There's no denying it, the Bitcoin (CRYPTO: BTC) "flash crash" at the beginning of August was brutal for crypto traders. In a span of just 24 hours, Bitcoin lost 15% of its value. Some traders panicked, thinking that Bitcoin was headed below $50,000. Others surmised that the long-awaited Bitcoin rally might be over before it ever really started.

I still think that Bitcoin will hit $100,000 by the end of 2024. Yes, it means that Bitcoin will need to nearly double in price within a short time. And yes, I'm aware that geopolitical events in the Middle East could put a real kibosh on any interest in risk assets such as Bitcoin. But there's still a credible path to $100,000 for Bitcoin.

Don't forget about the Bitcoin halving, which took place on April 19. Historically, this event has meant big things for Bitcoin's price, which is why it attracted so much attention from investors just a few months ago. In three previous halving cycles, the price of Bitcoin absolutely skyrocketed. So many people expected the same thing to happen this year.

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Source Fool.com