As we approach the end of 2024, many are wondering if Bitcoin will hit $100K. While some experts earlier this year suggested it might happen, analysts like Benjamin Cowen are now looking at the betting markets, which put the chances at around 60%. In an interview with David Lin, Cowen said that Bitcoin is currently following the typical price pattern seen during previous “halving” years.
However, Cowen warns that any disruption in the labor market, especially if unemployment numbers rise sharply, could delay Bitcoin’s surge. If unemployment remains low, Bitcoin might stay on track to hit $100K by the end of 2024. But if numbers spike, reaching $100K might be pushed to 2025. At the time of writing, Bitcoin is trading above the $92k mark.
What Happens When Bitcoin Hits $100K?
Should Bitcoin break through the $100K mark, it will likely attract attention. Historically, when Bitcoin hits major milestones, some investors take profits, leading to a temporary selloff. However, the real question is whether this price surge will spark renewed interest in other cryptocurrencies.
Bitcoin’s recent success has not been mirrored by other assets like Ethereum or altcoins, which have lagged behind. Despite Bitcoin’s strong performance, social interest in crypto has been low compared to the peak of 2021. When Bitcoin hits $100K, it could draw back more retail investors and reignite interest in the broader crypto space, especially if this price spike leads to sustained momentum.
Will $100K Trigger Altcoin Season?
One way to gauge Bitcoin’s impact on the market is by watching the Fear and Greed Index, which shows market sentiment. In 2019, when the index hit extreme levels, Bitcoin’s price surged briefly, but it didn’t trigger a full altcoin rally. A similar pattern occurred in March 2024. However, if Bitcoin breaks $100K and the market continues to show high levels of greed, we could see a more sustained rally similar to late 2021, which could eventually lead to an “alt season.”
