It looks like Bitcoin (CRYPTO: BTC), after rising more than 150% in 2023, has shaken off the frost from the longest crypto winter on record. Yet as great as last year was for the world's original cryptocurrency, 2024 is shaping up to be equally impressive.

There are a few reasons for this, but the most evident and potent is related to evolving supply and demand dynamics and historical patterns. History doesn't always repeat itself, but it often rhymes. And if something similar to years past unfolds in 2024, Bitcoin might have what it takes to hit the coveted $100,000 mark, a gain of more than 120%.

Here's why a six-figure Bitcoin this year shouldn't be ruled out.

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Source Fool.com