Bitcoin is up to $51,442 (BTC/USD) Thursday morning after a 0.16% increase, but will it keep moving up?

Even though Bitcoin has had a great year so far, gaining 34% and moving up from $38,589, it has a long way to go to reach the $150,000 that some industry veterans predict for the coin this year.

There are a few factors that are going to help Bitcoin keep on climbing, but the outlook is not entirely rosy for Bitcoin and the wider crypto industry.

Factors in Bitcoin’s Favor

What is working for Bitcoin this year is a recovering economy. The US dollar is not particularly strong, but it is stable. The US economy is slowly making some improvements and inflation is dropping, and that is the story globally as well. There are a number of major powers in recession right now, but overall, the global economy is on the road to recovery, which gives cryptocurrency a chance to regain its highs.

Because the economy is mildly healthy, Bitcoin may struggle to keep strong momentum going. It is more likely to gain and then stall periodically, like we have already seen this year.

Bitcoin will be buoyed by other cryptos that are doing well, including BNB, Ripple, and Ethereum- all of which have proven to be stable and strong this year.

Regulation for cryptocurrency is not as bad as most people expected it to be by this time. New laws governing crypto have been slow to come into force, and some laws are actually making crypto safer and more reputable.

Will Bitcoin Reach $150,000?

Bitcoin has had a banner year so far, and that momentum could keep going and push it much higher. To reach $150,000, the coin could have to triple its current value, which is not likely to happen, even if this is a good year for Bitcoin. The coin tripled in 2013 and again in 2017, and these happened over short periods of time, so that kind of gain is not unprecedented. It has simply been a long time since Bitcoin has been able to do that. With the price so high now, we think a tripling to $150,000 in the remaining months for 2024 is unlikely.

How high will Bitcoin go by the end of the year? Because of a stalling global economy and a somewhat healthy crypto market, it is reasonable to expect Bitcoin to move well past its current level and rally near the end of the year. We expect the coin to be at a new all-time high by November, passing $100,000 this year.