When you buy through affiliate links in our content, we may earn a commission at no extra cost to you. Learn 
The Bitcoin bull run 2024 has been historic — the dream of Bitcoin at $100,000 has migrated to a reality that is the touch of a fingertip away.
After finally getting the much-coveted exchange-traded funds (ETF) wrapper in January, Bitcoin (BTC) scaled new all-time highs of $99,655.50 on November 22, 2024.
In 2024, Bitcoin also completed its fourth halving cycle, and the crypto world is waiting to see if Bitcoin has the momentum to cross $100,000.
Will BTC continue to surge this Bitcoin bull run? Let’s find out.
Key Takeaways
- Singapore-based crypto research firm 10x Research expects Bitcoin to hit $100,000 by January 2025.
- The firm said investor narratives about crypto have shifted from the promise of DeFi to Bitcoin’s status as “digital gold”.
- However, the global rate cut cycle and re-election of Donald Trump will directly influence how the Bitcoin bull run plays out.
- As for Bitcoin price predictions, Bitwise CIO Matt Hougan sees Bitcoin at $250,000 by 2028.
State of the 2024 Bull Run: Bitcoin Prices to Hit $100,000?
According to Singapore-based crypto research firm 10x Research, Bitcoin prices have historically seen a median return of about 40% over three months after hitting six-month highs, which we explore in our crypto bull run history.
Bitcoin, as of late November 2024, barely needs a 10% push to hit $100,000 by January 2025.
In a research newsletter, 10x Research spoke about how the investor narrative around cryptocurrencies has shifted from the promise of decentralized finance (Defi) to Bitcoin’s status as “digital gold.”
Bitcoin has long been seen by crypto enthusiasts as an inflation hedge and a store-of-value asset due to its limited supply and predictable emissions.
In 2024, an increasing number of institutional investors are acknowledging Bitcoin’s store-of-value property and investing in the crypto through spot Bitcoin ETFs.
Bitcoin ETFs Continue Rising
Spot Bitcoin ETFs have proved to be a huge hit since their launch in January 2024. At the time, BlackRock’s iShares Bitcoin ETF (IBIT) became the fastest-growing ETF in history after hitting $1 billion in assets under management (AUM) within its first four days of trading.
Fast forward to late November 2024, IBIT has grown to an AUM of over $45 billion, while all spot Bitcoin ETFs collectively amassed an AUM of over $101 billion, Coinglass data showed.
According to Eric Balchunas, senior ETF analyst at Bloomberg, spot Bitcoin ETFs in the U.S. collectively are expected to soon hold over 1 million BTC tokens and can surpass its pseudonymous creator Satoshi Nakamoto as the top Bitcoin holder in the world.
Among the growing list of institutions gaining exposure to Bitcoin via spot ETFs are the U.S. pension fund manager State of Wisconsin Investment Board (SWIB) and South Korea’s National Pension Service.
“Bitcoin leads returns among major assets over the last twelve months, second only to select stocks like Nvidia. While gold delivers the best risk-adjusted performance, Bitcoin shows strength across both metrics,” said Ecoinometrics in a newsletter dated October 29.
“The current rally, powered by steady ETF inflows, shows momentum but hasn’t reached concerning levels. There is room to reach a new all-time high and get that boost over the next three months” added Ecoinometrics.
🔥 #Bitcoin to 100,000 by January 2025 ??? pic.twitter.com/KRJHi4Tbic
— 10x Research (@10x_Research) October 30, 2024
How Long Will 2024 Bitcoin Bull Run Last?
Let’s now look at two important factors that could affect the length of the 2024 BTC bull run — the upcoming U.S. Federal Reserve rate cut cycle and the repercussions from the November 2024 U.S. presidential election.
Rate Cuts to Whet Risk Appetite
After seeing steep rate hikes over the past two years, the U.S. Federal Reserve (Fed) started its rate cut cycle in September 2024 when interest rates were reduced by 25 basis points to 5%.
Rate cuts are seen as bullish events for risk asset markets. In theory, lower borrowing costs should boost hiring and spending and increase risk-taking among investors.
Arthur Hayes, co-founder of crypto exchange BitMEX and former investment banker, was positive about the outlook of Bitcoin and said that the upcoming liquidity boost could take Bitcoin to as high as $73,700.
Hayes added:
“That is going to create a glorious bull market in all types of risk assets, including crypto, all in time for the election.”
Elsewhere, K33 Research added:
“The current regime of soft funding rates and soaring institutional flows offers a robust setup for continued buoyancy.”
U.S. Presidential Elections: Trump Victory Was Positive for Crypto
The U.S. presidential election was arguably the most important Bitcoin bull run news of the year, and defines the crypto bull run for 2024 and 2025.
Trump has made promises that were music to the ears of the Bitcoin community. They included creating a “strategic national Bitcoin stockpile” and firing U.S. Securities and Commission Chair Gary Gensler “on Day One”.
Gensler resigned days later, and his resignation will become effective on January 20, 2025.
With Trump winning a second term as president, the 2024 Bitcoin bull run is most likely to extend into 2025 on expectations of favorable regulations toward the crypto industry.
Even as Trump works out his regulatory framework, headline-baiting moves such as Elon Musk sharing plans at a Trump Rally for a new initiative called the “Department of Government Efficiency,” (aka DOGE) are all helping push crypto further into the mainstream.
Bitcoin Outlook in Future Years
As we prepare for 2025, we also examine some longer-term BTC price predictions, along with analysts giving their next Bitcoin bull run predictions.
Bitwise CIO Matt Hougan Sees Bitcoin at $250,000
In one of his weekly memos in April, Bitwise CIO Matt Hougan penned his thoughts on five predictions to expect by the next Bitcoin halving in 2028.
- Bitcoin’s volatility will decline by 50% as the crypto becomes more institutionalized. The emergence of the spot BTC ETF is a primary driver of this trend.
- As a result of lower volatility, investors will consider it “normal to have 5% or more of your portfolio in Bitcoin.”
- Spot BTC ETFs will draw over in over $200 billion.
- Central banks will add Bitcoin to their holdings.
- The Bitcoin bull run prediction for 2028 is above $250,000.
Coinshares Expects Bitcoin Price to Rise to $133,000
Crypto asset manager Coinshares used “fundamental investment case for Bitcoin” and “savings as the key driver of inflows” to develop a model for Bitcoin valuation,
Coinshares said the model expected over 669 million individuals to own Bitcoin by 2028. With such an investor base, a 1% allocation of gross national income per person (GNI) would increase Bitcoin’s market cap by 10 times, said Coinshares.
The model estimated Bitcoin prices to hit $133,000 by 2028, which according to Coinshares’ is a “lower limit” estimate.
The Bottom Line
We will end this article by reminding readers that financial markets are unpredictable. Experts can be wrong in their Bitcoin price predictions.
Therefore, it is important to do your own due diligence before investing and never invest more than you can afford to lose. The chaotic price movements can humble even the smartest and most experienced players.
FAQs
What is the Bitcoin bull run?
How long will the Bitcoin bull run last?
What caused the Bitcoin bull run?
When is the next Bitcoin bull run?
References
- Bitcoin ETF Overview (Coinglass)
- Eric Balchunas on X (X)
- 10x Research on X (X)
- United States Fed Funds Interest Rate (Trading Economics)
- Trump’s promises to bitcoin conference: “fire” SEC chair, build “strategic bitcoin stockpile” (Axios)
- Bitwise on X (X)
- Bitcoin Valuation by Savings Adoption (Coin Shares)
