On Dec. 5, Bitcoin (BTC) passed the $100,000 mark, made possible by a string of good events this year. Due to the cryptocurrency’s rise, Standard Chartered predicts BTC could reach $200,000 by the end of 2025.
At the time of writing, the market value of the world’s biggest digital asset was more than $2 trillion. It has now reached the six-figure price range. This rise is due to former President Donald Trump’s recent win in the U.S. presidential election. Since November 5, Bitcoin has gone up an impressive 48%.
Earlier today, Geoff Kendrick, an analyst at Standard Chartered, stated how the bank’s $200,000 target for Bitcoin at the end of 2025 is not only possible but achievable.
The analyst added, “We would turn even more bullish if BTC saw more rapid uptake by U.S. retirement funds, global sovereign wealth funds, or a potential US strategic reserve fund. 2025 we expect institutional flows to continue at or above the 2024 pace. MicroStrategy is running ahead of its USD 42 billion three-year plan, so its purchases in 2025 should match or exceed its 2024 purchases.”
ARK Invest CEO Cathie Wood expressed that although Bitcoin is over the $100,000 mark, the journey is still in the ‘early innings of its potential.’ On X, Wood expressed enthusiasm for potentially having Paul Atkins, an outspoken pro-crypto figure, named the next U.S. Securities and Exchange Commission (SEC) chairman.
Great day for #bitcoin and digital property rights! Incoming SEC Chairman Paul Atkins will free digital assets from Gary Gensler’s chokehold and protect private property rights in the digital world.
— Cathie Wood (@CathieDWood) December 5, 2024
Wood continues that Federal Reserve Chair Jerome Powell’s recent remarks likening Bitcoin to a digital version of gold will influence the comments made by Huwiler and Goldman Sachs Bank USA. She also drew the analogy between Bitcoin and gold, pointing out that although gold’s total market cap is much larger, Bitcoin can close that gap.
Is Bitcoin’s Bull Run On The Horizon?
While Bitcoin performed well this year, many investors who remained on the sidelines might have missed their window. But new data suggests there is plenty of room for substantial growth.
A report shows that institutional inflows broadly drive the ongoing crypto bull market, and retail investors have yet to participate fully. According to analysts, Bitcoin may break the $100,000 level and channel retail buyers into the market, multiplying the ongoing rally.
In a recent analysis, CryptoQuant forecasted that Bitcoin’s price could shoot as high as $146,000 in this cycle.
Bitcoin Price Analysis
As of yesterday’s recent Bitcoin spike, the party was short-lived, as the cryptocurrency fell sharply to a daily bottom of $90,500. However, BTC recovered near the close of trading, settling above $96,900.
The daily Relative Strength Index (RSI) is 64, below the oversold threshold of 70. This indicates that the bullish momentum has weakened, which, with a trader’s caution, might be a signal.
If Bitcoin’s price continues to trend downward, it may extend its correction further and test the critical $90,000 support level. Conversely, a bullish uptick could see the cryptocurrency shooting back and hitting a new all-time high, surpassing its previous $104,088 peak.
Currently, Bitcoin shows signs of stability at just over $98,066, which shows a decrease of 4.46% in 24 hours.
