(BTC) is on target to end the week with gains of about 6%, indicating continued demand from the bulls. MicroStrategy co-founder Michael Saylor said during a speech at the 2023 Australia Crypto Convention on Nov. 10 that Bitcoin’s demand on a monthly basis could surge between two to 10 times by the end of 2024. Additionally, the halving will reduce the supply by half. Saylor expects both these events will cause the price “to adjust up.”

With almost a general consensus that Bitcoin’s price will move higher in 2024, analysts are busy projecting how high the rally could reach. Using its Terminal Price on-chain indicator, Look Into Bitcoin creator Philip Swift said that Bitcoin could hit at least $110,000 in its next bull cycle.