Bitcoin

Bitcoin Declared Dead 415 Times, Now It Fights for $100K

Bitcoin continues to push towards a six-figure price tag, despite being declared “dead” more than 400 times over the past 14 years.

The cryptocurrency has been written off by mainstream media on 415 occasions, with the first “death” announcement coming as early as October 2010, when Bitcoin was valued at just $0.11. If you had invested $100 every time Bitcoin was pronounced dead, that same investment would have grown to over $101 million, according to data from Bitcoindeaths.com.

Despite the doom-and-gloom forecasts, Bitcoin has shown resilience, recovering by more than 5.9% after dipping to $92,000. As of 12:15 PM UTC on November 29, it surged past $97,500, as reported by TradingView data.

This uptick in price is seen as a promising sign, especially given that some analysts had expected a potential 30% correction before Bitcoin could resume its climb toward the coveted $100,000 mark.

Bitcoin Battles Toward $100,000 High

On November 22, Bitcoin was just $200 shy of its all-time high of $100,000, briefly surpassing $99,800. This has led many analysts to predict that Bitcoin could break the $100,000 threshold in the coming months.

However, there is uncertainty about whether Bitcoin will reach the six-figure mark by the close of 2024, despite a generally optimistic outlook. Szymon Sypniewicz, co-founder and CEO of Ramp Network, noted that while a rise to $110,000 seems likely in the future, it’s difficult to say if it will happen before the end of the year, given the market’s expected volatility.

Another factor fueling Bitcoin’s potential price surge is the global money supply, which is expected to increase by more than $20 trillion by January 2026. Historically, Bitcoin has captured about 10% of new money entering the market. This trend could mean an additional $2 trillion in investment into Bitcoin, setting the stage for a potential price cycle peak above $132,000, according to Jamie Coutts, chief crypto analyst at Real Vision.