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CoinGape 2024-12-16 18:45:09

Bitcoin Reaches New ATH Amid Growing Strategic BTC Reserve Optimism

Bitcoin jumped to a fresh high above $107,000 on Monday as crypto bulls were left giddy with excitement after President-elect Donald Trump floated the possibility of setting up a US strategic BTC reserve. The world’s biggest cryptocurrency hit a record peak of $107,039 and was last trading 3.64% higher at $106,984 at the time of writing. Bitcoin Surges Past $106K Following Trump’s Proposal for a National BTC Reserve Bitcoin (BTC) reached unprecedented heights on Monday, with price surging past $107,000 following President-elect Donald Trump’s promise of a national BTC cryptocurrency reserve , sparking renewed enthusiasm in digital asset markets. Investor sentiment was boosted with the news that MicroStrategy would join the technology-heavy Nasdaq 100 index , a move expected to spur more inflows for the software company turned Bitcoin purchaser. Bitcoin and the broader crypto market are gaining attention as investors speculate that Donald Trump’s administration may introduce friendlier regulations. This speculation has fueled excitement about the potential for a more supportive environment for the alternative currency. ” We’re gonna do something great with crypto because we don’t want China or anybody else- not just China, but others are embracing and we want to be the head, ” Trump said recently . When asked if he would create a crypto reserve similar to oil reserves, Trump said, “ Yeah, I think so .” As of July, governments globally held 2.2% of the coin’s total supply with the United States holding nearly 200,000 BTC at over $20 billion at present values. Among the other large holders are China, the UK, Bhutan, and El Salvador . Credit: Reuters Russia has also been considering the idea of strategic cryptocurrency reserves. Recently, Russian President Vladimir Putin stated that the current US administration is weakening the US dollar’s status. He argued that its use for political purposes is driving many countries to seek alternative reserves, including cryptocurrencies. In this context, “ For example, Bitcoin, who can prohibit it? No one, ” Putin said. Still, not everyone is a believer. Federal Reserve Chair Jerome Powell compared Bitcoin to gold earlier this month. Analysts like Chris Weston, head of research at Pepperstone, suggest taking a cautious approach to establishing a BTC strategic reserve. Weston believes such a move is unlikely to happen anytime soon. BTC to $180,000 in 2025? VanEck’s Bold Prediction Shakes Up Crypto In response to this bullish momentum, VanEck has released its latest Bitcoin price prediction , forecasting that the world’s oldest cryptocurrency could hit $180,000 by 2025. As Bitcoin continues its impressive rise, VanEck has shared ambitious projections for the cryptocurrency market in 2025. These include significant highs followed by consolidation. VanEck predicts the ongoing crypto bull market will peak in the first quarter of 2025. Bitcoin could reach $180,000, while Ethereum is projected to exceed $6,000. Other top cryptocurrencies, such as Solana and Sui, are forecasted to hit $500 and $10, respectively. These projections highlight the potential scale of the anticipated rally. VanEck’s head of digital assets research, Matthew Sigel, further said, “ Following this first peak, we would expect a 30% retracement in BTC, with altcoins falling sharper, up to 60%, as the market settles down over the summer. ” Sigel said: “ A recovery in the autumn then sees the major tokens back to momentum and new ATHs by year-end .”. To identify potential market tops, VanEck will monitor several key indicators closely. These include high funding rates in futures markets and unsustainable unrealized profits among holders. They will also watch for high market capitalization compared to realized value and declining Bitcoin market dominance. Additionally, increasing signs of speculative fervor in the mainstream will be a critical focus. The post Bitcoin Reaches New ATH Amid Growing Strategic BTC Reserve Optimism appeared first on CoinGape .

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