Bitcoin Price Hits New ATH of $106K, Top Analyst Gives $120K Target

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As a seasoned researcher with over two decades of experience in the financial markets, I find the current state of Bitcoin intriguing and potentially lucrative. The recent surge to a new all-time high at $106,498, driven by Trump’s pro-crypto statements and MicroStrategy’s strategic moves, has caught my attention.

The price of Bitcoin soared by an additional 6% today, reaching a record peak of $106,498. This increase occurred as investors anticipate the traditional Christmas market surge. The recent rise in Bitcoin can be attributed to MicroStrategy’s inclusion in the Nasdaq 100 index and the bullish sentiment generated by Donald Trump’s strategic plans for a Bitcoin Reserve.

Renowned trader Peter Brandt anticipates that Bitcoin might soar beyond $120,000 by the end of this year, given recent supportive comments from President Trump about cryptocurrencies. This projected price seems attainable in light of these positive statements.

Trump Rally For Bitcoin Price to Extend Further?

As Donald Trump prepares to assume office in the White House next month, analysts are optimistic about a regulatory environment that may be favorable towards cryptocurrencies. Additionally, there’s speculation that the US could establish a strategic Bitcoin reserve under Trump’s administration. Last week, during his speech at the New York Stock Exchange (NYSE), Donald Trump hinted at plans for cryptocurrency without disclosing specific details about it.

Last week, Michael Saylor’s company MicroStrategy achieved a notable accomplishment by getting listed on the Nasdaq 100 Index. Over the past four years, MicroStrategy, a business intelligence software firm, has undergone a dramatic transformation, becoming a Bitcoin investment vehicle with a leveraged approach. This change was facilitated by selling billions of dollars worth of its MSTR stock and using the funds to purchase Bitcoins. Commenting on this development, Sean McNulty, director of trading at liquidity provider Arbelos Markets, expressed his views.

With MicroStrategy now listed on Nasdaq, it opens up an opportunity for index funds to invest in their shares. This increased investment could potentially provide the company with additional equity to further purchase Bitcoin.

On a Sunday, Michael Saylor subtly indicated that his company’s Bitcoin acquisitions might persist, regardless of reaching new record-breaking prices. According to information from the Saylor Tracker, MicroStrategy currently owns approximately 423,650 Bitcoins, which equates to an estimated value of $44.58 billion at the current Bitcoin price.

Is missing a green dot?

— Michael Saylor (@saylor) December 15, 2024

For the last five weeks straight, Saylor has been purchasing Bitcoin for his business each Monday. The investment community eagerly awaits another such purchase announcement from MicroStrategy on December 16th. Renowned economist and Bitcoin skeptic Peter Brandt expressed his viewpoint on this matter.

Once more, Bitcoin has hit a record peak this evening. It’s quite possible that we’ll learn tomorrow that Michael Saylor was the purchaser. In fact, it appears to be a regular occurrence, as this pattern has been repeated every Monday for the past five weeks.

Bitcoin extended its rally through Sunday, achieving a seven-week winning streak—its longest since 2021. The move was triggered by anticipation of having Bitcoin strategic reserve in January.

Analysts Predict $120K Price Target for BTC

Renowned trader Peter Brandt recently posted a chart depicting Bitcoin’s price surpassing the $101,435 mark, hinting at potential future prices exceeding $120K. He anticipates this significant milestone could occur sometime between Christmas and New Year in 2025.

Contrarily, the buildup of Bitcoin by large investors, known as “whales,” has remained robust over the last several weeks. Crypto analyst Ali Martinez noted a significant rise in these whale numbers after Donald Trump’s win in the U.S. presidential elections.

While the upcoming FOMC meeting this Wednesday could pose some challenges for the ongoing Bitcoin price surge, it’s anticipated that the US Federal Reserve will lower interest rates by 0.25% to 4.25%. Additionally, investors should monitor any potential rate adjustments made by the Bank of Japan and the Bank of England.

Currently, at the latest update, Bitcoin (BTC) is seeing a 6.2% increase in price, trading at approximately $105,193.04. This has also caused its market capitalization to exceed $2.08 trillion. Additionally, daily trading volume has experienced a significant jump of around 64%, reaching about $63.2 billion. According to Coinglass data, Bitcoin’s 24-hour liquidations have significantly increased to over $119 million, with roughly $103 million coming from short positions being liquidated.

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2024-12-16 11:26