Forecasts on the price of Bitcoin They have been fulfilled over time. The token that was worth a few dollars a few years ago has now reached $100,000although it has fallen below that level. But what factors have led to this and what else can we expect for it and the rest of the cryptocurrencies?
One of the great catalysts for this has been the rally alcista in which Bitcoin and the rest of the cryptocurrencies have been immersed since the victory in the presidential elections by Donald Trump. Its friendly policy towards the sector and the departure of Gary Gensler from the presidency of the US Securities and Exchange Commission have brought unusual optimism.
Prior to this great catalyst was the launch of Bitcoin spot ETFs at the beginning of the year, which has brought the cryptocurrency closer to large investors who do not understand much about this new financial technology. But it allows them to gain exposure without subjecting themselves to the risks inherent to the crypto market.
If we talk about large investors we have Michael Saylor, CEO of Microstrategy-Ahas been one of the great promoters of Bitcoin with a large investment in the firm’s coffers. Without forgetting that some states in the US plan to incorporate Bitcoin as an asset into public funds.
In a recent interview with Fox Business, Saylor said that Bitcoin’s market cap will be $280 trillion by 2045. It is currently approximately $2 trillion. He even expects the price to skyrocket to $13 million.
In addition, he has noted that many investors are exiting traditional assets in favor of Bitcoin, considering it a viable global asset with which to confront inflation. Remember that Bitcoin has been considered digital gold due to its possible ability to be a safe haven asset.
But he is not the only one who is optimistic about Bitcoin after this milestone, Geoffrey Kendrick de Standard Chartered, has pointed out on Benzinga that “the price of bitcoin in BTC could reach the impressive figure of $200,000 by the end of 2025driven by increased institutional inflows and greater adoption by traditional financial institutions.”
Kendrick has highlighted strong institutional demand. “Institutional inflows into bitcoin have dominated 2024, with net purchases reaching 683,000 BTC so far this year,” Kendrick said. “We believe these flows will continue at or above this pace in 2025, driven by regulatory changes and the growing share of traditional finance.”
Impact on the rest of the market
This movement has also brought joy to the rest of the market, as you know a positive movement for Bitcoin carries the same trend for the rest of the crypto market. Let’s see some examples.
Ethereum It gained 2%, according to Bitcoin.com News, reaching a daily peak of $3,961 on December 5. However, it has remained on the verge of exceeding the ceiling of $4,000.
The market capitalization of Ethereum is located in 468 billion dollarsrepresenting 12.8% of the crypto economy’s total valuation of $3.68 trillion. However, at its current price, it is 20% below its record high of $4,878, reached on November 10, 2021.
The price of Solana is breaking out of a bull flag on a daily chart, according to Crypto Daily’s Laurie Dunn. The bulls will need to keep the price above the flag’s upper trend line until the close of trading on Thursday for this breakout to be confirmed. The measured movement for the flag is $330.
If we refer to its pair against Bitcoindespite having lost 90% of its value compared to the aforementioned. This bull market has seen SOL post huge gains against BTC.
Las memecoins have not been exempt from the impulse and Shiba Inu has shown good behavior, according to Dunn’s analysis. The price has broken the ascending trend line and broken all highs except the last local high at $0.0000407. If the price can break the current resistance at $0.0000305 and consolidate above, the assault on the local high at $0.0000407 can begin.
However, it is worth noting that just as the entire market has risen, a bearish turn on Bitcoin will do the same for the rest of the market. We could even point out that it is like a thermometer which allows us to evaluate its direction and that of the rest, whether for better or worse.
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