Bitcoin Price Surges to Record High as Bull Run Gains Momentum
On December 16, Bitcoin’s price soared over 2%, reaching an all-time high of approximately $106,535. The cryptocurrency’s rapid ascent comes amidst significant developments, including the inclusion of its largest corporate accumulator, MicroStrategy, in the Nasdaq 100 Index.
In 2024, Bitcoin has already gained a remarkable 136%, with more than half of its growth occurring after Donald Trump’s election victory on November 6. Market optimism surrounding pro-crypto policies and the introduction of blockchain-focused firms into mainstream Wall Street indices has further fueled bullish sentiment in both the short and long term.
Bitcoin’s Next Target: $120,000
Bitcoin’s ongoing bullish cycle could see its price climb to $120,000, according to veteran technical analyst Peter Brandt.
Brandt recently shared a technical chart on his X (formerly Twitter) profile, highlighting Bitcoin’s breakout from a classic bull flag pattern. A bull flag typically forms during a strong uptrend when the price consolidates in a rectangular range that slopes sideways or downward. The pattern resolves with a breakout above the upper trendline, often pushing the price higher by the length of the preceding rally.
As of December 16, Bitcoin appears to be in the breakout stage of this pattern. Brandt has identified $120,000 as the next likely target for Bitcoin’s upward momentum. Other analysts, such as CoinLupin from CryptoQuant, have echoed similar projections, setting year-end targets near the same level.
Fibonacci Extensions Suggest $155,500 Target
Historical trends and Fibonacci extension levels suggest Bitcoin’s price could rise even higher, potentially reaching between $150,000 and $154,000.
In previous market cycles, Bitcoin consistently surpassed the 1.618 Fibonacci extension level before advancing to the next major milestones, such as the 2.618 level and beyond. On December 16, Bitcoin’s price broke past the critical 1.618 level at around $102,000, signaling a potential move toward the 2.618 extension near $155,500.
Long-Term Outlook: Bitcoin at $800,000 by 2025
Analysts are even more optimistic about Bitcoin’s long-term trajectory. Some projections estimate the cryptocurrency could skyrocket to $800,000 by the end of 2025.
PlanB, the creator of the renowned stock-to-flow model, predicts that Bitcoin’s average price will reach $500,000 in 2025, with peaks potentially exceeding $1 million. Similarly, Perianne Boring, founder of The Digital Chamber, has expressed confidence in Bitcoin’s future growth. She attributes this to its limited supply and the potential for favorable regulatory policies under Donald Trump’s administration.
“If Trump successfully advances his pro-crypto proposals, Bitcoin’s potential is limitless due to its fixed supply,” Boring said during an interview with Fox Business.
Conclusion
Bitcoin’s ongoing rally and favorable market conditions have positioned it for significant price milestones. With bullish technical patterns, Fibonacci fractals, and influential market drivers, the cryptocurrency could soon surpass $120,000 and aim for even loftier targets like $155,500. Analysts’ predictions for 2025 only add to the excitement, with forecasts suggesting Bitcoin’s value could approach or even exceed $800,000.
As Bitcoin continues its rise, driven by institutional adoption and supportive policies, its capped supply and robust demand could redefine its place in the global financial ecosystem.
