Recently, the Bitcoin market has been turbulent, and the price trend is attracting significant attention. On Wednesday, Bitcoin's price soared again like a rocket, nearing historical highs, less than a day since the last record was broken.
1. New Price Highs and Trading Data
According to the Wall Street Journal, Bitcoin trading volume surged to $95,000 earlier on Wednesday, with CoinGecko data showing that the trading volume approached $78 billion in the past 24 hours. Such a massive trading volume highlights Bitcoin's strong activity and significant influence in the market.
2. Catalysts for the Bullish Trend
Behind this round of Bitcoin's bullish trend is a strong push from multiple factors. Firstly, BlackRock's iShares Bitcoin Trust (IBIT) spot Bitcoin ETF options began trading in the US, giving rise to new derivative contracts. This contract provides traders with new operational space, allowing them to bet on the rise and fall of fund stock prices and their rates, injecting new vitality and variables into the market. On Tuesday, the options contract had a nominal exposure of $1.9 billion on its first day of trading on Nasdaq, demonstrating the market's attention and participation enthusiasm.
Additionally, this year Bitcoin has repeatedly encountered bullish catalysts. The approval of a US spot exchange-traded fund by the Securities and Exchange Commission has acted like a shot of adrenaline for the Bitcoin market; the Republican victory in the presidential election has also created a favorable policy expectation environment for Bitcoin's development. President-elect Donald Trump has vowed to vigorously promote industry growth through a series of policy measures, among which the plan to establish a domestic Bitcoin reserve is particularly noteworthy, undoubtedly boosting market confidence significantly.
3. Price Outlook and Analyst Opinions
Under the combined effects of these factors, Bitcoin's price has surged dramatically. Data from CoinGecko yesterday indicated that Bitcoin's price successfully broke through $93,500, setting a new historical high, and continues to push towards the $94,000 mark. Analyst Valentin Fournier from trading firm BRN stated on Wednesday that the current high price trend strongly supports the company's judgment that Bitcoin can easily reach the $100,000 mark by the end of the year and may even exceed it. He pointed out: 'This fully corroborates our previous assertion that the breakthrough before the end of the year is indeed an accumulation phase. If this strong momentum continues, given the increasing interest from the retail sector in Bitcoin's outstanding performance and long-term potential since the US presidential election, its price is expected to climb to $120,000 before 2025.'
With multiple positive factors supporting it, Bitcoin is rapidly moving along a bullish trajectory. However, the market is unpredictable, and while chasing investment opportunities in Bitcoin, investors must remain vigilant and closely monitor various potential risks to navigate the waves of cryptocurrency steadily.
The information provided in this article is for reference only and does not constitute any type of advice.
