The data shows that BTC is expected to reach $100,000 by 2025.
BTC (BTC) has recently hit a new high in the past few days, and many users predict that the largest cryptocurrency in the market may reach a milestone of $100,000 by the end of 2024. According to the latest data from the event contract market, 60% of users believe that BTC will reach this milestone before January, while 45% of users believe it can reach this level as early as November.
Since the US presidential election on November 5th, BTC has surged by more than 28%. The election results are seen as favorable to Crypto Assets, especially as President-elect Donald Trump has expressed support for the industry and hinted at implementing more favorable regulations. Analyst Mike Colonnese commented on the current market situation, saying that strong positive sentiment may continue until 2025, and we expect the BTC price to reach six figures by the end of this year.
The analyst further pointed out that after Trump officially announced his victory in the election, BTC broke through its historical high point in the early hours of last Wednesday and is currently in a "price discovery" phase. He believes that the combination of market enthusiasm and regulatory optimism may continue to maintain the rise trend of BTC, attracting new investors and consolidating its position in the financial sector by the end of 2024.
Solita Marcelli emphasized this point in a report to clients on Tuesday. She said, 'We still consider encryption assets as speculative transactions rather than strategic investments in our portfolio.' Marcelli is skeptical of the potential for digital assets to make significant progress in disrupting the real world and points out that they tend to increase portfolio volatility.
UBS emphasized that since 2014, Bitcoin has experienced three major drops of more than 70%, with an average recovery period of three years.
On the positive side, other cryptocurrencies, such as Ethereum (ETH), Solana (SOL), and even DOGE (DOGE), experienced a pump on Wednesday. After Trump announced that Tesla CEO Elon Musk and former Republican presidential candidate Vivek Ramaswamy would lead the newly established "Department of Government Efficiency" (cleverly abbreviated as DOGE), DOGE surged significantly.
However, encryption-related stocks did not follow the bullish trend of Bitcoin. Stocks such as COIN and HOOD took a breather after a recent pump, with C.b's stock price falling by about 2% on Wednesday, while R.b.h remained largely unchanged.
After hitting a historical high of $93,000 on Wednesday, BTC has dropped to the level of $90,350, but still pumped 20% this week.
(Data Source: Ronaldo Marquez)
