Thus far in 2023, Bitcoin (CRYPTO: BTC) has been one of the top performing cryptocurrencies, up more than 57%. Bitcoin trades for about $26,000 after briefly breaking through the $30,000 price level earlier this year.
But Bitcoin is still nowhere near its all-time high of $68,789, which it reached in November 2021. Nonetheless, a growing number of analysts, investors, and crypto enthusiasts still think that Bitcoin will break through the $100,000 level sometime in 2024. While that price trajectory might sound outrageous, there are three compelling reasons it might just happen.
The core argument around Bitcoin is that it functions as "digital gold," making it a good store of value, especially amid volatile economic conditions. Thus, during the banking crisis that kicked off earlier this year, investors looking for a safe-haven asset outside of the traditional banking and financial system turned to Bitcoin. And, indeed, the correlation between Bitcoin and gold has increased in 2023.
Source Fool.com