As a seasoned analyst with over two decades of experience navigating the ever-evolving financial markets, I’ve witnessed numerous trends come and go. However, the meteoric rise of Bitcoin (BTC) to new all-time highs above $107,000 is nothing short of extraordinary.
Bitcoin has smashed past another record level with a surge to a new all-time above $107,000.
Following its recovery past the symbolic $100,000 mark, Bitcoin (BTC) continued to gain momentum and hit a peak of $107,172 on Coinbase, a U.S.-based crypto exchange. This new all-time high was achieved as the world’s largest Bitcoin holder increased its holdings by purchasing an additional $1.5 billion in BTC assets.
Bitcoin broke to above $104 on December 5, 2024.
Initially, profit-taking caused a drop in its value to $97,044, and it found difficulty regaining momentum for nine consecutive days. But on December 15, 2024, the bulls managed to push its price beyond its previous high, following positive remarks about it from U.S. president-elect Donald Trump.
The surge in Bitcoin’s value beyond $107k occurred when MicroStrategy purchased an additional 15,350 BTC, increasing their total holdings to 439,000. This increase in the Bitcoin price also set a new all-time high. In response, the stocks of MicroStrategy experienced a rise as well, starting with a 6.5% jump in pre-market trading.
The surge in Bitcoin’s value, forecasted by experts to potentially continue, also reached yet another substantial achievement.
On X’s latest post, experienced trader Peter Brandt pointed out that the Bitcoin-to-gold ratio hit a record high (ATH) of 39, meaning you would need 39 ounces of gold to purchase one Bitcoin. He predicts potential resistance at 89, suggesting Bitcoin might further outperform gold. At the moment of writing, gold was being traded at approximately $2,670.3 per ounce.
Elsewhere, spot Bitcoin exchange-traded funds have witnessed net inflow for five consecutive days.
From December 9th through December 13th, a total of $2.17 billion flowed into the market. With a U.S. administration likely to be more favorable towards cryptocurrencies taking office, factors like spot ETFs and clearer regulations are fueling optimism. This positive outlook has Bitcoin’s next potential price target set at $110,000.
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2024-12-16 20:42