As a seasoned crypto investor with a decade of experience under my belt, I’ve seen my fair share of market ups and downs. The recent 10% weekly drop in Bitcoin’s price has certainly caught my attention, but it’s nothing new for me. Just like the rollercoaster ride during the dot-com bubble, the crypto market is known for its volatility. However, I remain optimistic about the long-term potential of Bitcoin, especially given the predictions by firms like Bitwise and VanEck for prices in the $180,000 to $200,000 range in 2025.
Since the rally following Donald Trump’s election victory, which propelled Bitcoin to surpass six figures, the digital currency has experienced its first substantial weekly price drop.
Over the past week, ending December 22nd, Bitcoin (BTC) experienced a decrease of approximately 10%. This decline resulted in a closing price of $94,645, representing a reduction of roughly $10,500 from its initial value of $105,185, as shown by TradingView data.
After the Federal Reserve’s Federal Open Market Committee reduced the anticipated number of interest rate decreases for the following year from five to two, having already made three consecutive cuts, autumn arrives.
In simpler terms, it’s possible that the federal funds rate might reach around 3.9% by 2025 instead of the previously forecasted 3.4%. This change could create a less advantageous economic climate for speculative investments such as Bitcoin.
For the past seven weeks following President Trump’s election, Bitcoin’s price had increased in six out of those seven weekly closing periods.
The only fall came in the week ending Nov. 24 when Bitcoin slightly retraced around 0.78% to $97,280, CoinMarketCap data shows.
Regardless of recent setbacks, investment firms Bitwise and VanEck anticipate that the value of Bitcoin will surge to between $180,000 and $200,000 by 2025. This potential growth might be driven by the establishment of a strategic US Bitcoin reserve, as well as increased institutional and corporate adoption.
Many experts predict a more accommodating regulatory landscape for cryptocurrencies, as crypto supporter Paul Atkins is poised to assume the role of Securities and Exchange Commission chair on January 20 – the same day Donald Trump’s second term begins.
Atkins previously served as an SEC commissioner between 2002 and 2008.
At the moment, Bitcoin is being traded at approximately $96,073, which represents a drop of nearly 11% compared to its record peak of $108,135 that was reached on December 17, as per TradingView’s data.
Last Christmas, the price of a single Bitcoin was roughly estimated at about $43,610, with traders discussing if regulatory approval for Bitcoin spot Exchange-Traded Funds (ETFs) would soon be granted.
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2024-12-23 07:47