Despite the failure, experts have reaffirmed the $100,000 target for Bitcoin

Amid the recent slowdown in the crypto market, prominent industry figures are predicting that the price of Bitcoin (BTC) could reach $100,000 by the end of the year.

This prediction comes from Matt Hougan, Chief Investment Officer (CIO) of Bitwise, and Anthony Scaramucci, co-founder of SkyBridge Capital. Their optimism stems from several key developments in the crypto market.

One-time sell-off vs. long-term growth: Experts weigh in on Bitcoin's future.

The crypto market is currently struggling with several headwinds. One notable factor is the distribution of Bitcoin from the now-defunct Mt Gox exchange, which launched in early July. Met Gox is expected to distribute more than $8 billion in Bitcoin to creditors.

Similarly, the US government's scandalous sale of bitcoins from the Silk Road-captured Internet black market has exacerbated existing market pressures. The U.S. Marshals Service recently selected Coinbase Prime to manage these assets, indicating that a sale is imminent.

Adding to these liquidity shocks is the German government's sale of bitcoins from various seizures. According to on-chain data, the German government continues to offer Bitcoin sales today.

According to data from Arkham Intelligence, the wallets transferred 375 BTC each to several crypto exchanges, including Bitstamp, Kraken and Coinbase. Additionally, 250 BTC was moved to wallet ‘bc1qq' and 1,000 BTC to wallet ‘139po'. The German government's wallet balance has decreased by approximately 24,000 BTC to 13,000 BTC since yesterday.

Read more: Who will have the most Bitcoins in 2024?

However, Matt Hougan sees these transactions as “one-time sales” that will eventually close. Once the market adopts these selling tactics, it believes that long-term bullish factors will lead to significant growth.

“As investors, we are taught to look at non-recurring events when evaluating investments. They don't talk about the long-term value of the investment. In other words, this too shall pass,” he assured.

Hugan highlights the significant shift in Washington's regulatory attitudes toward cryptocurrencies as one of the long-term positive factors for Bitcoin. Additionally, the US Securities and Exchange Commission's (SEC) recent approval of spot Ethereum exchange-traded funds (ETFs) is another factor that could fuel the crypto market. It estimates that these ETFs could attract $15 billion in net inflows in their first 18 months on the market.

In addition, the Federal Reserve's expected rate cuts next year could boost the crypto market. Low interest rates are good for risk assets, including cryptocurrencies.

Add in strong growth in Stablecoins, big developments in Layer 2s, institutions like Blackrock diving into the space, and more, and it's a heck of a setup. The right mix of growth in the second half of the year could easily drive Bitcoin to $100,000 and push Ethereum to new all-time highs, Hugan added.

Anthony Scaramucci shares this view in a recent interview with CNBC. He emphasized the temporary nature of the current market pressure.

We still like long-term Bitcoin fundamentals. And I think, like I said, it's going to be $170,000 after the half, but I think it could be $100,000 by the end of the year,” he said.

Read more: What is a Bitcoin ETF?

For the past seven days, Bitcoin's price has been below $60,000, but investors are showing confidence in the cryptocurrency. This resurgence is evident in the recent inflows into spot Bitcoin ETFs in the US and Hong Kong.

According to data from Soso Value, between July 5 and July 10, the U.S. spot Bitcoin ETF earned $801.7 million.