New Record High
On December 16th, Bitcoin’s price jumped by over 2%, reaching a new record high of approximately $106,535. This significant increase is part of an ongoing price boom that shows no signs of slowing down.
MicroStrategy Joins the Nasdaq 100 Index
The top accumulator in Bitcoin, MicroStrategy, has entered the Nasdaq 100 Index. This development has fueled both short-term and long-term bullish sentiment as expectations of pro-crypto policies and the inclusion of crypto-focused firms in major Wall Street indices continue to drive market momentum.
Bitcoin’s Price Surge: A Bullish Trend Continues
Bitcoin has surged by over 136% in 2024, with more than half of these gains coming after Donald Trump’s election victory on November 6th. The anticipation of pro-crypto policies and the inclusion of crypto-focused firms in major Wall Street indices have fueled both interim and long-term bullish sentiment.
Veteran Analyst Projects $120,000 Price Target
Peter Brandt, a veteran analyst, believes that Bitcoin’s current bull cycle may continue towards $120,000. In a technical setup shared on his X handle, the chartist showed Bitcoin breaking out of what appears to be a bull flag pattern.
BTC/USD Daily Price Chart
[Image description: BTC/USD daily price chart from TradingView]
Bull flags form when the price consolidates inside a sideways or downward-sloping rectangle range after a strong price rally, resolving when it breaks above the flag’s upper trendline and rises by as much as the previous uptrend’s height. As of December 16th, BTC’s price was entering the breakout stage of the bull flag pattern, with Brandt projecting $120,000 as the next likely upside target.
Multiple Analysts Project Similar Price Targets
In the past, multiple analysts have projected similar year-end targets for Bitcoin, including CryptoQyant’s CoinLupin. Fibonacci fractals also suggest that Bitcoin could reach $150,000–$154,000 based on its historical performance and extensions.
BTC/USD Weekly Price Chart
[Image description: BTC/USD weekly price chart from TradingView]
As of December 16th, Bitcoin surpassed the 1.618 Fibonacci extension level at approximately $102,000. The breakout suggests that the next major milestone could be the 2.618 level near $155,500.
Analysts Project $800,000 Price Target for 2025
Bitcoin’s price could reach $800,000 by the end of 2025, according to analysts’ projections based on its capped supply and favorable policy outlook. PlanB, creator of the popular stock-to-flow model, predicts Bitcoin’s average price will reach $500,000 in 2025, with potential highs of $1 million.
Favorable Policy Outlook Drives Market Momentum
Perianne Boring, founder of The Digital Chamber, echoed this optimism, citing the stock-to-flow model and the possibility of pro-crypto policies under Donald Trump. According to Boring, if Trump is successful in advancing his proposals for the crypto community, "the sky is the limit because Bitcoin has a fixed supply."
Related: 2025 ‘Demand Shocks’ Will Spike Bitcoin’s Price
The stock-to-flow model suggests that Bitcoin’s market cap could climb from $2 trillion to $15 trillion, driving its price towards $800,000. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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