Why Bitcoin will hit 100,000?

In this video, let's talk about why Bitcoin is amazing and what sets it apart as one of the greatest pieces of technology.

Bitcoin price broke above $38,200 again on Wednesday, November 29, as the BTC generated interest from institutional investors again this week. Standard Chartered Bank’s Head of Crypto Research, Geoff Kendrick reaffirmed the firm’s optimistic prediction that Bitcoin price could hit $100,000 in 2024.

On-chain analysis highlights critical Bitcoin on-chain stats that could attract a wave of corporate interest to the crypto markets in the long term.

FXEmpire.com -

Insights:
Bitcoin (BTC) price is set to hit $100,000 at the end of 2024, according to Standard Chartered Bank’s Head of Crypto Research, Geoff Kendrick.
On-chain data trends show Bitcoin volatility has now dropped lower than the Nasdaq 100 and S&P 500 Indexes, a move that could attract more institutional capital.

Technical indicators suggest that the mid-to-long-term BTC price resistance is around the $42,500 area.
Bitcoin price broke above $38,200 again on Wednesday, November 29, as the BTC generated interest from institutional investors again this week. Standard Chartered Bank’s Head of Crypto Research, Geoff Kendrick reaffirmed the firm’s optimistic prediction that Bitcoin price could hit $100,000 in 2024.

On-chain analysis highlights critical Bitcoin on-chain stats that could attract a wave of corporate interest to the crypto markets in the long term.


Bitcoin is Now Less-Volatile than Mega Cap Stocks
Bitcoin, and the crypto industry at large, has been heavily criticized for its intense price volatility and market manipulation risks. However, the latest on-chain data readings shows that the Bitcoin market has shown signs of growing maturity and stabilization compared to mega cap stocks and index funds.

According to IntoTheBlock, the 30-day Average Intra-Day Volatility for Bitcoin is currently lower than traditional markets. The chart below shows that Bitcoin’s Average Volatility score is currently at 0.32%. In comparison, the S&P 500 and NASDAQ-100 index stand at 0.48% and 0.58% respectively.

Bitcoin (BTC) Price Volatility Trends vs. Mega Cap Stocks, November 2023. Source:IntoTheBlock
The Average Intra-Day Move is a vital financial metric, that tracks the periodic changes in price volatility of a specific assets within a given period.

The chart above indicates that, in the last 30-days, BTC has experienced a relatively low volatility, compared to the traditional stock markets. This is a direct contrast to the usual narrative that Bitcoin is a less reliable asset.

This decline in volatility can be bullish Bitcoin price in the weeks ahead for many reasons. Firstly, corporate investors could interpret this a Bitcoin market becoming a more mature asset class, that less prone to market manipulation.

Hence, large institutional investors could be encouraged to bring in fresh capital into the Bitcoin spot and derivatives markets.

If this thesis holds, it could validate Standard Chartered Bank’s optimistic prediction that Bitcoin price will hit $100,000 in 2024