Bitcoin rates to $100k: Market leaders prepare for a surge

Leaders of cryptocurrency projects foresee a surge in the Bitcoin rate, anticipating it to reach $100,000. According to industry insiders, 2023 served as a preparatory phase for an imminent bull market, with optimistic sentiments prevailing for 2024 and 2025.

In discussions with CNBC, figures like Pascal Gauthier from Ledger, a hardware cryptocurrency wallet company, expressed confidence in a new bull cycle for digital assets, foreseeing Bitcoin's value hitting the $100,000 mark.

The recent challenges faced by the digital asset market, including the FTX exchange's decline and Changpeng Zhao stepping down as the head of Binance, have prompted reflections on the industry's hurdles. David Marcus of Lightspark, a crypto payment service, believes that the speculative phase is concluding, with developers shifting focus to technological advancements and addressing industry challenges.

The cryptocurrency market's positive outlook is further fueled by the potential approval of a Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC) and the upcoming halving of Bitcoin in spring 2024.

Bitcoin halving involves a planned reduction in newly issued bitcoins, embedded in the code to cap the total supply at 21 million. The imminent halving in April 2024, reducing the block reward to 3.125 BTC, is expected to decrease Bitcoin's annual inflation rate from 1.7 percent to 0.8 percent.

Market participants anticipate a substantial rise post-halving. Vijay Aiyar of CoinDCX suggests that news about ETFs might trigger an early and strong market surge, potentially leaving some investors behind.

The potential approval of spot Bitcoin ETFs by U.S. regulators in January could be a catalyst for a new bull cycle. Bloomberg analysts predict that such ETFs could attract significant investments, possibly reaching $100 billion from major funds like BlackRock, Fidelity, and Invesco.

Galaxy Digital's Mike Novogratz is optimistic, stating that if the U.S. regulator approves the ETFs, Bitcoin's price could revisit its all-time high of $69,000 within a year.

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