Bitcoin's Rally Strengthens Towards $100,000 by 2024

Grayscale predicts that Bitcoin's upcoming halving event will lead to a steady price increase due to lower selling pressure and increased interest in native Bitcoin-based applications. On-chain activity has been revitalized by the introduction of ordinal inscriptions and BRC-20 tokens, generating significant transaction fees for miners. Additionally, the launch of spot bitcoin exchange-traded funds (ETFs) is expected to drive buying pressure and support higher prices post-halving. The halving, designed to reduce inflationary pressure on Bitcoin, historically precedes bull runs, and Grayscale believes that Bitcoin's market structure looks favorable for price appreciation after the event.