Bitcoin (BTC) hit a new all-time high of $106,352 earlier today. Since its peak, the original cryptocurrency has dipped by 1.6%. BTC’s price fell below $95,000 the previous week. The asset has made significant gains over the last few days. BTC is up 2.1% in the daily charts, 6% in the weekly charts, 8.5% in the 14-day charts, and 14.8% over the previous month. BTC has also risen by more than 147% since December 2023.
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Why Is Bitcoin Rallying?
BTC has hit multiple highs this year. The asset peaked in March after the SEC greenlit 11 spot BTC ETFs. The asset hit another peak after Donald Trump won the US Presidential election. BTC breached the $100,000 mark for the first time in early December, marking a significant milestone in the asset’s journey.
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The market dip last week could be due to inflation in the US rising to 2.7%. Market participants still seem to be bullish on crypto. The bullishness could be due to Trump’s pro-crypto stance. We may be in for an extended bull run this cycle.
Will The Asset Hit $120,000 Next?
Bitcoin (BTC) may continue to hit multiple highs over the next few months. Many analysts paint a bullish picture of the asset.
According to CoinCodex, BTC will continue its upward momentum over the next few weeks. The platform predicts BTC will trade at $128,006 on Jan. 29, 2025. Hitting $128,006 from current price levels will entail a rally of about 22.25%.
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Changelly, on the other hand, is a little bearish on Bitcoin (BTC). The platform anticipates the asset to trade at a maximum price of $108,595 in January 2025. Hitting $108,595 from current price levels will translate to a rally of about 3.71%.