Top Reasons Why Bitcoin Price Will Hit $100K in 2024 – Crypto Expert Lark Davis’s Bold Prediction
The post Top Reasons Why Bitcoin Price Will Hit $100K in 2024 – Crypto Expert Lark Davis’s Bold Prediction appeared first on Coinpedia Fintech News
Cryptocurrency expert Lark Davis made bold projections for Bitcoin’s price, suggesting a surge to $100,000 in 2024 and potentially reaching $150,000 or beyond in 2025. Davis backed his assertions with evidence, explaining concrete data rather than speculative predictions.
Davis discussed the mathematical underpinnings of Bitcoin’s upcoming halving event, highlighting its impact on supply dynamics. With the halving set to reduce daily Bitcoin production from 900 to 450 BTC, Davis noted a significant drop in daily supply, from $45 million to $22.5 million. Despite this reduction, inflows into Bitcoin ETF products have recently surged, reaching $500 million per day.
The influx of funds into Bitcoin ETFs is particularly notable, surpassing daily miner production by a staggering tenfold. Davis pointed to this imbalance, indicating a shift in market dynamics where ETFs absorb new supply at an unprecedented rate. He underscored the potential implications of this trend, projecting substantial inflows into Bitcoin throughout 2024.
Davis thoroughly analyzed potential cash inflows into Bitcoin, projecting scenarios based on current trends. Even in the most conservative estimates, with inflows matching post-halving miner production, Davis forecasted a $100,000 Bitcoin price. He explored scenarios where ETF inflows outstrip miner production by multiples, suggesting the possibility of even higher price targets.
Moreover, Davis discussed additional catalysts driving Bitcoin’s upward trajectory, including potential ETF launches in Hong Kong and South Korea. He pinned the interest from institutional investors and retail buyers, indicating sustained demand for Bitcoin despite potential sell-side pressures.
Drawing parallels with previous market cycles, Davis outlined a path to $100,000 Bitcoin by late 2024, with the potential for an earlier breakthrough fueled by ETF inflows. Bitcoin is trading above the $52k level at the time of writing.