Will Bitcoin Reach $100K? Bitcoin Price Target 2023, 2024

Many analysts and prominent individuals in the crypto community believe that Bitcoin will reach $100K in the future. The most popular price target for when Bitcoin will reach $100K is 2024, as the upcoming Bitcoin halving could help the currency surpass the 6 figure milestone for the first time ever.

Up nearly 55,000,000% since 2010, Bitcoin has broken every psychological limit on its path to date. But will it manage to conquer $100K like all the price targets before, or will this time be different?

In this article, we are going to examine whether Bitcoin will reach $100K and touch upon when it will hit the 6-figure price tag.

Will Bitcoin reach $100K? Is it a realistic Bitcoin price target?

The CoinCodex algorithm predicts Bitcoin will reach $100K next year.

If history is any indication, the Bitcoin halving in 2024 could help Bitcoin reach $100K. The upcoming halving, expected to occur in late March 2024, is the primary reason why many analysts believe $100K, or even $200K, is a realistic Bitcoin price target.

In previous halving cycles, Bitcoin reached a new all-time high every time – here’s a quick overview of each halving’s highest BTC price: 

• The first halving cycle: $1,170 (November 2013)
• The second halving cycle: $19,400 (December 2017)
• The third halving cycle (currently ongoing): $67,450 (November 2021)

According to our Bitcoin price prediction algorithm, Bitcoin will reach $100K next year, as the next halving could kick off the next crypto market bull run. 

However, the next halving is not the only reason why Bitcoin and other assets could see a move to the top in 2024. According to a popular Bitcoin analyst, Tone Vays, inflation, interest rates, and a potential recession will erode people’s trust in the traditional financial system and lead regular people to deposit their money into Bitcoin rather than in banks. In addition, Vays believes that Bitcoin will not only surpass $100K, but reach $200K about a year after the 2024 halving.

Plan B, another popular Bitcoin analyst, shares Vays’ sentiment regarding the bullish market trend. He believes that we are currently at the outset of a new crypto bull run that could see Bitcoin reach as high as $277,000 in 2025. 

Additionally, Plan B believes that Bitcoin will trade in a range between $100,000 and $1 million during the next halving cycle, giving credence to the 7-figure Bitcoin price target. While this prediction does seem completely unrealistic, it is worth noting that BitMEX co-founder Arthur Hayes and Kraken CEO Jesse Powell are two high-profile individuals in the industry that believe Bitcoin will reach $1 million in the future – and they are far from the only ones.

 

When will Bitcoin hit $100K? Early 2024 seems likely

Bitcoin is expected to hit $100K in the first half of 2024, right around the next halving. That would match the historical trend of Bitcoin starting to rally when the halving event occurs. 

According to our prediction, Bitcoin will first break $100k in February 2024, and continue to climb higher, potentially reaching $136,000 in March 2024.

The reason why the halving impacts the price of Bitcoin is the fact that each halving reduces mining rewards by half, effectively decreasing the amount of new BTC that enters circulation by half. The supply and demand mechanics dictate the rest.

For some additional context, here is a look at when Bitcoin broke previous psychological price limits:

Bitcoin Price	Date
$0.10	Oct. 2010
$1	Feb. 2011
$10	Aug. 2012
$100	Apr. 2013
$1,000	Dec. 2013
$10,000	Dec. 2017
$50,000	Feb. 2021
$100,000	Feb. 2024*

*According to CoinCodex’s price prediction algorithm

The bottom line: Bitcoin will reach $100K in early 2024, according to analysts

Most crypto investors and traders are convinced that Bitcoin reaching $100K is a foregone conclusion – the only question is when it will happen. According to our algorithmically generated prediction, the Bitcoin price will reach the 6-figure mark in the first half of 2024. This prediction coincides with the next halving, one of the most important price catalysts in the past.

At this point, it is worth mentioning that the predictions are just that, predictions. While some are more likely to materialize than others, they should always be taken with a grain of salt.