Bitcoin hits a new all-time high of $104,000, driven by Trump’s pro-crypto policies, Bitcoin ETFs, and halving events. Learn why the rally is happening and what’s next.
Bitcoin has crossed the $100,000 mark, reaching a new high of $104,000. This milestone has pushed the cryptocurrency into uncharted territory. But why did this happen, and how does Donald Trump connect to the rally? Here’s everything you need to know about the bitcoin price surge and what could happen next.
Bitcoin Price Reaches New Record
On December 5, 2024, the Bitcoin price today hit $104,000, setting a new all-time high (ATH). This marked a significant 7.1% increase over the last seven days. The price is far above the 10-day moving average of $96,733 and the 50-day moving average of $82,331. With the RSI at 71, Bitcoin is close to being considered overbought, but excitement among holders remains high.
Trump’s Role in the Bitcoin Rally
Bitcoin’s price surge is linked to President-elect Donald Trump’s pro-crypto stance. Trump’s choice of Paul Atkins to lead the country’s regulatory body has been a game-changer. Atkins supports cryptocurrency and is replacing Gary Gensler, who had a stricter approach to the market.
Trump also nominated Scott Bessent as Treasury Secretary and Howard Lutnick as Commerce Secretary. Both are Bitcoin supporters. Bessent called Bitcoin “the future of money,” and Lutnick’s company, Cantor Fitzgerald, manages stablecoin reserves. These appointments have boosted confidence in Bitcoin and pushed the price of bitcoin to a new level.
Institutional Adoption on the Rise
The approval of Bitcoin ETFs earlier this year made it easier for large companies to buy Bitcoin. BlackRock CEO Larry Fink, once skeptical about Bitcoin, now calls it a “real financial tool.”This change in attitude has brought in billions of dollars from big players.
In previous years, Bitcoin rallies were mostly driven by regular buyers. Now, institutions like BlackRock and Fidelity are leading the charge. Their involvement has provided more stability and long-term interest in btc, which helps keep prices strong.
Bitcoin Halving Increases Scarcity
Bitcoin’s halving in April reduced mining incentives to 3.125 BTC per block. This event occurs every four years and decreases the number of new Bitcoins entering the market. The result is less supply, which increases demand and pushes prices higher.
Geoff Kendrick, a digital asset researcher at Standard Chartered, predicts Bitcoin could hit $200,000 by 2025. He believes the combination of reduced supply and growing demand will keep pushing Bitcoin’s value upward.
What to Expect Next
Bitcoin is approaching key price levels. Resistance is expected at $108,561 and $120,682. If Bitcoin breaks through these levels, prices could climb even higher. Support is strong at $75,559, providing a safety net for any short-term dips.
Trump’s pro-crypto government, combined with more interest from large players and the effect of halving, creates a strong foundation for future growth. Bitcoin is also benefiting from concerns about inflation and the declining value of traditional funds.
