bitcoin
Bitcoin (BITCOIN)
$96,215 -0.21%
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BNB (BINANCECOIN)
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solana
Solana (SOLANA)
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ripple
XRP (RIPPLE)
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pepe
Pepe (PEPE)
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bonk
Bonk (BONK)
$0.000017 -1.31%
bitcoin
Bitcoin (BITCOIN)
$96,215 -0.21%
ethereum
Ethereum (ETHEREUM)
$2,630 -0.06%
binancecoin
BNB (BINANCECOIN)
$618.47 -1.53%
solana
Solana (SOLANA)
$199.76 1.35%
ripple
XRP (RIPPLE)
$2.41 -0.57%
shiba-inu
Shiba Inu (SHIBA-INU)
$0.000016 -1.01%
pepe
Pepe (PEPE)
$0.000009 -2.39%
bonk
Bonk (BONK)
$0.000017 -1.31%
bitcoin
Bitcoin (BITCOIN)
$96,215 -0.21%
ethereum
Ethereum (ETHEREUM)
$2,630 -0.06%
binancecoin
BNB (BINANCECOIN)
$618.47 -1.53%
solana
Solana (SOLANA)
$199.76 1.35%
ripple
XRP (RIPPLE)
$2.41 -0.57%
shiba-inu
Shiba Inu (SHIBA-INU)
$0.000016 -1.01%
pepe
Pepe (PEPE)
$0.000009 -2.39%
bonk
Bonk (BONK)
$0.000017 -1.31%
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Bitcoin Price Prediction: BTC Eyes $110k as It Makes New All-Time Highs

Highlights:

  • Bitcoin makes a new all-time high of $106,614.66
  • This points to rising demand for Bitcoin in the short term
  • Rates cut, and the expectation of Bitcoin reserve could pave the way for new highs

Bitcoin is starting the week trading at new all-time highs, a signal that bullish momentum is rising. In the last 24 hours, Bitcoin has hit a high of $106,614.66. At the time of going to press, Bitcoin was trading at $104, 536.19. This is a minor correction from the new all-time high, but Bitcoin is still up by 2.08% in the day.

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Trading volumes have also shot up in the day, up by 68% to hit a high of $65.49 billion. This indicates that after making a new all-time high, investor interest in Bitcoin has also shot up. Investors could be rushing in to buy Bitcoin, expecting a new rally.

US Accelerates Plans for a Bitcoin Reserve

Expectations of a parabolic price move for Bitcoin are not without basis. A lot is happening within Bitcoin that could push the price to new highs. One of them is the fact that the US could be about to set up a Bitcoin reserve. When asked about this reserve, President-elect Donald Trump said that the aim is to give the US an edge over rivals such as China. 

Already, Republican Senator Cynthia Lummis has put the process in motion with a bill titled Boosting Innovation, Technology and Competitiveness Through Optimized Investment Nationwide (BITCOIN). If it goes through, the US will buy a million Bitcoins in the next 5 years. The idea will be to use Bitcoin as a tool to cut down the US $35 trillion debt.

Russia Considering a Bitcoin Reserve

It is not only the US that is in the race to create a Bitcoin reserve. Russia is also said to be in the process of creating a Bitcoin reserve. Speculation for such a reserve has grown after the Russian president came out in praise of Bitcoin. He sees it as a way to shore up his country’s reserves after the ones it had were taken following the invasion of Ukraine. This rush by countries to create a Bitcoin reserve could trigger a major price rally for Bitcoin, given that it has a finite supply.

Possible Rate Cuts Coming Up In the US This Week

Bitcoin price is also boosted by the fact that markets are expecting a rate cut later this week. If the Fed moves to cut rates as expected, then it would mean that investors would have more money to spend on high-risk assets. With the momentum that Bitcoin has built so far, Bitcoin could take a significant amount of the money that could flow into the financial markets. This puts it on course for a parabolic rally that could pave the way for prices as high as $200k in the short term.

There is also the fact that Wall Street is increasingly buying up Bitcoin. The number of major institutions buying Bitcoin or considering buying is on the rise. BlackRock, an influential Wall Street institution has already recommended a 1 – 2% Bitcoin allocation and a lot of institutions could take this as a cue to buy Bitcoin.

Technical Analysis – Bitcoin Price Paves the Way for New Highs

From the charts, it is clear that Bitcoin FOMO is on the rise. Bitcoin has in the last 24 hours rallied through $104,080 which was its recent all-time high that was acting a psychological resistance level.

Bitcoin Price
Source: TradingView

Now that this level is broken, Bitcoin price could be on its way to making new highs in the short to medium term. If the current price momentum sustains, Bitcoin could rally to $110k soon and potentially to $200k or higher as the bull run progresses.

A Recap on Bitcoin Price

Bitcoin price has made new highs in the last 24 hours. There are multiple factors that could drive the price through this demand level. Key among them is them is the potential for a US Bitcoin reserve and the fact that Wall Street is starting to FOMO on Bitcoin.

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