Bitcoin (BTC) Price Poised For Tremendous Upside as the Market Bets on a $100,000 Valuation by the End of the Year

The price of the OG cryptocurrency has pushed higher in recent weeks as a perfect storm looks set to hit Bitcoin and the broader crypto market in the near term.

Recent weeks have seen a surge in the price of the OG cryptocurrency, with a perfect storm brewing that could propel Bitcoin and the broader crypto market to new heights in the coming months.

After the U.S. Federal Reserve’s mid-September rate cut and the world’s largest asset manager obtaining approval for a groundbreaking new Bitcoin product, BTC broke out of its downtrend this week to reclaim the $65K level.

Over the past 14 days, the BTC price has risen by 9.4%, despite September being a historically poor month for the benchmark cryptocurrency. As a result, traders are now betting on Bitcoin reaching the coveted $100,000 milestone before year's end.

BTC Primed for Massive Upside

Bitcoin is likely headed for a six-figure valuation by 2024.

According to well-known crypto analyst Michaël van de Poppe in a recent X post, the price of Bitcoin could increase by more than 54% from its current levels, reaching as high as $100,000. Van de Poppe attributes this potential rally to the lower interest rates in the US and the subsequent China stimulus plans, which are serving as bullish catalysts for BTC and other cryptocurrencies. This cycle could further amplify Bitcoin’s appeal as a hedge against the government’s relentless money-printing policies.

He also highlighted the recent strong performance of Bitcoin’s traditional safe-haven counterparts, gold and silver, which suggests that a major surge for BTC is on the horizon. Historically, Bitcoin has followed the precious metals higher.

“Gold continues to push higher, while silver has reached the highest price level in a decade. Global liquidity is increasing massively and altcoins have barely started,” the crypto trader noted. “Before the end of the year, we’re likely seeing Bitcoin trading between $90,000-$100,000.”

Bitcoin is currently attempting to flip the resistance zone at $65,000. If $65K can be flipped to support, Bitcoin could be primed to continue its ascent to new all-time highs.

Weakening US Dollar Strengthens Bitcoin Bull Case

Meanwhile, Bitcoin appears unfazed by the escalating Middle East tensions, as the US dollar’s decline accelerates.

The US dollar index (DXY) recently fell to its lowest levels in over 12 months, approaching the critical 100 level.

“A major breakout of the Dollar Index multi-year support on the monthly is occurring,” investor and analyst Titan of Crypto noted in an X post on Friday.

“This is very interesting because, as you may know, the Dollar Index and risky assets like BTC have an inverse correlation. Crypto is preparing to rally soon!”

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