BTC Price At Takeoff Threshold: Will Bitcoin Hit $100k Post Halving In 2024?

BTC price continues with the steady climb from support at $25,000 earlier this week, bolstered by the news of another spot Bitcoin exchange-traded fund (ETF) application by Franklin Templeton Investments.

Although the ETF did not provide BTC price with enough momentum to breach the resistance at $26,565, it enhanced the market structure and improved investor confidence.

It is this improved sentiment that ensured that the price of Bitcoin did not bow to the pressure from the stubborn inflation in the US. The August Consumer Price Index (CPI) released on Wednesday increased by 0.6 from the previous month, the biggest spike in a year, shooting up 3.7% from a year prior – hotter than expected.

The core prices which exclude energy and food, rose 0.3% month-over-month, higher than market expectations, and were up 4.3% on a yearly basis. These figures show that the Federal Reserve’s battle with inflation is not easing any time soon, especially with oil prices consistently rising over the last four months.

BTC Price Resilient To US Inflation – What To Expect

Bitcoin and Ethereum have depicted commendable resilience to the stubborn inflation in the US over the past few months. Investors’ reaction to spikes in the CPI has gone down, with both short and long-term holders preferring to hold their positions intact ahead of the halving in April 2024.

While BTC price did not push past the seller congestion at $26.565, the unfavorable inflation data did not trigger a sell-off. Up 1.3% on Thursday to $26,239, BTC price seems stable above the short-term support at $26,000.

Bitcoin is sitting above several key support areas on the four-hour chart, starting the descending trendline, the 100-day Exponential Moving Average (EMA) (blue), and the 50-day EMA (red).

If it holds above these levels going forward, an uptrend to $28,000 and $30,000 would start to thaw as traders seek exposure to BTC longs.

A buy signal emanating from the Moving Average Convergence Divergence (MACD) indicators suggests that Bitcoin is gradually flipping bullish. This positive outlook can be substantiated with another call to buy BTC from the Supertrend currently trailing the price.

However, caution must be taken as long as BTC price is holding below the range resistance at $26,565. Reinforcing this seller congestion area is the 200-day EMA (purple). A successful break and hold could be the ultimate getaway to $28,000 and $30,000.

Will BTC Price Hit $100,000?

According to sentiments shared by Davis Hui, the vice president of Canaan during a panel discussion in Singapore bringing together Avalon Bitcoin and Crypto Day, the supply deficit expected after the halving in 2024 could send BTC price to $100,000.

Bitcoin’s supply will drop significantly post halving and this coupled with the entrance of Blackrock into the ecosystem would be the main driving factors of the next bull market.

“What about BlackRock? They’re holding onto $10 trillion of assets under management. The overall cryptocurrency market cap is $2 trillion — they have five times more than that.” Hui told Cointelegraph. “This money will come in, the BTC demand will increase, while the supply has decreased, and the price will increase.”

Related Articles

• Crypto Prices Today: PEPE Coin, Bitcoin, and Solana Surge After CPI Data
• Why Solana (SOL) Price May Not Fall Despite FTX Court Order?
• Bitcoin Can Quickly Rally To $70000 After Fed Decision, Says BitMEX Arthur Hayes