The rise of bitcoin above $103,000 in December, the last month of an historic year for this asset is not surprising.
It’s no secret that the US launched its first bitcoin ETFs back in January, and Trump won his election a month earlier. Paul Atkins, who many consider to be a crypto-supporter, was appointed SEC Chair by the President-elect this past week. Fed Chairman Jerome Powell compared Bitcoin to Gold recently.
Gold’s current market capitalization is nine times greater than Bitcoin’s ($18T to $2T). “should offer additional insight into how much more room there is for bitcoin to grow from current levels,” Joel Kruger is the LMAX Group’s Market Strategist. He said so in an e-mail.
Momentum driving BTC past the psychological six-figure price mark can beget more momentum — albeit not without volatility.
“It not only validates the long-term belief of the community but also signals to institutions, corporations, sovereign funds, skeptics and sidelined investors alike that bitcoin has entered a new phase of adoption and recognition as a store of value and a transformative asset class,” According to Matt Mena, the 21Shares Crypto Research Strategist.
Bitcoin was down to $99,000 on Thursday at 3pm ET.
Mena said that the next key target was $110,000. Deribit’s data showed that most of the volume for Jan. 31 2025 contract call options is at this price.
BTC has a history of wild price swings, which industry observers have used to cool the most bullish of bulls.
Following the initial years of bitcoin’s existence, the path to $100,000 was marked by an ascent to $18,000 and a subsequent plunge to about $4,000 the next year. After a surge of nearly $70,000 by late-2021, the price plummeted to around $16,000.
Aurelie Barrow, Nansen Principal Research Analyst said the Trump Administration’s crypto-friendly Congress may not deliver as expected.
“He said” “Once we witness the first policies and decisions from the Trump Administration in January, there could be some risk of disappointed expectations, especially if the agenda prioritizes tariff and immigration-related policies first.”
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