Driven by Donald Trump's strategic BTC reserves and MicroStrategy's inclusion in Nasdaq, Bitcoin prices hit a new all-time high of over $106,000.
Bitcoin prices have risen again today by 6%, hitting a new all-time high of $106,498, as investors await a Christmas rebound. Today's BTC surge came after MicroStrategy joined the Nasdaq 100 Index and the bullish momentum from Donald Trump's strategic Bitcoin reserve developments.
Legendary trader Peter Brandt predicts that Bitcoin's price could exceed $120,000 by the end of this year. Under Trump’s supportive statements on cryptocurrency, this Bitcoin price target seems achievable.
Will Trump's rally push Bitcoin prices even higher?
As Donald Trump prepares to take office in the White House next month, analysts are hopeful for a cryptocurrency-friendly regulatory environment. Additionally, it is likely that under Trump's administration, a strategic Bitcoin reserve will be established. Last week, Donald Trump announced a cryptocurrency plan during a speech at the New York Stock Exchange (NYSE) but did not disclose many details.
Last week, Michael Saylor's MicroStrategy joined the Nasdaq 100 Index, a significant milestone. Over the past four years, the business intelligence software company MicroStrategy has raised billions by selling its MSTR shares and used the proceeds to buy more Bitcoin, transforming into a leveraged Bitcoin investment vehicle. Sean McNulty, trading director at liquidity provider Arbelos Markets, commented on this development:
"Now that MicroStrategy is listed on Nasdaq, index funds may purchase its shares, which will help the company raise more equity to buy more Bitcoin."
On Sunday, Michael Saylor hinted that even if Bitcoin prices hit a new all-time high, the company’s Bitcoin buying frenzy may continue. According to Saylor's tracking data, MicroStrategy currently holds 423,650 Bitcoins on its balance sheet, valued at $4.458 billion.
For the past five consecutive weeks, Saylor has been buying Bitcoin for his company every Monday. Investors are looking forward to MicroStrategy's sixth such announcement on December 16. Renowned economist and Bitcoin critic Peter Brandt stated:
"Bitcoin has once again hit a new all-time high tonight. It is very likely that tomorrow we will find out that the buyer is Michael Saylor. This seems to be a trend, as this has happened for the past five Mondays."
Bitcoin continued its upward trend until Sunday, achieving a seven-week rally, the longest since 2021. This trend was prompted by expectations of a strategic reserve for Bitcoin in January.
Analysts predict a BTC price target of $120,000.
Legendary trader Peter Brandt shared a chart showing Bitcoin prices breaking through $101,435, suggesting that the next Bitcoin all-time high could exceed $120,000. He anticipates this milestone to occur between Christmas 2025 and New Year's.
On the other hand, in recent weeks, the accumulation momentum of Bitcoin whales has remained strong. Cryptocurrency analyst Ali Martinez observed that the number of Bitcoin whales on the Bitcoin network surged dramatically after Donald Trump's victory in the U.S. presidential election.
However, the upcoming FOMC meeting on Wednesday may pose some resistance to further increases in Bitcoin prices. The Federal Reserve is expected to lower interest rates by 25 basis points to 4.25%. Additionally, traders must pay attention to the interest rate decisions from the Bank of Japan and the Bank of England.
As of the time of this report, the BTC price is up 6.2% to $105,193.04, with a market capitalization soaring to $2.08 trillion. Additionally, daily trading volume surged by 64% to $63.2 billion. According to Coinglass data, BTC liquidations soared to $119 million in the past 24 hours, with $103 million in short liquidations.
