Many analysts were not surprised by the recent rise in gold prices Bitcoin To $80,000, given Donald Trump’s convincing victory in the recently ended US national elections.
Some analysts and market observers are making bolder predictions, fueled by rumors about the existence of a strategic reserve of Bitcoin and the possible approval of… Bitcoin law.
Trading firm QCP is one of those analysts taking a bullish stance on cryptocurrencies, predicting that the top digital asset will cross the $120,000 mark soon.
QCP cites incoming President Donald Trump’s administration plan to create BTC Strategic Reserveand updating US inflation data as important drivers of the asset price.
Favorable market conditions boost the price of Bitcoin
Bitcoin prices continue to rise this week, reaching an all-time high of $93,120, boosting the global cryptocurrency market value to over $3 trillion.
This rise comes at a time when the US government released inflation data, with the headline and core inflation numbers reaching 2.60% and 3.30%, respectively, in line with expectations.
Analysts are also confident of the possibility of a 25 basis point interest rate cut from the Federal Open Market Committee meeting in December. Many say the shift in monetary policy is boosting optimism among risk-based assets, including Bitcoin.
$100,000 to $120,000 for BTC is possible, says QCP
In a Twitter/X post, QCP Trading predicts that the price of Bitcoin could reach $100,000 to $120,000. The publication added that Bitcoin price movement benefits from proposals to create a strategic reserve for Bitcoin and the government’s potential shift from gold to the digital asset.
QCP: In light of Bitcoin’s impressive rally since the US election, our view is that $100,000-$120,000 may not be too far away. Trump’s idea of launching a strategic reserve of BTC and rotating from gold to BTC provides a powerful narrative that keeps BTC prices supported.
— Wu Blockchain (@WuBlockchain) November 15, 2024
However, QCP warns the industry against excessive leverage in altcoins. She added that permanent financing rates increased between 50% and 100%, primarily due to highly leveraged purchases.
This scenario increases the risk of a deleveraging event, putting downward pressure on prices.
Other analysts see a continued rise in Bitcoin prices
Aside from QCP, many other analysts and financial institutions are studying Bitcoin’s upside. Matthew Siegel Van Eyck He is also optimistic about the price trend of digital assets.
Bitcoin’s price is up 30% since the election, and based on VanEck’s ownership indicators, this trend is likely to continue.
Sigel also pointed to positive market sentiment toward Bitcoin, thanks to the re-election of Trump and other crypto-friendly figures. Based on VanEck’s predictions, Alpha Coin could reach $180,000 by next year.
Rekt Capital mirrors VanEck’s forecast, suggesting that the asset has entered a “parabolic uptrend.” The market analyst also stated that this phase can last up to 385 days, creating a lot of opportunities for traders and investors to make profit.
Featured image from Pexels, chart from TradingView
Comments are closed, but trackbacks and pingbacks are open.