On Thursday (December 5), bitcoin smoothly broke through $100,000, peaking at $103,925. However, the once-largest crypto exchange Mt. Gox awakened and dumped 24,052 bitcoins. An ancient whale that had been asleep for 11 years transferred 2,700 bitcoins and made a profit of over 15,000%.
On-chain data shows that the Mt. Gox exchange transferred 24,052 bitcoins to the new address 1N7jW...1u8Yp, with a total value of approximately $2.43 billion.
Lookonchain notes that a whale holding 2,700 bitcoins (worth $257.45 million) transferred all 2,700 bitcoins after being silent for 11 years.
The post states: "This giant whale received 2,700 bitcoins on December 21, 2013, when the price was $625.84."
So far this year, net inflows into U.S. bitcoin spot exchange-traded funds (ETFs) have exceeded $31 billion, while bitcoin's fourth halving in April led to a tightening of supply.
Donald Trump winning the U.S. presidential election in November, increasing speculation about bitcoin as a national strategic reserve, and the growing corporate adoption of bitcoin led by MicroStrategy CEO Michael Saylor have also driven up bitcoin prices.
Meanwhile, Trump recently nominated cryptocurrency advocate Paul Atkins to replace Gary Gensler as the chairman of the SEC, a move that could eliminate several regulatory hurdles that have hindered the development of the entire industry during the Biden administration.
Trump also selected hedge fund manager Scott Bessent and Cantor Fitzgerald CEO Howard Lutnick to serve as Secretary of the Treasury and Secretary of Commerce, respectively, forming the most pro-cryptocurrency cabinet to date.
Since January 1, the value of bitcoin has increased by 126%, with the trading price around $44,000 at that time.
Bitcoin Price Outlook
CoinTelegraph points out that the cryptocurrency market has entered the "banana zone," constantly setting new historical highs. As bitcoin enters the price discovery phase, no one knows what its peak price will be.
With the skyrocketing price of bitcoin, wild predictions are sure to multiply. However, some bold analysts dare to stake their reputations by setting specific target prices for bitcoin before the post-election price surge—even if they are wrong, they may face ridicule in the future.
On October 22, institutional market research firm Bernstein predicted that by the end of 2025, the price of bitcoin would reach $200,000. The report states that 2025 will mark the beginning of a "new institutional era" in the crypto market, with expectations that Wall Street will "replace Satoshi Nakamoto as the top bitcoin wallet" by the end of 2024.
Geoff Kendrick, global head of digital asset research at Standard Chartered, also believes that regardless of who wins the 2024 U.S. presidential election, the price of bitcoin could reach the $200,000 mark by the end of 2025.
Standard Chartered has maintained a price level of $200,000 since January 2024, when the ETF had not yet been approved. The expectations of institutional investors seem to be the driving factor behind this prediction. Regardless of where bitcoin's price ultimately falls, one thing is clear: it has reached another milestone, solidifying its status as the world's most valuable hard asset. It has surpassed silver and is now targeting gold.
