According to reports, on December 17, Bitcoin (BTC) hit a new all-time high (ATH) of $107,756.83 before falling to $106,657.32 at the time of writing. It continues to rule the cryptocurrency field thanks to its strong bullish momentum, which has market watchers wondering if it could soon shatter this record and reach a new all-time high.
Reasons Behind the Rise
- The price surge of Bitcoin has been largely driven by institutional investment, as evidenced by the large purchases of Bitcoin by companies such as MicroStrategy and Riot Platforms, which have increased market confidence. In addition, the inclusion of MicroStrategy in the Nasdaq 100 stock market Index has further fueled optimism.
- Take precautions against inflation and economic uncertainty. The state of the economy and politics has also had an impact on the rise of Bitcoin. Speculation over potential federal Bitcoin reserves and inflationary pressures have led to a rise in investments as a hedge against economic instability.
- Developments in technology and network enhancements. With the help of network improvements and technological breakthroughs, Bitcoin’s technical indicators have demonstrated robust bullish momentum. Analysts anticipate more expansion since higher lows and the development of bullish patterns indicate a long-term upward trend.
Bitcoin Price Prediction
After reaching a high of $107,756.83 on December 17, Bitcoin is currently rising, rising 1.74% in the previous day and 10.83% in the last week. Earlier this month, it reached a record high of $100,000 and had an 18.41% increase over the previous 30 days.
Chart illustrating BTC reaching an all-time high of $107,756.83 on December 17, 2024, based on TradingView.com
According to analysts, BTC’s surge to a new ATH was driven by a series of short liquidations. With the increasing investor sentiment backing Bitcoin, it’s no surprise that BTC’s price is soaring these days.
But can BTC set a new record high again soon? Analysts and market observers debate that it could hit another new record as the anticipated bull run looms on the horizon. Additionally, President-elect Donald Trump’s return to the White House in 2025 and his pro-crypto stance could also bring a fresh boost to the cryptocurrency market. This combination of favourable market conditions and political shifts suggests Bitcoin could soon break new records.
Can Bitcoin Record A New ATH With Growing Interest?
The most well-known cryptocurrency, BTC, reached a new all-time high of $107,756.83 on December 17. This has market watchers wondering if it will soon set a new milestone. Analysts argue that with the expected bull run and Trump’s forthcoming term sets in January 2025, Bitcoin may soon set a new record price.
Featured image from Pixabay, Chart from TradingView