Bitcoin Price Breaks $106K Barrier Amid Surging Institutional Interest
Highlights:
- Bitcoin price has broken above $106,000, and market participants predict the token could reach $110,000 before the end of this year.
- Bitcoin has retraced slightly, boasting approximately $105,000 when drafting this write-up.
- A renowned market expert suggests BTC’s ascent to $120,000 will happen soon. He spotlighted several factors to back up his claims.
Around the early hours of December 16, Bitcoin’s monstrous rally saw the token establish a new all-time high at $106,352. The newly established peak level implies that the world’s most valuable cryptocurrency can breach the $110,000 mark before this year elapses.
#Bitcoin broke out from the ascending triangle & pushed back into price discovery!
Next target: $130,000.
Let's roll. pic.twitter.com/QVMo2vtmzx
— Jelle (@CryptoJelleNL) December 16, 2024
Describing Bitcoin’s meteoric rise, the renowned on-chain analytical intelligence firm Santiment noted that BTC’s remarkable price actions stemmed from spikes in the number of wallets holding Bitcoin. The on-chain crypto transactions tracker stated, “Bitcoin has climbed to $106.5K for the first time in its 16+ year history. Since the bull rally began on October 10, there has been a net increase of 1,582 more wallets that hold at least 100 BTC.”
On a shared chart, Santiment simplified its analysis, stating that the number of wallets holding over 100 BTC increased from 16,062 to 17,644 in nine weeks. The increment represented a 9.9% jump in wallet numbers, which resulted in Bitcoin appreciating by approximately 77% in the short timeframe.
🥳 Bitcoin has climbed to $106.5K for the first time in its 16+ year history. Since the bull rally began back on October 10th, there has been a net increase of 1,582 more wallets that hold at least 100 BTC, a jump of +9.9% more wallets in the relatively short period of time! pic.twitter.com/261LfRd776
— Santiment (@santimentfeed) December 16, 2024
Bitcoin’s Price Actions Display Slight Retracement
At the time of writing, Bitcoin is changing hands at about $105,079, reflecting a 3% upswing in the past 24 hours. BTC’s price level implies that the token has retraced slightly, which resulted in Bitcoin’s market capitalization dropping from about $2.1 trillion to about $2.081 trillion.
It is worth noting that in a 24-hour timeframe, Bitcoin fluctuated between $101,592 and $106,352, implying a significant rally in the short interval. Moreover, Bitcoin’s 24-hour trading volume increased by about 65.25%, boasting roughly $63.52 billion in valuation.
Analyst Spotlights Why Bitcoin Will Hit $120,000 Soon
In a recent tweet, market chartist Ash Crypto asserted that he envisages Bitcoin’s surge to $120,000 happening within this week. Notably, the analyst highlighted several reasons to back his claims. He spotlighted Donald Trump’s Strategic Bitcoin Reserve (SBR) initiative for the United States treasury as one of the driving factors.
Ash Crypto stated:
“Donald Trump confirmed the U.S. Bitcoin Reserve plan. Bitcoin will skyrocket once Trump takes office, and we see solid initiatives in building the SBR. But the optimism about it can drive the price of bitcoin higher.”
Still on the SBR growing momentum in the United States and other countries, Ash Crypto noted that some U.S. regions, including Pennsylvania and Texas, are already seriously pushing for States-based SBRs. Similarly, nations like Canada, Russia, Japan, Switzerland, and Argentina have started pushing for similar initiatives.
Another factor spotlighted in the analyst’s post was the rate cut. According to him, there is a 97% chance of a 25bps rate cut this Wednesday following the Federal Open Market Committee (FOMC). Aside from the FOMC, Ash Crypto noted that the European Central Bank (ECB) and the Swiss Central Bank (CB) had already announced low rates.
In conclusion, the analyst spotlighted Bitcoin’s soaring institutional investor interests. He stated that MicroStrategy’s Michael Saylor has maintained his massive BTC procurements with no signs of relenting. Aside from the investment firm, mining outlets, including MARA Holdings, Riot, and Hut 8, are also accumulating BTC. Ash Crypto added that such acquisitions would result in Fear of Missing Out (FOMO) syndrome kicking off soon.
Why I think #BITCOIN can hit $120,00
this week.Just 30 minutes before the weekly
candle closed, Bitcoin soared to a
new all-time high of $105,250And I think $BTC can hit $120k this
week. Here's why:1. Donald Trump confirmed the U.S. Bitcoin Reserve plan. Bitcoin will… pic.twitter.com/1K3meXajvW
— Ash Crypto (@Ashcryptoreal) December 16, 2024
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Chinedu Agbakwusi
Chinedu Agbakwusi is a news writer and editor for Crypto2Community. He is a crypto enthusiast with vast experience across several crypto-related projects and platforms. Chinedu has been following the development of the crypto market for several years, and he is optimistic about its potential to democratise the global financial system. He hopes to be a reliable plug for reporting trends and breaking down complex concepts to his readers. Agbakwusi's previously written for several crypto news including Times Tabloid, UPay, while also contributing over the years to many others leading media publications.
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