Bitcoin At $120K? Trading Firm Links Trump’s Reserve Plan To Bold Prediction
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Many analysts aren’t surprised by the recent price surge of Bitcoin to $80,000, given Donald Trump’s convincing victory in the recently concluded US national elections.
Some market analysts and observers offer even bolder projections, fueled by rumors of a Bitcoin strategic reserve and the possible approval of the Bitcoin Law.
Trading firm QCP is one of those analysts taking a bullish stance on the crypto, predicting that the top digital asset will break $120,000 soon.
QCP cites the administration of incoming President Donald Trump, the plan to create a strategic BTC reserve, and updated US inflation data as critical drivers for the asset’s price.
Favorable Market Conditions Boost Bitcoin PriceBitcoin’s price surge continues this week, hitting another all-time high of $93,120, boosting the global cryptocurrency market cap to over $3 trillion.
The rally comes as the US government released its inflation data, with headline and core inflation numbers at 2.60% and 3.30%, respectively, in line with expectations.
Also, analysts are confident of a potential 25 basis point rate cut from the December Federal Open Market Committee meeting. Many say that a shift in monetary policy boosts optimism among risk-based assets, including Bitcoin.
$100k To $120k For BTC Possible, Says QCPIn the Twitter/X post, QCP Trading predicts that Bitcoin can hit $100k to $120k. The post added that BTC price action benefits from proposals to create a BTC strategic reserve and the government’s potential shift from gold to digital asset.
QCP: In view of Bitcoin’s impressive rally since the US election, our view is that $100,000 – $120,000 may not be too far off.
