The price of Bitcoin is back and trading above $95,000 after surging 2.70% from the previous day’s close. The asset’s recovery is a welcome development for holders and investors, who have witnessed a two-day decline, dipping to $90k on November 27th.
Bitcoin’s price surge happened after the market witnessed Tornado Cash’s major court victory. A US Appeals Court reversed a 2022 decision, saying that the Treasury Department acted beyond its authority when it imposed sanctions on the crypto mixing platform. Coinbase joined in the celebration over the court victory since it’s one of the crypto exchanges that supported Tornado Cash.
With the recent Tornado Cash court win and favorable macroeconomics, one analyst boldly offers a price prediction for Bitcoin. In a Twitter/X post on the Angry Crypto Show, Cardano’s Charles Hoskinson believes that the world’s top digital asset can hit $250,000 to $500,000 in 12 to 24 months.
BREAKING: #Cardano $ADA Founder Charles Hoskinson says “it is my belief that #Bitcoin will go to $250,000 to $500,000 within 12 to 24 months, because of inflows and interest. $BTC is the store of value for the Internet, and will remain in that role now that it has a DeFi layer.” pic.twitter.com/1txPQV61Nl
— Angry Crypto Show (@angrycryptoshow) November 26, 2024
Tornado Cash Court Victory Boosts Bitcoin Price
In a post by Paul Grewal at Twitter/X, Tornado Cash’s court victory was a “win for privacy.” Grewal reported that the Treasury Department’s sanctions on the crypto mixing platform were unlawful. He added that the recent court decision was a victory for the crypto sector and those supporting freedom.
Privacy wins. Today the Fifth Circuit held that @USTreasury’s sanctions against Tornado Cash smart contracts are unlawful. This is a historic win for crypto and all who cares about defending liberty. @coinbase is proud to have helped lead this important challenge. 1/6
— paulgrewal.eth (@iampaulgrewal) November 26, 2024
Tornado Cash’s victory is the latest in a string of wins for the crypto industry, which has helped push Bitcoin’s price up. The crypto sector is also anticipating the next moves of incoming US President Donald Trump, who is expected to adopt crypto-friendly policies.
Hoskinson Remains Bullish On BTC
For some analysts and observers, Bitcoin’s recent losses were just a retracement, and the bullish sentiment remains. For Cardano’s Charles Hoskinson, Bitcoin remains on the bullish trend, and he thinks that the asset’s price can increase to $250k and $500k in 12 to 24 months.
According to Hoskinson, a few factors help boost Bitcoin’s price stability. He mentioned that there is still a growing interest in Bitcoin as an asset. For example, MicroStrategy has been increasing its Bitcoin holdings.
Michael Saylor’s company currently holds $32 billion worth of BTC, and its market cap now exceeds $70 billion. Other countries are also interested in Bitcoin, with El Salvador being the top country outside the US in harnessing the asset.
Continuous Inflow And Interest Help Bitcoin
According to Hoskinson, Bitcoin remains bullish for him because of soaring interest and inflows. The Cardano founder says that Bitcoin remains a viable store of value, and it will continue this service now that DeFi is becoming more popular.
Recently, Cardano’s Emurgo shared that it’s developing a bridge in collaboration with BTCOS. According to Hoskinson, this new network will feature DeFi apps secured by Bitcoin. He added that developers can design Hybrid Cardano and Bitcoin apps in Aiken and pay fees in BTC.
Featured image from DALL-E, chart from TradingView