Will Bitcoin Price Hit $100K Again In 2024?

Bitcoin price today is up 0.20% and trades at $95,700, down 11.29% from its all-time high of $108,421.6. With the 2024 year coming to an end, let’s explore whether BTC price will hit $100K again in 2024.

Will Bitcoin Price End 2024 Positively?

With the Fed’s hawkish comments after the FOMC meeting, Bitcoin price crashed from its ATH of $108,421.6 and dropped 14.93%. This collapse set up a local bottom at $92,230 on December 20 and has since lacked directional bias. 

Crypto markets did not experience a Santa Claus rally as many expected. As a result, December’s monthly gains hover around 0.60% at the time of writing. Although it is uncertain if December might end on a positive note, 2024 gains stand tall at 129% for BTC.

With no major macroeconomic events until January 9 and holidays around the corner, BTC prices could experience an uptick in volatility. The recent supposed sale of nearly $1.8B worth of BTC from investment firm BlackRock adds credence to heightened volatility.

Alex Krüger, Founder of Aike Capital, noted, “I’m bullish on Bitcoin’s price for the remainder of 2024. The recent whale accumulation and improving technical indicators suggest a potential year-end rally.” 

Bloomberg’s Senior Commodity Strategist, Mike McGlone added that although Bitcoin price has been consolidating in recent weeks, he expects a “breakout above $100,000 before the end of 2024”, citing “strong fundamentals” and a “rise in institutional investment.”

So, to conclude, there is a high chance Bitcoin price will revisit $100K before 2024 ends, especially due to low liquidity and high volatility, which leaves BTC at the behest of high-net-worth investors and institutions. Additionally, Bitcoin will end 2024 on a positive note due to the 129% year-to-date gains.

Bitcoin Whales Accumulate BTC On Dips

According to on-chain data provider Santiment, whales transaction count that tracks transfers worth $100,000 or more. This index spiked during the recent 15% crash from ATH, denoting accumulation during the dips. 

This positive development for BTC suggests that the year-end could see a rally to the upside soon. As mentioned above, the lack of liquidity or volume could help thrust Bitcoin higher, especially to the $100K level.

BTC Technical Analysis: What’s Next for Bitcoin Price?

According to technical analysis, Bitcoin has produced a higher low since December 20, suggesting that a recovery rally may be in progress. The next inflection point or a make-or-break level is $100K, which is the composite Value Area High (VAH) and also coincides with the previous month’s VAH. 

A rejection here could trigger a correction to the Value Area Low (VAL) at $90,915. However, considering that a recovery bounce could have begun, investors should see a definitive breakout above $100K. In such a bullish scenario, Bitcoin price forecast hints at a move into the $102,742 to $105,300 range.

In a highly bullish case, BTC could overcome the ATH at set up a new one at $110,000.

On the contrary, a rejection at VAH of $100,000 could send Bitcoin price crashing 9% to revisit the VAL at $90,915. A breakdown of this key support structure will invalidate the bullish outlook and could trigger an even bigger drop of 11% to $81,158.

This scenario wouldn’t see Bitcoin close 2024 on a positive note since December month’s gains would turn negative.

Conclusion

Additionally, technical analysis of Bitcoin’s price movement, technical indicators, and on-chain data shows that Bitcoin price will end 2024 on a positive note. The recent accumulation by whales, improving technical indicators, and the potential for a year-end rally all contribute to a bullish outlook.