Tesla (NASDAQ:TSLA) CEO Elon Musk’s guest appearance on Saturday Night Live marked a peak for Bitcoin and many other cryptocurrencies. Since then, bitcoin tried but failed, to recapture the over $60,000 level.

Bitcoin corrected for the third time in June by closing in the low $30,000 range. What will it take for the currency to head to $100,000? When will that happen?

The U.S. Federal Reserve’s failure to consider raising rates as inflation rates rise will help bitcoin’s rebound. The fiat currency is losing value as central governments keep printing money. Artificially keeping interest rates at rock-bottom levels will increase the value of bitcoin. So, when will bitcoin surpass the $60,000 level and break out to at least $100,000?

Rising inflation rates in the coming months will force the Fed to change its tone on tapering. To temper inflation fears, the Fed will fast-forward its rate rise schedule sooner. Raising rates by a negligible 25 basis points will strengthen the U.S. dollar. Also, when U.S. treasury prices firm up, cryptocurrency’s value may weaken. Still, given the chances of a rate hike is very low, bond yields will rise.

Speculators will choose the rising value of bitcoin instead of buying U.S. debt. That will push bitcoin prices back to past highs.