Bitcoin surged past the $106,600 mark this morning, reaching a new all-time high. At the time of writing, it was trading at $105,214, up 3.9% in the past 24 hours. Recently, it has set a record of seven consecutive days of gains since Trump's election, and analysts point out that this wave may continue until Trump takes office.

Analyst: US President's inauguration will push magnesium to 120,000

0x Research published an article on the X platform stating that the new Bitcoin price target is to reach $120,000 before Trump’s inauguration in January. He integrated market news and technical analysis and concluded that the market may be expecting Trump’s market to peak when the president takes office:

Bitcoin's rally has regained momentum after consolidation, and cryptocurrency exchanges are experiencing massive outflows, greatly reducing the availability of Bitcoin on trading platforms. At the same time, the inventory of over-the-counter trading platforms is also decreasing. These factors together indicate that Bitcoin prices are likely to be squeezed.

0x Research's analysis based on a trading model shows that by January 20, 2025, when Trump takes office, Bitcoin may soar to $120,000, and the model estimates that the probability of this happening is 83.33%.

All the positive factors have appeared, but they have not yet been fully realized

0x Research said that the December rally was mainly due to the three major Bitcoin catalysts estimated by the market date, such as MicroStrategy's inclusion in the S&P 500 index (the result is Nasdaq 100), Microsoft's proposal to use Bitcoin as a treasury asset (with a probability of 10%), and the US Financial Accounting Standards Board's accounting rules on fair value reporting of crypto assets (with a probability of 100%). These positive news have been confirmed.

MicroStrategy may also issue more convertible bonds in the near future to increase its holdings of Ethereum, which will invisibly provide a lot of support for Bitcoin's flash crash. If Bitcoin does not pull back this week, it may continue to break upward.