By Susie Violet Ward · Forbes · 6 October 2024
As markets entered the final quarter of 2024, investors were watching whether the bitcoin cycle would follow the pattern set by previous halvings. At the time of reporting, more than 73% of bitcoin’s supply was classed as illiquid, held in wallets with little or no intention to sell. MicroStrategy and newly launched ETFs were accumulating bitcoin, even as Grayscale sold holdings in response to competition from lower-fee ETFs.
Expansion in the M2 money supply, possible quantitative easing and movements in the US dollar index are among the factors that could support bitcoin’s price, along with growing interest from nation-states such as El Salvador. Some experts forecast a cycle peak in the second quarter of 2025, while the piece notes uncertainty around those forecasts. It also suggests FTX-related payouts could help push bitcoin towards $100,000, a level it says the FTX scandal prevented bitcoin from reaching in the previous bull run.