From my past experience, I don’t think the BTC price will go above 100K before the next halving.
To be honest, another experienced investor made the same prediction to me. Your two assumptions are very similar.
This is because the global economy is not in a strong position personal incomes and many businesses are struggling to make significant profits.
The world economy is going through a recession and we should probably be prepared for worse because more wars are being prepared in the future. Inflation in the affected countries will increase in the coming times and poverty as well.
However, if major global economic factors like oil or the petrodollar system are linked to BTC, the price could go above 100K before the next halving.
Basically, the pressure on the US dollar will increase and it will also decrease the amount of trade it does with its allies through petrodollars. This is because this war situation in the Middle East will not calm down very soon and if it does create a calm situation now, it will take many more years to stabilize the economy.