-
Bitcoin Hits $93,000: Experts Predict Over $100,000 Until Year-End
Source: Buzz FX / 13 Nov 2024 14:00:23 America/New_York
Bitcoin (CRYPTO: BTC) surged to a high of $93,434 on Wednesday, up 4.5% on the day during the U.S. trading session.
Ethereum (CRYPTO: ETH) is trading flat at $3,278, but is up 23% over the past week.
Among other cryptocurrencies, Dogecoin (CRYPTO: DOGE) saw a 3% rise, while Pepe (CRYPTO: PEPE) experienced a sharp 48% increase over the past 24 hours as it got listed on Coinbase (NASDAQ:COIN) for trading.
Total liquidations over the last 24 hours reached $701.79 million, with $382.68 million in long positions and $319.08 million in short positions., according to data from CoinGlass.
This significant liquidation volume showcasing the market's volatility as Bitcoin approaches the $100,000 milestone.
Also Read: Department Of Justice Seeks To Seize $16 Million In Crypto Assets Tied To FTX Bribery Case
What Experts Are Saying: Speaking with Benzinga, Nexo Dispatch Analyst Iliya Kalchev highlighted that Bitcoin's ascent to $100,000 could be within reach given the current alignment of institutional and retail interest.
“Bitcoin's allure as both a reserve asset and a trading vehicle of remarkable innovation has made it the 7th largest asset globally," Kalchev noted, adding that its scarcity and decentralized nature have established it as "digital gold."
The continued inflow into funds like BlackRock’s (NASDAQ:IBIT), which recently surpassed $40 billion in assets within 211 days, underscores the sustained institutional demand for Bitcoin.
Kalchev also pointed to options traders who are eyeing the $100,000 mark as a realistic year-end target, something that once seemed improbable.
"With strong buy-side pressure from both institutional and retail investors, Bitcoin's trajectory could push it well beyond $100,000, barring any significant sell-offs that might temporarily slow momentum," Kalchev explai said.
While Bitcoin's rapid growth has caught the attention of investors, Cameron Parry, CEO of TallyMoney, offered a broader perspective on asset diversification.
He compared Bitcoin's potential with traditional assets like gold and stocks, emphasizing that each asset class serves a unique role. “
Gold has historically provided stability, particularly when priced in British pounds (GBP)," Parry told Benzinga.
"Since the start of the century, it has averaged an annual increase of 10.56% against GBP, showing resilience even as other assets fluctuate more dramatically."
Parry highlighted the risks associated with cryptocurrency investments, noting that unlike gold, which is widely regarded as a stable store of value, cryptocurrencies can experience extreme volatility and, in some cases, total loss.
"Most people understand that gold is a safe, stable store of value, whereas a crypto can go to zero," Parry said.
He also pointed out that Bitcoin has matured as an asset, unlike some other cryptocurrencies like Dogecoin, whose value often hinges on celebrity endorsement rather than intrinsic innovation.
In assessing investment strategies, Parry advised caution with cryptocurrencies, recommending a balanced approach that includes traditional assets like gold for stability.
He acknowledged Bitcoin's potential for high returns, noting, "With Bitcoin's potential for ultra-high returns, you don't need to hold much of it in your portfolio to see significant gains."
However, he emphasized the importance of understanding the distinct nature and risks associated with each investment option.
What’s Next: As Bitcoin approaches $100,000, the market remains bullish, with both retail and institutional interest pushing demand.
The cryptocurrency's climb, paralleled by its unique position as a decentralized asset, continues to draw attention, underscoring the potential for further growth while inviting investors to consider the broader economic landscape.
To learn more about the evolving crypto market, join discussions with industry leaders at Benzinga’s Future of Digital Assets event on Nov. 19.
Read Next:
Image: Shutterstock
Read more...