Bitcoin ($BTC ) has hit new all-time highs, breaking its previous record of $73,737. But according to a report from Copper.co, the journey might just be beginning. With projections suggesting Bitcoin could soar to $100,000 by January 20, 2025—the day of the 47th US Presidential Inauguration—the excitement in the crypto community is palpable!
What’s Driving the Surge?
ETF Accumulation: Bitcoin ETFs currently hold 1.1 million $BTC , significantly influencing price trends. With net assets in spot BTC ETFs reaching $69.28 billion, the upward momentum could continue as demand grows.
Institutional Interest: Recent reports indicate a surge in institutional interest, with Bitcoin ETFs experiencing a 6-month high in demand. October 2024 saw an impressive $3 billion in net inflows, making it one of the most active months for $BTC ETFs.
The Outlook for Ethereum
While Bitcoin thrives, Ethereum (ETH) faces a bearish sentiment in the market, with a mere 12% chance of hitting a new all-time high this year. Despite this, interest in Ethereum ETFs is picking up, with significant investments noted, including a $10 million allocation from the Michigan Retirement System, surpassing their Bitcoin ETF investment.
Conclusion
With Bitcoin positioned for potentially groundbreaking growth and institutional backing strengthening its case, the market is buzzing with anticipation. Will BTC reach the coveted $100,000 mark by inauguration day? Only time will tell, but all signs indicate that we’re in for an exciting ride!
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