Originally published on: September 30, 2024
With Q3 coming to a close, the future of Bitcoin’s price reaching $100K by the end of the year is uncertain. Crypto analyst Pav Hundal from Swyftx believes that the current all-time high is still attainable but admits that the timeline is tight.
Hundal suggests that while hitting $100K by the end of the quarter may be challenging, reaching new highs in the $75-80K range by Christmas is a more realistic scenario. He points out that options traders are betting on a potential 75% increase in Bitcoin’s price within the next three months, with a strike price range of $90K to $110K on Christmas Eve.
Bitcoin’s options open interest currently stands at $19.38 billion, indicating strong market sentiment. Hundal remains optimistic about Bitcoin’s price action, attributing it to the recent break in market structure and global monetary easing.
Furthermore, the upcoming United States election poses minimal risk to the cryptocurrency industry, with both Presidential candidates showing openness towards the sector. Vice President Kamala Harris recently expressed support for digital assets and AI investments during her campaign.
As Bitcoin continues to show bullish signs, many are hopeful that it can reach new heights by the end of the year. While the path to $100K may be challenging, the overall outlook remains positive for the cryptocurrency market.
Remember, this article does not offer investment advice. Make sure to conduct your research before making any financial decisions. Subscribe to our Markets Outlook newsletter for more insights and updates on the crypto market.
