As a seasoned crypto investor with a decade of experience under my belt, I’ve seen more than a few market cycles and learned to take the predictions of doom and gloom with a grain of salt. The 415 times Bitcoin was pronounced dead by mainstream media sources, while amusing, doesn’t faze me anymore. Instead, it serves as a reminder of how much potential this digital gold has.
Bitcoin continues to make its way back up toward a price point of $100,000 or more, even though it has been declared “dead” more than 400 times in the last 14 years.
Mainstream media outlets declared Bitcoin (BTC) dead a total of 415 times, with the initial pronouncement happening in October 2010 when a single Bitcoin was worth only $0.11.
Reflecting on Bitcoin’s historical growth, an initial investment of $100, made during the times it was declared deceased, could have ballooned into more than $101 million, as per data from bitcoindeaths.com.
Although forecasts suggested a downturn, Bitcoin managed to increase by more than 5.9% from approximately $92,000 to over $97,500, as per CryptoMoon’s data, at 12:15 pm UTC on Nov. 29.
This development is seen as a favorable indication for Bitcoin’s price, as certain experts speculate that Bitcoin might experience a 30% decrease in value prior to continuing its fight towards reaching the $100,000 mark.
Bitcoin battles toward $100,000 high
On November 22nd, Bitcoin was nearly at its record-breaking $100,000 peak, being only $200 shy, before exceeding its previous high of $99,800 — leading experts to speculate that Bitcoin could surpass the $100,000 mark within a few months.
Although Szymon Sypniewicz, co-founder and CEO of Ramp Network, maintains a positive long-term perspective on Bitcoin, he remains uncertain if it will surpass six figures by the end of 2024.
He told CryptoMoon:
“While reaching $110,000 for Bitcoin seems inevitable at some point, it’s uncertain whether it will happen before the end of the year, as we can expect the market to experience some ups and downs along the way.”
One factor fueling Bitcoin’s growth is the anticipated rise in global currency supply, expected to surpass $20 trillion by January 2026.
From a review of past trends, it’s possible that Bitcoin could draw in approximately $2 trillion more in investments. Previously, it has accounted for roughly 10% of the money supply that was freshly minted.
According to Jamie Coutts, the increasing amount of money being circulated might trigger a possible peak in Bitcoin’s value exceeding $132,000, as suggested by his analysis as the chief crypto expert at Real Vision.
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2024-11-29 17:25