Bitcoin's Path to $100K, Gold's Bull Run, and Ethereum's Value: Insights from Analyst Brian Russ

2024-11-12, 08:15

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## [TL; DR] 
The rise in <a  rel="nofollow noopener noreferrer"  href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">bitcoin</a> demand may push its price to $70,000 but a strong catalyst is required to drive its value to $100K.

Silver and gold have been in a bull market for over 10 years now.

The inclusion of <a  rel="nofollow noopener noreferrer"  href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">bitcoin</a> and ETH in investment portfolios may lead to high returns.

## Introduction 
2024 has been a great year for bitcoin since its price has risen by a large margin. Also, it attained several milestones which has laid a strong foundation for its future growth. Despite these achievements the crypto sector has been expecting its value to rise further, targeting bitcoin $100k. For example, during the year some analysts predicted that the <a  rel="nofollow noopener noreferrer"  href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">bitcoin price</a> may surpass $100,000 or even reach $150,000 in 2024. This article will discuss what it takes for the <a  rel="nofollow noopener noreferrer"  href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">bitcoin price</a> to surpass $100,000. We will also evaluate the difference between bitcoin’s performance and that of leading commodities like gold.

## Brian Russ's predictions on Bitcoin and Gold 
During the greater part of the year bitcoin had been trading between $53,000 and $65,000. However, recently its price surged past $70,000, showing heightened volatility and upward momentum. At the time of writing, bitcoin is exchanging hands at $76,492. Notably during the current upthrust bitcoin reached a new all-time high of $77,252.75. As things stand, the coin is about $25,000 below $100,000. There is no doubt that $100,000 is a strong key resistance level for bitcoin. If it exceeds that mark its next greatest target will be $150,000.

In an interview with Cointelegraph, Brian Russ indicated that it is very possible for the bitcoin $100k target to be realized this year. However, he doubts much if demand alone can influence it to reach that price level. According to him, a rise in demand will likely influence its price to rise towards $70,000 or just slightly surpass that level. Nonetheless, to reach $100,000 the coin requires a strong catalyst which can come in various ways. Brian Russ analyst did not specify the exact catalyst for bitcoin’s uptick towards $100,000. Through his brainstorm he identified the outcome of the United States presidential elections and policy changes in the country as possible catalysts. Again, Russ did not mention the winner of the U.S presidential election that might have a positive impact on bitcoin's performance.

Commenting on this, Russ said, “It could be policy that follows the election or it could be something else. So for me, it's kind of like eyes wide open on what is that catalyst to move Bitcoin in the broader market higher. I don't expect that we're just going to see it break to new all-time highs and then just run away like we've seen in the past.”

Apart from the bitcoin price performance, Russ talked about the [gold bull market](https://www.gate.io/post/NewsBTC/status/7635091 "gold bull market") that might have started in 2008. He also believes that the massive sell-off of these precious metals that occurred in 2008 and 2020 might have injected liquidity in the precious metal market. According to Russ, precious metals sell much during times of crises such as the Covid-19 period. And he thinks that they sell much due to the  anti-dollar sentiment. The analyst’s view is that the price drivers of silver and gold are different from those of bitcoin and other cryptocurrencies. According to him, gold and silver do not act as a hedge against economic crises such as recessions.

Russ contends that before the inception of bitcoin the US Treasury market and US dollars served as hedges to economic crises. Thus, he thinks that the stimulus packages that were unveiled during 2008 and the Covid-19 period triggered the current precious metals bull run. For instance, during  the Covid-19 era M2 might have increased by over 50%. Based on his analysis the gold and silver bull market has now stretched for over 10 years. Notably, the rising demand for the metals could be due to the shift in the sentiment of the dollar as a store of value. Russ clarified: “I think you've got really just a sentiment shift around the dollar as a store of value assets.”

He added, “ And so there's more space for competition here. And precious metals are one part of that competition. And, of course, Bitcoin has been another exciting part of that competition as well.”

## Russ’ Analysis of  Ethereum's Financial Outlook
Based on Russ’ <a  rel="nofollow noopener noreferrer"  href="/price" target="_blank" class="blog_inner_link">crypto market</a> analysis the positive <a  rel="nofollow noopener noreferrer"  href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> market sentiment was one reason for its recent upward price movement. However, other factors such as its market position, liquidity and technicals might have led to the <a  rel="nofollow noopener noreferrer"  href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> undervalued state. Nevertheless, the analyst conceded that there has been an improvement in the factors that were negatively affecting ETH’s price movement.

Read also: [Ethereum Price Prediction & Forecast for 2024, 2025, 2030](https://www.gate.io/price-prediction/ethereum-eth "Ethereum Price Prediction & Forecast for 2024, 2025, 2030")

Commenting on the Ethereum future value Russ said, “I think things are slightly better now than they were back then. You know, the fundamental story to me remains intact. If you look at daily active wallets across the L1's, they're up something like 800% over the last 3 to 4 years.”

Finally, Russ concluded that the improvement in the Ethereum fundamentals that include the shift [from proof-of-work to proof-of-stake](https://akcdn.gate.io/blog/897/Proof-of-Work-v-Proof-of-Stake "from proof-of-work to proof-of-stake") will likely lead to its price resurgence. In the meantime he highlighted that in the past the bitcoin and <a  rel="nofollow noopener noreferrer"  href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> fundamentals were better than that of Ethereum. However, the situation seems to be changing.

Read also: [What the Official Approval of Bitcoin Spot ETFs Means for the Crypto Industry](https://www.gate.io/learn/articles/what-the-official-approval-of-bitcoin-spot-etfs-means-for-the-crypto-industry/2055 "What the Official Approval of Bitcoin Spot ETFs Means for the Crypto Industry")

## Bitcoin's Mainstream Milestones in 2024
Unlike most cryptocurrencies bitcoin has attained unique milestones since its [inception in 2009](https://www.gate.io/learn/articles/halving-cycles-and-recurrences-a-history-of-bitcoin-development/2631 "inception in 2009"). First, it became the first digital asset to have spot ETFs in the United States. The U.S’ approval [of 11 bitcoin ETF applications](https://www.gate.io/blog/3698/spot-bitcoin-etfs-approval-becomes-a-milestone-how-the-crypto-price-will-move-in-the-future "of 11 bitcoin ETF applications") in January ushered in a new era for the digital asset. Similarly, during the year Micheal Saylor announced MicroStrategy's plan to <a  rel="nofollow noopener noreferrer"  href="/crypto/buy/bitcoin-btc" target="_blank" class="blog_inner_link">buy bitcoin</a> worth $42 billion. In the meantime several public companies like Metaplanet have acquired large amounts of bitcoin.

## The Roadmap to Greater Crypto Adoption: How Bitcoin  May Become a Staple in Diversified Investment Portfolios
There is a high likelihood that major cryptocurrencies like bitcoin will become part of diversified investment portfolios. This is because many wealth management firms have started to educate their clients on the need to incorporate crypto assets in their digital asset portfolios. For example, some of the asset management firms are advising their customers to include bitcoin and ETH in their 60/40 portfolios to increase their return on investment. Russ cited a recent research where the traditional 60/40 portfolio resulted in a 9% return. Nevertheless, the inclusion of bitcoin and ETH would have led to a 17% return. If similar research findings come on the market many individuals, families and institutions may introduce or increase cryptocurrency investment in their portfolios.

## Conclusion
There is a high possibility that the value of bitcoin may reach $100,000 in the near future. However, that is possible if there are catalysts that may help to push its value up. It seems that Donald Trump’s victory in the United States presidential elections [has increased the bullish momentum](https://www.gate.io/blog/4685/trump-s-re-election-boosts-btc-to-a-new-all-time-high-how-to-trade-in-the-coming-market "has increased the bullish momentum") of many cryptocurrencies including bitcoin. If this development is followed by pro-crypto policies the bitcoin $100K target may be attainable.

<div class="blog-details-info">
<div>Author: Mashell C., Gate.io Researcher
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions. All investments carry inherent risks; prudent decision-making is essential.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
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