Bitcoin reached a new high early today (17th), briefly surging to $107,000. The market's optimistic sentiment is high, filled with expectations for the 'Christmas Rally', and traders are starting to target a price of $120,000.
Multiple positive factors boost Bitcoin.
Key factors supporting Bitcoin's surge recently include external rumors that U.S. presidential candidate Donald Trump will establish a 'federal Bitcoin reserve', as well as public companies like Riot Platforms and MicroStrategy pouring billions into Bitcoin.
At the same time, the market is also optimistic about the direction of U.S. cryptocurrency policies, further driving significant capital inflow into Bitcoin spot ETFs, boosting Bitcoin prices.
SOFA Insights research director Augustine Fan stated: "The inflow of traditional financial capital has become a key force driving Bitcoin prices and market sentiment, which is distinctly different from previous cryptocurrency bull markets."
As more traditional financial institutions incorporate digital assets into their portfolios, this trend will only continue to expand, becoming new momentum for the market.
"The 'Christmas Rally' is brewing! Bitcoin's December trend is worth looking forward to.
Technical analysis shows that Bitcoin is currently in a 'continuously rising low point' pattern, indicating a strong bullish trend, and forming a 'flag pattern' which often precedes further upward movement.
Additionally, Bitcoin's performance in December is also worth looking forward to. Historical data shows that in the 9 years from 2015 to 2023, Bitcoin rose in December 5 times, with 2020 recording an astonishing increase of 46.92%, making it the 'strongest Christmas gift'.
Market experts point out that the 'seasonal cycle' of Bitcoin prices may seem random, but there are actually patterns behind it.
For example, during the tax season from April to May, some investors choose to lock in profits, leading to market pullbacks; however, as the year-end Christmas holiday approaches, the influx of funds injects liquidity into the market, often pushing prices higher.
Next stop $120,000? BTSE's COO: The Bitcoin bull market has just started.
As the bull market atmosphere continues to heat up, some traders believe that Bitcoin's upward momentum has just begun, even raising next year's target price to $120,000.
Jeff Mei, the COO of cryptocurrency exchange BTSE, bluntly stated:
The potential for Bitcoin's rise has not yet hit a ceiling. We expect Bitcoin to reach $125,000 by the end of 2025.
Although some in the market believe that Bitcoin's rise over the past month has fully reflected positive factors, we believe this surge is just the prologue, and the real bull market has only just begun.
Jeff Mei further points out that institutional investors, family offices, and high-net-worth individuals often need time to adapt to the concept of 'allocating 1% to 3% of their portfolio to Bitcoin and cryptocurrencies'. Once this trend forms, the inflow of funds into the cryptocurrency market may see exponential growth.
Additionally, Jeff Mei mentioned that Trump's cryptocurrency-friendly policies, the global trend of interest rate cuts, and China's economic stimulus measures will all be strong driving forces supporting this rally.
"Is the Bitcoin 'Christmas Rally' about to explode?! The market is optimistic about 'surging into next year' towards $120,000" This article was first published on (Blockcast).
