"Bitcoin breaks through $100,000."

Bitcoin is setting new yearly highs, fueling expectations for further gains. This trend is attributed to the upcoming halving, which is less than five months away, and the increased likelihood of approval for a Bitcoin spot exchange-traded fund (ETF). Some speculate that Bitcoin could surpass $100,000 by the end of next year.

According to the global cryptocurrency exchange Binance, Bitcoin reached a new 18-month high of $38,450 on the 29th of last month, surpassing the high set on the 24th. The market anticipates that the quadrennial Bitcoin halving will trigger a rally. When the halving occurs, the supply of Bitcoin is cut in half. Following the previous three halvings, Bitcoin prices surged by 8069%, 284%, and 559%, respectively.

Joe Kelly, CEO of Unchained, a cryptocurrency financial firm, stated on the 28th of last month, "After the supply of Bitcoin is halved in April next year, there will be tremendous potential for a rise." He argues, "The conservative target for Bitcoin after the halving is around $105,000." Jeff Kendrick, a digital asset researcher at Standard Chartered (SC), said, "As the halving approaches and Bitcoin continues its upward trend, it will break $100,000 next year. Bitcoin's dominance in the total cryptocurrency market capitalization is also continuously increasing."

The launch of a Bitcoin spot ETF (Exchange-Traded Fund) is seen as a potential catalyst for the rise in Bitcoin prices. There is a market expectation that the U.S. Securities and Exchange Commission (SEC) will approve a Bitcoin spot ETF by January of next year at the latest. Researcher Kendrick stated, "The launch of various spot ETFs for Bitcoin, Ethereum, and others in the first quarter of 2024 will drive up cryptocurrency prices as institutional investment intensifies."

A co-founder of Fundstrat explained, "If the spot ETF is approved, the price of Bitcoin could rise more than five times its current value. It could even surpass $150,000 and reach up to $180,000 before the halving."