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Market Cap
24h Vol
11975
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Bitcoin Share
Cryptopolitan 2024-12-11 21:55:55

Bitcoin retakes $100k after US inflation data and Trump’s promise to keep his eye on price

Bitcoin retakes $100k after US inflation data and Trump’s promise to keep his eye on price

Bitcoin has crossed the $100,000 mark again. Ethereum followed with a 4% rise, though it remains shy of the critical $4,000 resistance level. Crypto-linked stocks got a lift too. Coinbase shares rose 4% , while MicroStrategy surged 8%, showing resilience even as most remain in the red for the week. The rally comes ahead of the Federal Reserve’s December meeting, with high expectations of another interest rate cut. Inflation data clears the way for Bitcoin Bitcoin’s rise comes against the backdrop of the November consumer price index report, which showed a modest 0.3% increase from October and a 2.7% jump year-over-year. This data matched forecasts, calming fears of higher-than-expected inflation. Though Bitcoin didn’t really need the nudge. It remains in a bull run regardless. Standard Chartered analyst Geoff Kendrick predicts Bitcoin could hit $200,000 by the end of 2025. “This is not a moonshot. With continued institutional adoption and even modest growth in sovereign wealth fund interest, this target is realistic,” Kendrick said in a note. He pointed out the role of U.S. retirement funds and the possibility of a U.S. strategic reserve fund embracing Bitcoin as a potential game-changer. MicroStrategy’s aggressive buying strategy is also a factor. The company is ahead of schedule on its $42 billion, three-year plan, and Kendrick expects 2025 purchases to outpace those in 2024. Bitcoin’s up 141% year-to-date. Almost half of that surge has come since November 5, when Donald Trump’s election victory brought renewed optimism among crypto lovers. As we reported , he has promised to “keep an eye on Bitcoin’s price” while he’s in office. Analysts double down on Bitcoin’s future Bernstein’s latest note sees Bitcoin replacing gold as the go-to store of value within the next decade. Gautam Chhugani, a Bernstein analyst, wrote, “Bitcoin is well on its way to becoming a standard asset in institutional portfolios and corporate treasuries.” Bernstein expects Bitcoin to reach $200,000 by late 2025. Fundstrat’s Tom Lee is even more bullish, predicting a price of $250,000 in 2025. Bitcoin’s current record high, set earlier this week, stands at $103,844, a figure many believe will be eclipsed sooner rather than later. Despite the short-term volatility expected around the $100,000 level, long-term projections point to substantial growth. Analysts say Bitcoin is increasingly viewed as a low-correlation asset, a potential hedge against economic instability, and a legitimate alternative to gold. Yet, challenges remain. Bitcoin is still far from being widely accepted as a medium of exchange or unit of account. Skeptics argue it needs more time to prove its stability before it can compete with traditional financial systems. A Step-By-Step System To Launching Your Web3 Career and Landing High-Paying Crypto Jobs in 90 Days.

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Market Cap
24h Vol
54.28%
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0
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