Timothy Peterson names the factor that will help BTC grow to $ 100,000

Only one factor is needed for bitcoin BTC $56,314.34 Bitcoin -1.66% Market capitalization $1.11 trillion VOL. 24 hours $2.81 billion to reach $ 100,000, and it depends on the Federal Reserve. This was stated by Cane Island Alternative Advisors analyst Timothy Peterson in an interview with Cointelegraph.

«The US high-yield speculative bond rate is a great indicator. In fact, it needs to fall below 6% or 7% for bitcoin to start a steady move to a record high,» he explained.

According to Peterson, if yields fall to this range, bitcoin will rise to $ 100,000 in the fourth quarter of 2024 or the first quarter of 2025.

Interest rates are perceived as an important indicator for crypto traders, as their decline usually leads to a drop in investors' returns on traditional securities.

The expert claims that in general, markets are usually «stable and volatile» between September and October. This time, however, there may be «uncertainty» due to the US presidential election in early November.

At the time of writing, the main cryptocurrency is trading at $ 66,383, a daily increase of 0.43%. The total number of coins circulating on the market is $ 1.3 billion. Traders made daily trading deals worth $ 30.4 billion. Bitcoin dominates the market with a 54.7% share.

In general, the crypto industry shows a 0.55% decline and amounts to $ 2.37 trillion.