Matt Hougan, chief investment officer at crypto asset manager Bitwise, has outlined five key factors that could propel bitcoin to $100,000 by the end of 2024.

What Happened: Headwinds are temporary, Hougan says, according to The Block.

Also Read: How To Successfully Trade News In Crypto

Why It Matters: Over recent months, Bitcoin’s price movements have shown a significant divergence from U.S. equity indices. Fresh data indicated that Bitcoin’s correlation with major U.S. equity indices has fallen to its lowest point since November 2023.

Prediction markets price in an almost 80% chance of Bitcoin dipping below $50,000 this year. The apex crypto has traded mostly flat on Wednesday but has recovered from its Friday bottom of $54,000 to trade around $57,500.

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next:

• How Low Will Bitcoin Go If Germany Sells All Its BTC?

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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