Bitcoin (BTC) experienced a historic moment earlier today, with prices soaring to $106,352, setting a new record! However, it has slightly retreated since then, currently down 1.6%. Just last week, this number briefly fell below $95,000, but over the past few days, BTC seems to have regained its footing, showing strong momentum.
Let's take a look at the recent performance: on the daily chart, Bitcoin rose by 2.1%; the weekly chart shows an increase of 6%; while in 14 days, it has surged by 8.5%. Since last month, BTC's increase has reached an astonishing 14.8%. Moreover, since December 2023, this figure has skyrocketed by over 147%!
Why is Bitcoin rising?
This year, Bitcoin (BTC) has been shining brightly, constantly setting new highs! With the U.S. Securities and Exchange Commission (SEC) approving 11 spot Bitcoin ETFs, Bitcoin's price soared to its peak in March, bringing joy to countless investors. And just after Donald Trump won the U.S. presidential election again, Bitcoin set another record, showing strong momentum and attracting global attention.
What’s more remarkable is that at the beginning of December, Bitcoin broke through the $100,000 mark for the first time, which is not only a market frenzy but also an important milestone in Bitcoin's development! This milestone signifies that Bitcoin's position in the global financial system is becoming increasingly stable, with more and more people beginning to pay attention to and invest in this digital asset.
The market decline last week may have been due to the rise in the U.S. inflation rate to 2.7%. Market participants still seem optimistic about cryptocurrencies. This bullish sentiment may be attributed to Trump's supportive stance on cryptocurrencies. We may witness a long-term bull market in this cycle.
Will the asset next reach $120,000?
In the coming months, Bitcoin (BTC) may continue to set multiple new highs. Many analysts hold an optimistic view on the asset's prospects.
According to CoinCodex, BTC is expected to continue its upward momentum in the coming weeks. The platform predicts that BTC will trade at $128,006 on January 29, 2025. Achieving $128,006 from the current price level would bring an increase of about 22.25%.
On the other hand, Changelly holds a slightly pessimistic view on Bitcoin (BTC). The platform predicts that the trading price of this asset will reach a peak of $108,595 in January 2025. Achieving $108,595 from the current price level would imply an increase of about 3.71%.
Nevertheless, this prediction has also sparked deep thoughts in the market regarding Bitcoin's future trends. Many investors are beginning to question whether Bitcoin can maintain its status as 'digital gold' in an ever-changing economic environment. In the coming years, facing the dual impacts of technological innovation and regulatory policies, can BTC break through barriers and achieve leaps as expected?
