According to reports, on December 17 Bitcoin (BTC) 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 space thanks to its strong bullish momentum, leading market watchers to wonder if it could soon break this record and hit a new all-time high. can reach
The reason behind the rise
- The rise in the price of Bitcoin has been driven primarily by institutional investment, as evidenced by large purchases of Bitcoin by companies such as MicroStrategy and Riot Platforms, which has boosted market confidence. In addition, incorporating microstrategy into Nasdaq 100 stock market index added to the optimism.
- Guard against inflation and economic uncertainty. The rise of Bitcoin has also been influenced by the state of the economy and politics. Speculation over potential federal bitcoin reserves and inflationary pressures has fueled investments as a hedge against economic volatility.
- Developments in technology and network improvements. With the help of network improvements and technical breakthroughs, Bitcoin’s technical indicators have demonstrated strong bullishness. Analysts expect more expansion from higher lows and the development of bullish patterns indicates a longer-term uptrend.
Bitcoin price prediction
After reaching a high of $107,756.83 on December 17th, Bitcoin is currently up, up 1.74% over the past day and up 10.83% over the past week. Earlier this month, it touched a record high of $100,000 and has gained 18.41% over the past 30 days.
Chart showing BTC It reached a high of $107,756.83 on December 17, 2024, based on TradingView.com.
According to analysts, BTC’s rise to a new ATH was driven by a series of short liquidations. With investor sentiment supporting Bitcoin, it’s no wonder that the price of BTC is rising these days.
But can btc Set a new record high again soon? Analysts and market watchers argue that this could set 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 new boost to the cryptocurrency market. This combination of favorable market conditions and political changes suggests that Bitcoin may soon break new records.
Could Bitcoin Record a New ATH With Rising Interest?
The most popular cryptocurrency, BTC, hit a new all-time high of $107,756.83 on December 17. This has market watchers wondering if it will set a new benchmark soon. Analysts argue that with a possible bull run and Trump’s upcoming term in January 2025, Bitcoin could soon set a new record value.
Featured image from Pixabay, chart from TradingView
