Introduction
Bitcoin has reached a new record high of $107,000. This milestone comes after it regained the key $100,000 level. On December 15, 2024, Bitcoin’s price climbed to $107,172 on Coinbase, a top U.S.-based exchange. The surge was driven by major institutional buying and positive market news.
MicroStrategy Pushes Bitcoin Higher
MicroStrategy, the world’s biggest corporate Bitcoin holder, made a big purchase. The company bought another 15,350 BTC for about $1.5 billion. This increased its total holdings to 439,000 BTC. As Bitcoin’s price rose, MicroStrategy’s stock price also jumped. The company’s shares gained 6.5% in pre-market trading. This highlights the strong link between Bitcoin’s success and investor trust in MicroStrategy.
Bitcoin’s Journey to $107K
Earlier, Bitcoin crossed $104,000 on December 5, 2024. However, it faced resistance as investors sold to take profits. The price then dropped to $97,044 and stayed there for over a week. On December 15, the bulls regained control. Positive comments from U.S. president-elect Donald Trump gave the market a boost. This helped Bitcoin climb past its previous high to reach $107,000.
Source: tradingview.com Bitcoin Strengthens Against Gold
Bitcoin is not only rising in price but also gaining strength against gold. Trader Peter Brandt pointed this out on X.
It is now official. The Bitcoin/Gold ratio has now posted a new ATH. Next stop will be 89 to 1 — it will require 89 ounces of Gold (purchased at a rip-off premium from Shifty-Schiff SchiffGold @PeterSchiff) to buy a single Bitcoin. pic.twitter.com/PZnIQ81zwW
— Peter Brandt (@PeterLBrandt) December 16, 2024
The Bitcoin-to-gold ratio has now hit 39. This means it takes 39 ounces of gold to buy 1 BTC. Brandt believes the next major resistance could be 89. If true, this shows Bitcoin’s growing value compared to gold. At the time of writing, gold traded at $2,731.30 USD per ounce.
Spot Bitcoin ETFs See Strong Demand
Spot Bitcoin ETFs are also helping Bitcoin rise. These funds saw five straight days of inflows. Between December 9 and December 13, they brought in a total of $2.17 billion. Analysts say ETFs make it easier for big investors to buy Bitcoin. This growing demand has been a major driver of Bitcoin’s recent surge.
Trump’s Crypto Support Adds Momentum
Donald Trump’s positive stance on crypto is another key factor. As the incoming U.S. president, Trump has shared pro-crypto views. This has boosted investor confidence. Trump’s leadership could bring clearer regulations for the crypto market. Experts believe this would help Bitcoin and other cryptocurrencies grow even more.
What’s Next for Bitcoin?
Bitcoin’s rise past $107,000 is a major milestone. Analysts now expect the price to target $110,000 next. If ETF demand and institutional buying stay strong, Bitcoin could climb higher. Its growing strength against gold also highlights its value as a “store of wealth.”
Conclusion
Bitcoin’s surge to $107,000 reflects strong investor trust and rising demand. MicroStrategy’s major purchase, spot ETF inflows, and Trump’s support all added to this rally. With the next target set at $110,000, Bitcoin’s momentum shows no signs of slowing down.
The post Bitcoin Breaks Record Targets $110K Next first appeared on The VR Soldier.
