Coinspeaker Bitcoin Price Hits All-Time High of $108,000: Analysts Predict Further Gains
Bitcoin has continued its bullish trajectory as the digital asset hit a new all-time high of $108,000 on Tuesday. The new milestone set by the coin has led to many predicting that there is still more to come, saying that the bullish momentum isn’t over yet.
Bitcoin has stayed above $100,000 in recent days, showing growing confidence in the coin. Ash Crypto, a popular crypto commentator on X, predicts BTC price could reach $150,000 to $200,000, although price action reveals a bearish divergence in the RSI that could send the price down in the short-term.
Ash noted that a similar pattern occurred in the 4th quarter of 2023, and instead of BTC’s to drop, it went high. Ash believes this pattern could repeat itself, with Bitcoin’s price climbing despite these warnings.
Michael Van De Poppe predicted several digital currencies would spike in the ongoing cycle. He stated he wouldn’t be surprised if BTC reaches $300,000 in this cycle, comparing the current market momentum to that of 2017, with significant price growth and upside potential.
Bitcoin’s Bullish Momentum Fueled by Market Sentiment and Growing Demand
The Crypto Fear and Greed Index currently reads 87, which means the market is experiencing extreme greed. This has led to a rise in FOMO (Fear of Missing Out), and could drive further buying activity and push Bitcoin’s price higher.
CryptoQuant, an onchain data page on X, revealed that as the price of Bitcoin rallies up, buying activity in the spot market has also increased. While trading in futures has slowed, demand in the spot market is increasing, pushing Bitcoin’s price up.
Spot Market Demand Takes the Lead as Bitcoin Continues Its Upward Momentum
“While futures market activity has declined, spot market demand continues to increase. This suggests that speculative excess in the futures market is cooling, while buying pressure in the spot market is… pic.twitter.com/M4o4TsG02V
— CryptoQuant.com (@cryptoquant_com) December 17, 2024
Political Moves and Global Support Could Propel Bitcoin’s Growth
The victory of Donald Trump as the next US President for the second time has been a major catalyst in the bullish trajectory of BTC. During recent campaign appearances, Trump has made statements supporting cryptocurrency adoption, including discussions about potentially establishing a national Bitcoin reserve.
Crypto insiders suggest such a move could involve executive actions to purchase Bitcoin using existing government funds, potentially adding new legitimacy to the digital asset.
European lawmaker Sarah Knafo has called for a Bitcoin strategic reserve in the EU. Knafo rejected the idea of a digital euro, instead advocating for an EU strategic national reserve for Bitcoin.
Bitcoin reserves in the European Union and the US could encourage more countries to accumulate the digital currency in large quantities. Furthermore, this could reduce the stringent regulations that have hindered the digital asset’s usage and acceptance over time, potentially driving the token to unprecedented highs.
Bitcoin’s Integration into Traditional Financial Markets
Beyond individual and governmental interest, Bitcoin’s integration into traditional financial markets continues to advance. MicroStrategy has seen almost $11 million invested by retail investors, nearly tripling the daily average inflow for the year.
This increased investment followed the company’s inclusion in the Nasdaq-100 index, which is likely to attract additional institutional investors as Bitcoin’s influence expands beyond the cryptocurrency sphere.
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Bitcoin Price Hits All-Time High of $108,000: Analysts Predict Further Gains
