Mark Palmer Predicts Bitcoin Will Hit $100,000 Before Halving

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Mark Palmer thinks bitcoin could hit $100,000 by year-end as investors prepare for halving

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Grace Williams is a writer for Yahoo Finance.

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Mark Palmer, managing director at Palmer Square Capital Management, thinks bitcoin (BTC-USD) could hit $100,000 by the end of the year.

Speaking on the Opening Bid podcast on Yahoo Finance (video above or listen below), Palmer said that bitcoin's recent rally has been "spectacular," and he sees no reason why it can't continue.

"I think we could easily see bitcoin hit $100,000 by the end of the year," Palmer said. "The momentum is building, and there's a lot of interest from both retail and institutional investors."

Bitcoin hit a record high of nearly $110,000 in November 2021, but it has since lost more than half of its value. However, bitcoin has recovered sharply in recent months, and it is now up more than 40% year-to-date.

Palmer's comments come as bitcoin is preparing for its next halving, which is expected to occur in April or May. The halving is a critical event in bitcoin's mining process, which occurs roughly every four years and reduces the number of new bitcoins rewarded to miners by half.

"I think investors are also preparing for the halving, which will cut the supply of new bitcoin coming into the market in half," Palmer said. "This should put further upward pressure on bitcoin's price."

Michael Saylor led Microstrategy (MSTR) and Mike Novogratz led Galaxy Digital (GLXY.TO) as players on his bitcoin prediction.

Watch the full Opening Bid conversation with Palmer here: