Many analysts are not surprised by the recent price augment Bitcoin up to $80,000, given Donald Trump’s convincing victory in the recently concluded US national elections.
Some analysts and market observers are making even bolder predictions, fueled by rumors about Bitcoin’s strategic reserve and possible approval Bitcoin Law.
Trading firm QCP is among analysts taking a bullish stance on cryptocurrencies, predicting that the largest digital asset will soon surpass $120,000.
QCP cites future President Donald Trump’s administration’s plan to create strategic BTC reserveand updated US inflation data, which are key factors affecting asset prices.
Favorable market conditions augment the price of Bitcoin
Bitcoin’s price rally continues this week, hitting another all-time high of $93,120, pushing the global cryptocurrency market capitalization to over $3 trillion.
The augment came after the US government released inflation data, with headline and core inflation coming in at 2.60% and 3.30%, respectively, in line with expectations.
Analysts are also confident of a potential 25 basis point interest rate cut after the December meeting of the Federal Open Market Committee. Many argue that the change in monetary policy is increasing optimism among risk-based assets, including Bitcoin.
Possible from PLN 100,000. up to 120 thousand dollars per BTC, says QCP
In a post on Twitter/X, QCP Trading predicts that Bitcoin could reach levels from 100,000. up to 120 thousand dollars. The post added that BTC price action is benefiting from the proposal to create a BTC strategic reserve and the government’s potential shift from gold to digital assets.
QCP: Given Bitcoin’s impressive rally since the US election, we think $100,000-$120,000 may not be too far off. Trump’s idea of launching a strategic BTC reserve and rotating from gold to BTC provides a robust narrative that keeps BTC prices stable.…
— Wu Blockchain (@WuBlockchain) November 15, 2024
However, QCP warns the industry against excessive leverage in altcoins. He added that perpetual financing rates have increased from 50% to 100%, mainly due to highly leveraged purchases.
This scenario increases the risk of a deleveraging event, putting downward pressure on prices.
Other analysts see BTC prices continuing to rise
In addition to QCP, several other analysts and financial institutions are examining Bitcoin’s bullish trend. Mateusz Sigel z VanEck is also hopeful about the direction of digital asset prices.
Since the election, Bitcoin’s price has increased by 30%, and based on VanEck’s proprietary metrics, the trend is likely to continue.
Sigel also noted favorable market sentiment towards Bitcoin, thanks to the re-election of Trump and other cryptocurrency-friendly figures. VanEck’s predictions show that the alpha coin could exceed 180,000 next year. dollars.
Rekt Capital shares VanEck’s perspective, suggesting that the asset has achieved “parabolic growth.” The market analyst further stated that this stage can last up to 385 days, creating plenty of opportunities for traders and investors to make profits.
Featured image from Pexels, chart from TradingView
