Bitcoin recently retraced to $94,220, raising concerns in the market. Profit-taking and potential effects from quantum computing have been cited as key factors. As Bitcoin settles at around $97K, discussions increase about whether it will surpass $100,000 by year-end or face further barriers this December.

Google has introduced a new chip, "Willow," claiming it can solve a problem in five minutes that would take the world's fastest supercomputers 10 septillion years. This chip represents progress in quantum computing, which aims to create highly powerful computers based on particle physics.

Quantum Computing and Bitcoin’s Future

Despite its potential, Willow is considered experimental. Experts agree that a practical quantum computer capable of solving real-world problems remains years away and requires billions of dollars in investment.

QCP Capital noted that Bitcoin’s recent price drop was primarily due to profit-taking. Major options players who hit the $100,000 milestone moved their profits into March 2025 call options, targeting even higher prices of $130,000 to $150,000.

This move suggests caution in the short term as market sentiment remains weak. QCP Capital predicts Bitcoin will remain range-bound through December, with no significant price breakouts expected during the holiday season.

Willow Chip Raises Bitcoin Security Concerns

The introduction of Willow also raises concerns about Bitcoin’s security. Quantum computers could eventually break Bitcoin’s cryptography Cryptography Cryptography is the mathematical field that was used to develop the protocol for the Bitcoin network. It has since been utilized in the formation of other blockchain-based cryptocurrency networks. In its most basic form, cryptography allows for the creations of mathematical proofs that can be used to provide high levels of digital security. More specifically, this entails the practice and study of techniques for secure communication in the presence of third parties. Cryptography helps analyze an Cryptography is the mathematical field that was used to develop the protocol for the Bitcoin network. It has since been utilized in the formation of other blockchain-based cryptocurrency networks. In its most basic form, cryptography allows for the creations of mathematical proofs that can be used to provide high levels of digital security. More specifically, this entails the practice and study of techniques for secure communication in the presence of third parties. Cryptography helps analyze an Read this Term, which currently protects wallets and transactions.

Meet Willow: Our state-of-the-art quantum chip. It's the first quantum chip to show exponential error reduction as qubits scale, paving the way for large-scale, fault-tolerant quantum computers. Dive in → https://t.co/Lr1vkZk1QT pic.twitter.com/8VkiXQ694u

— Google Quantum AI (@GoogleQuantumAI) December 9, 2024

Bitcoin’s security relies on two main algorithms: the Elliptic Curve Digital Signature Algorithm (ECDSA) for signing transactions and SHA-256 for secure hashing.

While Willow's 105 qubits are not sufficient to breach Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term's encryption, experts warn that quantum computers may soon pose a threat. Estimates suggest that at least 13 million qubits would be needed to break Bitcoin’s encryption in a single day.

The crypto community recognizes the need for quantum-resistant solutions. Future upgrades to Bitcoin’s network, potentially through soft forks, could incorporate quantum-safe cryptographic protocols to mitigate these risks.