- BTC crossed the $100K and hit an ATH of $104K.
- Analysts predicted BTC could soar beyond $110K, but a pullback to $85K was also likely.
As a seasoned crypto investor with a decade of experience under my belt, I must admit that the recent surge of Bitcoin to $104K has left me somewhat speechless but equally exhilarated. The rapid rise following Jerome Powell’s comments was an unexpected yet welcome surprise in the ever-volatile world of cryptocurrencies.
On the 5th of December, during the early trading session in Asia, Bitcoin surpassed the $100,000 mark, which appears to have been influenced by a recent remark made by Federal Reserve Chair Jerome Powell.
During an interview with The New York Times, Powell expressed that Bitcoin (BTC) serves as a rival to gold rather than the United States dollar. In simpler terms, he was suggesting that BTC’s main competition is not the U.S. dollar but the traditional role of gold as a store of value.
Individuals often employ Bitcoin as a speculative investment, similar to gold, except that it exists virtually. Unlike the dollar, Bitcoin doesn’t compete with it directly, but rather, it serves as an alternative to traditional gold investments.
Approximately a few hours following Powell’s remark, Bitcoin (BTC) experienced a spike in value from $97,000 to an unprecedented peak of $104,000 – marking a new record high. This surge has boosted its total gains since the U.S. elections in November to more than 50%.
What’s next for BTC?
Regarding this topic, SwissBlock – a cryptocurrency research entity – admitted they didn’t anticipate such an influence from Powell, yet they warmly welcomed it for digital assets. In simpler terms, they were surprised and pleased by Powell’s impact on the crypto world.
What a joyful $100,000! Certainly, we didn’t anticipate Federal Chair Jerome Powell boosting Bitcoin in our predictions. Our immediate goal now is to reach $105,000.
In response to your query, Arthur Azizov, CEO of B2BINPAY (a comprehensive crypto platform for businesses), shared with AMBCrypto that the surge in crypto prices might be connected to Donald Trump’s nomination of pro-crypto candidate Paul Atkins as SEC chairman.
Azizov added that BTC may consolidate at $100K before a pullback to $85K.
It’s my view that the value of Bitcoin may stabilize around $100,000 for a while, and then it might decrease to four-digit figures. The price could drop down to approximately $85,000 in the upcoming months.
Crypto research firm Presto Research also cautioned that the rally could attract profit-taking.
Furthermore, the research company pointed out that the $100K figure might stimulate greater interest from institutional investors.
It seems likely that Bitcoin could experience another price surge, since once it surpasses the $100,000 mark, it may attract even greater interest from the general public, revealing hidden demand.
Now, what are BTC’s next key levels?
According to predictions made by CryptoQuant’s Ki Young Ju, considering the realized cost basis, Bitcoin might reach $146,000 as its peak for this cycle and $112,000 as its estimated year-end value.
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2024-12-05 19:03