Timothy Peterson, a renowned network economist, expects BTC to go past 100,000 dollars by October 2024. The economist predicts it can happen if the accumulation made by the Bitcoin Spot ETF approval is sustained. Peterson made this prediction on X/Twitter, garnering massive traction among crypto enthusiasts.
The tweet read that the UTXOs (Unspent Transaction Outputs) set in BTC show all the spendable Bitcoin at a point. According to Peterson’s prediction, the current status of the UTXOs and upcoming updates can put Bitcoin comfortably above the 100k-dollar mark in 2024.
The economist stated that the UTXO set size can be affected by several factors, including:
- Increased usage and adoption: The more users transact in BTC, the more the number of UTXOs will be.
- Holdings fragmentation: Users dividing their holdings throughout different addresses can also boost the UTXO set.
- Dust and microtransactions: Several small transactions can inflate the UTXO set, even if they emerge from faucet sites or microtransaction platforms.
- Market speculation: During a bull period, the market enters a speculative sentiment. It can increase the transaction volume as more investors move their funds, ending in more UTXOs.
Peterson is not the only financial expert to have forecast that Bitcoin will shortly surpass one hundred thousand dollars. At this time, the largest cryptocurrency in the world is trading for between $65,500 and $67,000. Bitcoin’s price has increased by an astounding 53.89% in the past week.
The 4th BTC halving is scheduled for April 2024. Therefore, investors are anticipating a protracted bull run in the coming months. Although the unpredictable nature of crypto assets renders them difficult to forecast, Bitcoin halvings have historically culminated in a bullish surge for the coin.
Furthermore, BTC will undoubtedly surpass its all-time high in 2024 if the repercussions of the Bitcoin Spot ETF approval continue.
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