itcoin's price briefly surged past $62,000 on August 9th, its highest level since May, as part of a broad cryptocurrency market rally. The price spike has revived talk among some investors of Bitcoin hitting $100,000 by the end of 2024.
The flagship cryptocurrency gained over 7% to hit $62,600 before dropping back down to trade around $61,054 at the time of writing.
Its resilience has bolstered the narrative that Bitcoin is a store of value immune to macroeconomic headwinds.
Ethereum (ETH), Solana (SOL), Cardano (ADA), and other major altcoins also posted strong gains.
What’s Driving The Rally
Major US indexes like the S&P 500 saw their best day since November 2022 on Thursday. This positivity appears to have spilled over into crypto markets.
Some analysts think Bitcoin is mirroring past market cycles, with a potential peak still to come later this year. Nonetheless, the liquidation of nearly $100 million in shorts likely accelerated the rally.
Michael Terpin, founder of investment firm Transform Ventures, said geopolitical factors could also boost Bitcoin in the coming months. “If Trump wins the 2024 election, a rush of new buyers could take the Bitcoin price over $100,000,” Terpin predicted.
Reviving The $100K Narrative
The recovery has revived talk of Bitcoin hitting $100,000 this year. Bitcoin has historically seen gains in October and November. Some think this cycle will follow a similar pattern, potentially driving the price over $100k.
However, Bitcoin saw pullbacks even after previous halvings. This cycle is likely no exception. With Bitcoin bouncing back over $60,000, bullish sentiment has returned. But risks remain, from rising interest rates to growing recession fears.
