The recent surge in the price of Bitcoin to $80,000 has caught the attention of many analysts, who attribute it to Donald Trump’s victory in the US national elections. Some market experts are even more optimistic, predicting that Bitcoin could reach $120,000 soon, fueled by rumors of a Bitcoin strategic reserve and the potential approval of the Bitcoin Law.
One such bullish analyst is the trading firm QCP, which sees the incoming Trump administration, the proposed strategic BTC reserve, and updated US inflation data as key factors driving Bitcoin’s price. The favorable market conditions have contributed to Bitcoin’s price surge, with the cryptocurrency hitting an all-time high of $93,120 and the global market cap surpassing $3 trillion.
The release of US inflation data, along with expectations of a 25 basis point rate cut from the Federal Open Market Committee meeting in December, has boosted optimism among risk-based assets like Bitcoin. QCP Trading predicts that Bitcoin could reach $100,000 to $120,000, citing proposals for a strategic BTC reserve and a potential shift from gold to digital assets by the government.
However, QCP warns about excessive leverage in altcoins, noting that perpetual funding rates have increased significantly, which could lead to a deleveraging event and downward pressure on prices. Other analysts and financial institutions are also bullish on Bitcoin’s price trajectory, with VanEck’s Matthew Sigel projecting that the digital asset could surpass $180,000 next year.
Rekt Capital shares a similar outlook, suggesting that Bitcoin has entered a “parabolic upside” phase that could last up to 385 days, presenting opportunities for traders and investors to profit. Overall, the market sentiment towards Bitcoin remains positive, driven by factors such as the re-election of Trump and other crypto-friendly personalities. The future looks bright for Bitcoin as it continues its price surge in the crypto market.
