is Growing
Another critical factor to consider in Bitcoin’s bullish case is the growing institutional interest in the asset. In recent days, we’ve seen a surge in Bitcoin ETF inflows, with over $555 million pouring into the market in a single day. This is the largest daily inflow in months, signaling that institutions and financial advisors are waking up to the potential of Bitcoin in Q4.
Moreover, Bitcoin’s total spot ETF trading volume recently surpassed $2.1 billion for the second consecutive day, further underscoring the increasing involvement of large-scale investors. This is all happening as BlackRock, the world’s largest asset manager, pushes its Bitcoin ETF.
Bitcoin as an Asset Class: Rivaling Gold
BlackRock CEO Larry Fink recently declared Bitcoin an asset class, comparing its potential to that of gold. According to Fink, Bitcoin has growing legitimacy as an investment, with broader acceptance and liquidity driving its market expansion. He believes that digital assets, including Bitcoin, will play a transformative role in global finance in the years to come.
With major institutions like BlackRock and their clients investing billions into Bitcoin, the market is primed for substantial growth. This institutional support, coupled with increasing adoption and liquidity, makes a strong case for Bitcoin’s continued rise.
Why Governments Need Crypto More Than Crypto Needs Them
Despite increasing regulatory scrutiny from governments worldwide, the truth is that cryptocurrency doesn’t need governments—the governments need cryptocurrency. Fiat currencies across the globe are being printed into oblivion, and as interest rates on sovereign debt rise, the traditional financial system is becoming increasingly unsustainable.
Bitcoin and other cryptocurrencies offer an alternative. Unlike traditional financial assets, crypto is borderless and accessible to anyone with an internet connection. You don’t need to go through banks, deal with high transaction fees, or wait days for transfers. Crypto can be sent and received instantly, 24/7, anywhere in the world.
Moreover, cryptocurrencies are immune to government intervention. Governments can freeze bank accounts, confiscate assets, and impose capital controls, but they can’t touch decentralized cryptocurrencies like Bitcoin. This is especially important in a world where financial repression is becoming more common.
How to Secure Your Crypto: Moving Away from Exchanges
If you’re holding Bitcoin or other cryptocurrencies, it’s crucial to secure them properly. One of the best ways to do this is by moving your assets off exchanges and into hardware wallets. These wallets store your crypto offline, making them immune to hacking or exchange failures.
Popular hardware wallets like Ledger and Tangem offer enhanced security features to protect your assets. By diversifying your holdings across different wallets, you can further reduce your risk.
Table: Comparison Between Bitcoin and Traditional Assets
| Feature | Bitcoin | Fiat Currency | Gold | Real Estate |
|---|---|---|---|---|
| Borderless | Yes | No | No | No |
| Transaction Speed | Instant (24/7) | Days (limited by banking hours) | Days (depending on the system) | Months (depending on the market) |
| Government Control | No | Yes | Yes (with paper claims) | Yes (through taxes and confiscation) |
| Liquidity | High | High | Medium | Low |
| Storage Costs | Low (digital) | Medium (bank fees, inflation) | High (storage and security) | High (maintenance and taxes) |
FAQs
1. What is the significance of Bitcoin breaking $70K?
Breaking $70K puts Bitcoin in price discovery territory, meaning there are no previous resistance levels, allowing for potentially unlimited price growth.
2. When will Bitcoin reach $100K?
While predictions vary, some analysts believe Bitcoin could hit $100K by late 2024, particularly after the U.S. election.
3. Why are institutions investing in Bitcoin?
Institutions see Bitcoin as a hedge against inflation and an alternative to traditional assets like gold. The recent surge in ETF inflows demonstrates growing confidence in Bitcoin.
4. How does Bitcoin compare to gold?
Bitcoin is often referred to as “digital gold” because it shares some qualities with gold, such as being a store of value. However, Bitcoin is more accessible, liquid, and easier to transfer.
5. Can governments ban Bitcoin?
While governments can regulate and impose restrictions on Bitcoin exchanges, they cannot ban decentralized cryptocurrencies like Bitcoin completely.
6. What happens to Bitcoin after the U.S. election?
Regardless of who wins the election, the removal of uncertainty is likely to lead to a positive market response, which could benefit Bitcoin.
7. How can I protect my Bitcoin from hackers?
The best way to secure your Bitcoin is by moving it off exchanges and into a hardware wallet. These wallets store your assets offline, protecting them from hackers.
In conclusion, the final quarter of 2024 holds great potential for Bitcoin, with the possibility of breaking into new all-time highs and reaching $100,000. Whether it’s institutional inflows, a bullish macro environment, or increasing adoption, the future looks bright for Bitcoin holders.