Bitcoin
price (BTC) reached new unprecedented heights on Monday, surging beyond $106,000
as President-elect Donald Trump’s proposal for a national cryptocurrency
reserve ignited a fresh wave of enthusiasm in digital asset markets.
In the
meantime, VanEck presented its newest Bitcoin price prediction, forecasting the
oldest cryptocurrency will reach $180,000 in 2025.
The world’s
leading cryptocurrency jumped to $106,533 in early trading on Monday, December
16, 2024, marking a watershed moment for the digital asset class. The rally
extends bitcoin’s remarkable year-to-date gain to 192%, with the total
cryptocurrency market value swelling to $3.8 trillion.
The rally
began on Sunday, December 15, 2024, when the price of BTC surged by 3%,
reaching $105,250. Although Monday’s gains have mostly been corrected at the
time of writing, Bitcoin remains at a record-high price of $104,583.
Why is Bitcoin surging today? Source: CoinMarketCap
Trump’s
pivot toward cryptocurrency policy has electrified markets. “We’re gonna
do something great with crypto,” the President-elect told media,
expressing intentions to establish a strategic bitcoin reserve comparable to
the nation’s oil stockpile.
The
announcement represents a dramatic shift for Trump, who previously dismissed
cryptocurrencies. His administration’s pro-crypto stance, including the
appointment of David Sacks as White House cryptocurrency czar and the
nomination of Paul Atkins to lead the SEC, has fueled investor optimism.
🇺🇸 JUST IN: Charles Schwab, a $7 trillion financial giant, predicts #Bitcoin could reach $1 million if former President Trump establishes a Strategic Bitcoin Reserve pic.twitter.com/z4W3hDhhWl
— Crypto Briefing (@Crypto_Briefing) December 6, 2024
Adding to
the bullish sentiment, software company MicroStrategy, the largest corporate
bitcoin holder, secured a spot in the prestigious Nasdaq 100 index. The firm’s
shares have surged over 500% this year, reflecting growing institutional
embrace of digital assets.
Paul Howard, Wincent
“BTC ETFs increased by $2.1bn last week with $IBIT gaining
$394mn. With the Nasdaq hitting a record high, BTC’s major moving average
indicators (EMA, SMA) are still indicating buy strength,” commented Paul Howard, the Senior Director at Wincent. “It appears bullish sentiment will continue off the back of Abu Dhabi
finance week and into the Christmas spending season. Anecdotally this too seems to be where BTC as a Christmas
present is more in vogue than ever, it seems not the season to be gifting
shorts.”
Global
political figures have also weighed in on cryptocurrency’s rising prominence.
Russian President Vladimir Putin recently highlighted bitcoin’s resistance to
prohibition, while noting how U.S. dollar policies are driving nations toward
alternative assets.
“Overall,
the projected price ranges for BTC and ETH this week are $96,000-1115,000 and
$3,600-4,200 respectively,” said Ryan Lee, the Head Analyst at Bitget Research.
“Stablecoins continue to show net inflows and maintain strong liquidity.
Altcoins, which experienced significant price volatility last week, are
expected to see a rebound this week.”
The
cryptocurrency’s meteoric rise since the November election, gaining over 50%,
reflects growing confidence in a more favorable regulatory environment under
the incoming administration.
Technical Analysis: Why Is
Bitcoin Going Up?
The Bitcoin
market value has surpassed $2 trillion following the latest price surge, with
other cryptocurrencies also experiencing growth. Ethereum (ETH), the
second-largest token by market capitalization, tested the psychological $4,000
level. A buying frenzy is evident across the market, with the Fear & Greed
Index reaching 80 out of 100, signaling “extreme greed” among
investors.
Bitcoin and top altcoins market cap. Source: CoinMarketCap
What Does Technical
Analysis Say?
The key
takeaway from the technical analysis is that previous highs from December 5 now
serve as a support level. This opens the door for Bitcoin to continue its
upward momentum, expanding the network of potential technical support.
Bitcoin technical analysis chart. Source: TradingView
Bitcoin
Support Levels:
- $104,100 – Previous highs from December 5
- $100,000 – Psychological barrier and
mid-November highs - $90,800 – December 5 lows, a crucial
support zone - $73,800 – The ultimate support level for
bulls
In my
opinion, only a drop below $73,800 would signal a shift in Bitcoin’s market
narrative. Until then, any downward corrections could present buying
opportunities at more attractive prices. This sentiment is bolstered by experts
forecasting new all-time highs (ATHs) for Bitcoin in 2025.
If
you want to learn more about the current crypto moves, you can also check my
other projections. Last week I
was asking if Dogecoin can reach $10 and checking the newest developments
with Ripple and
price of the XRP token.
VanEck’s Bold Bitcoin
Forecast: $180K
As Bitcoin
continues its meteoric rise, investment management firm VanEck has released
ambitious projections for the cryptocurrency market in 2025, painting a picture
of dramatic highs and subsequent consolidation.
JUST IN: $118 billion VanEck predicts $180,000 #Bitcoin and the U.S. will embrace a Strategic BTC Reserve in 2025 🇺🇸 pic.twitter.com/s7lnNgkyhn
— Bitcoin Magazine (@BitcoinMagazine) December 13, 2024
According
to VanEck’s analysis, the ongoing crypto bull market is expected to reach its
initial zenith in the first quarter of 2025. The firm projects Bitcoin to hit a
staggering $180,000, while Ethereum could surpass $6,000. Other prominent
cryptocurrencies like Solana and Sui are anticipated to reach $500 and $10
respectively, showcasing the breadth of the projected rally.
VanEck’s head of digital assets research, Matthew Sigel
“Following
this first peak, we anticipate a 30% retracement in BTC, with altcoins facing
sharper declines of up to 60% as the market consolidates during the summer,” VanEck’s
Matthew Sigel forecasted. “However, a recovery is likely in the fall, with
major tokens regaining momentum and reclaiming previous all-time highs by the
end of the year.”
To identify
potential market tops, VanEck has outlined several key indicators they’re
closely monitoring. These include sustained high funding rates in futures
markets, excessive unrealized profits among Bitcoin holders, overvalued market
capitalization relative to realized value, declining Bitcoin market dominance,
and signs of mainstream speculative fervor.
More
interestingly, those are not the highest Bitcoin price forecasts for 2025.
Bitcoin Price Prediction
2025
As Bitcoin tested
levels above $106,000, leading industry figures have set their sights on
ambitious targets for 2025. Here are the most notable predictions focusing
specifically on next year:
- Tim
Draper stands firm
on his $250,000 forecast by the end of 2025. The veteran venture capitalist
bases his prediction on increased merchant adoption and the upcoming Bitcoin
halving event in April 2024. “The halving has historically triggered
significant price movements in the following year,” Draper explains. - Standard
Chartered maintains
its $200,000 target for 2025. The bank’s analysts point to institutional
inflows and regulatory clarity as key drivers, particularly highlighting the
role of spot ETFs in mainstream adoption. - Tom Lee
from Fundstrat Global Advisors predicts Bitcoin price will reach $250,000 next year. “I think the
shortage of Bitcoin supply is becoming an increasing problem for cryptocurrency
exchanges,” Lee commented. - BitMEX
founder Arthur Hayes
predicts Bitcoin will touch $175,000 in 2025, driven by what he calls the
“wall of money” from traditional finance entering the crypto space.
Tom Lee says #Bitcoin is going to $250,000 in one year 🚀 pic.twitter.com/JNzCd0yadu
— Vivek⚡️ (@Vivek4real_) December 3, 2024
Why is Bitcoin Price Up
Today? FAQ Section
Why is Bitcoin going up
again?
Bitcoin’s
recent surge can be attributed to a confluence of factors that have
significantly bolstered investor confidence. President-elect Donald Trump’s
announcement of plans to establish a U.S. bitcoin strategic reserve has been a
major catalyst, signaling a dramatic shift in governmental approach to
cryptocurrencies. This, coupled with the inclusion of MicroStrategy, a major
corporate bitcoin holder, in the prestigious Nasdaq 100 index, has underscored
growing institutional acceptance.
Where will Bitcoin be in
2025?
Looking
ahead to 2025, industry experts and analysts have put forth a range of bullish
predictions for Bitcoin’s value. Venture capitalist Tim Draper maintains his
forecast of $250,000 by the end of 2025, while Standard Chartered Bank projects
a target of $200,000. Investment firm VanEck offers a more nuanced outlook,
suggesting Bitcoin could reach $180,000 in early 2025 before experiencing a
correction and subsequent recovery.
What will Bitcoin be worth
in 2024?
As for
Bitcoin’s prospects in 2024, the outlook remains optimistic based on current
market dynamics and recent developments. With Bitcoin currently trading above
$100,000, many analysts view $110,000 as the next immediate target. Bitcoin
maximalist Max Keiser has made a bold prediction of $220,000 by the end of
2024. The implementation of Trump’s strategic reserve plan, if it comes to
fruition, could provide additional upward momentum.
Bitcoin
price (BTC) reached new unprecedented heights on Monday, surging beyond $106,000
as President-elect Donald Trump’s proposal for a national cryptocurrency
reserve ignited a fresh wave of enthusiasm in digital asset markets.
In the
meantime, VanEck presented its newest Bitcoin price prediction, forecasting the
oldest cryptocurrency will reach $180,000 in 2025.
The world’s
leading cryptocurrency jumped to $106,533 in early trading on Monday, December
16, 2024, marking a watershed moment for the digital asset class. The rally
extends bitcoin’s remarkable year-to-date gain to 192%, with the total
cryptocurrency market value swelling to $3.8 trillion.
The rally
began on Sunday, December 15, 2024, when the price of BTC surged by 3%,
reaching $105,250. Although Monday’s gains have mostly been corrected at the
time of writing, Bitcoin remains at a record-high price of $104,583.
Why is Bitcoin surging today? Source: CoinMarketCap
Trump’s
pivot toward cryptocurrency policy has electrified markets. “We’re gonna
do something great with crypto,” the President-elect told media,
expressing intentions to establish a strategic bitcoin reserve comparable to
the nation’s oil stockpile.
The
announcement represents a dramatic shift for Trump, who previously dismissed
cryptocurrencies. His administration’s pro-crypto stance, including the
appointment of David Sacks as White House cryptocurrency czar and the
nomination of Paul Atkins to lead the SEC, has fueled investor optimism.
🇺🇸 JUST IN: Charles Schwab, a $7 trillion financial giant, predicts #Bitcoin could reach $1 million if former President Trump establishes a Strategic Bitcoin Reserve pic.twitter.com/z4W3hDhhWl
— Crypto Briefing (@Crypto_Briefing) December 6, 2024
Adding to
the bullish sentiment, software company MicroStrategy, the largest corporate
bitcoin holder, secured a spot in the prestigious Nasdaq 100 index. The firm’s
shares have surged over 500% this year, reflecting growing institutional
embrace of digital assets.
Paul Howard, Wincent
“BTC ETFs increased by $2.1bn last week with $IBIT gaining
$394mn. With the Nasdaq hitting a record high, BTC’s major moving average
indicators (EMA, SMA) are still indicating buy strength,” commented Paul Howard, the Senior Director at Wincent. “It appears bullish sentiment will continue off the back of Abu Dhabi
finance week and into the Christmas spending season. Anecdotally this too seems to be where BTC as a Christmas
present is more in vogue than ever, it seems not the season to be gifting
shorts.”
Global
political figures have also weighed in on cryptocurrency’s rising prominence.
Russian President Vladimir Putin recently highlighted bitcoin’s resistance to
prohibition, while noting how U.S. dollar policies are driving nations toward
alternative assets.
“Overall,
the projected price ranges for BTC and ETH this week are $96,000-1115,000 and
$3,600-4,200 respectively,” said Ryan Lee, the Head Analyst at Bitget Research.
“Stablecoins continue to show net inflows and maintain strong liquidity.
Altcoins, which experienced significant price volatility last week, are
expected to see a rebound this week.”
The
cryptocurrency’s meteoric rise since the November election, gaining over 50%,
reflects growing confidence in a more favorable regulatory environment under
the incoming administration.
Technical Analysis: Why Is
Bitcoin Going Up?
The Bitcoin
market value has surpassed $2 trillion following the latest price surge, with
other cryptocurrencies also experiencing growth. Ethereum (ETH), the
second-largest token by market capitalization, tested the psychological $4,000
level. A buying frenzy is evident across the market, with the Fear & Greed
Index reaching 80 out of 100, signaling “extreme greed” among
investors.
Bitcoin and top altcoins market cap. Source: CoinMarketCap
What Does Technical
Analysis Say?
The key
takeaway from the technical analysis is that previous highs from December 5 now
serve as a support level. This opens the door for Bitcoin to continue its
upward momentum, expanding the network of potential technical support.
Bitcoin technical analysis chart. Source: TradingView
Bitcoin
Support Levels:
- $104,100 – Previous highs from December 5
- $100,000 – Psychological barrier and
mid-November highs - $90,800 – December 5 lows, a crucial
support zone - $73,800 – The ultimate support level for
bulls
In my
opinion, only a drop below $73,800 would signal a shift in Bitcoin’s market
narrative. Until then, any downward corrections could present buying
opportunities at more attractive prices. This sentiment is bolstered by experts
forecasting new all-time highs (ATHs) for Bitcoin in 2025.
If
you want to learn more about the current crypto moves, you can also check my
other projections. Last week I
was asking if Dogecoin can reach $10 and checking the newest developments
with Ripple and
price of the XRP token.
VanEck’s Bold Bitcoin
Forecast: $180K
As Bitcoin
continues its meteoric rise, investment management firm VanEck has released
ambitious projections for the cryptocurrency market in 2025, painting a picture
of dramatic highs and subsequent consolidation.
JUST IN: $118 billion VanEck predicts $180,000 #Bitcoin and the U.S. will embrace a Strategic BTC Reserve in 2025 🇺🇸 pic.twitter.com/s7lnNgkyhn
— Bitcoin Magazine (@BitcoinMagazine) December 13, 2024
According
to VanEck’s analysis, the ongoing crypto bull market is expected to reach its
initial zenith in the first quarter of 2025. The firm projects Bitcoin to hit a
staggering $180,000, while Ethereum could surpass $6,000. Other prominent
cryptocurrencies like Solana and Sui are anticipated to reach $500 and $10
respectively, showcasing the breadth of the projected rally.
VanEck’s head of digital assets research, Matthew Sigel
“Following
this first peak, we anticipate a 30% retracement in BTC, with altcoins facing
sharper declines of up to 60% as the market consolidates during the summer,” VanEck’s
Matthew Sigel forecasted. “However, a recovery is likely in the fall, with
major tokens regaining momentum and reclaiming previous all-time highs by the
end of the year.”
To identify
potential market tops, VanEck has outlined several key indicators they’re
closely monitoring. These include sustained high funding rates in futures
markets, excessive unrealized profits among Bitcoin holders, overvalued market
capitalization relative to realized value, declining Bitcoin market dominance,
and signs of mainstream speculative fervor.
More
interestingly, those are not the highest Bitcoin price forecasts for 2025.
Bitcoin Price Prediction
2025
As Bitcoin tested
levels above $106,000, leading industry figures have set their sights on
ambitious targets for 2025. Here are the most notable predictions focusing
specifically on next year:
- Tim
Draper stands firm
on his $250,000 forecast by the end of 2025. The veteran venture capitalist
bases his prediction on increased merchant adoption and the upcoming Bitcoin
halving event in April 2024. “The halving has historically triggered
significant price movements in the following year,” Draper explains. - Standard
Chartered maintains
its $200,000 target for 2025. The bank’s analysts point to institutional
inflows and regulatory clarity as key drivers, particularly highlighting the
role of spot ETFs in mainstream adoption. - Tom Lee
from Fundstrat Global Advisors predicts Bitcoin price will reach $250,000 next year. “I think the
shortage of Bitcoin supply is becoming an increasing problem for cryptocurrency
exchanges,” Lee commented. - BitMEX
founder Arthur Hayes
predicts Bitcoin will touch $175,000 in 2025, driven by what he calls the
“wall of money” from traditional finance entering the crypto space.
Tom Lee says #Bitcoin is going to $250,000 in one year 🚀 pic.twitter.com/JNzCd0yadu
— Vivek⚡️ (@Vivek4real_) December 3, 2024
Why is Bitcoin Price Up
Today? FAQ Section
Why is Bitcoin going up
again?
Bitcoin’s
recent surge can be attributed to a confluence of factors that have
significantly bolstered investor confidence. President-elect Donald Trump’s
announcement of plans to establish a U.S. bitcoin strategic reserve has been a
major catalyst, signaling a dramatic shift in governmental approach to
cryptocurrencies. This, coupled with the inclusion of MicroStrategy, a major
corporate bitcoin holder, in the prestigious Nasdaq 100 index, has underscored
growing institutional acceptance.
Where will Bitcoin be in
2025?
Looking
ahead to 2025, industry experts and analysts have put forth a range of bullish
predictions for Bitcoin’s value. Venture capitalist Tim Draper maintains his
forecast of $250,000 by the end of 2025, while Standard Chartered Bank projects
a target of $200,000. Investment firm VanEck offers a more nuanced outlook,
suggesting Bitcoin could reach $180,000 in early 2025 before experiencing a
correction and subsequent recovery.
What will Bitcoin be worth
in 2024?
As for
Bitcoin’s prospects in 2024, the outlook remains optimistic based on current
market dynamics and recent developments. With Bitcoin currently trading above
$100,000, many analysts view $110,000 as the next immediate target. Bitcoin
maximalist Max Keiser has made a bold prediction of $220,000 by the end of
2024. The implementation of Trump’s strategic reserve plan, if it comes to
fruition, could provide additional upward momentum.
