The cryptocurrency market seems to be regaining its lost traction. Bitcoin (BTC), the original cryptocurrency, has reclaimed the $101,000 level. BTC has rallied 2.7% in the daily charts, 10.3% in the weekly charts, 8.1% in the 14-day charts, and 1.9% over the previous month. The largest crypto by market cap has also risen by 131.7% since January 2024.
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Why Is The Cryptocurrency Market Up Today?
BTC’s latest rally could be due to President-elect Donald Trump’s inauguration, which is fast approaching. Trump’s pro-crypto stance has led many to believe we will experience an extended bull run in his tenure. The President-elect has stated that he wants to make the US a crypto hub.
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Bitcoin’s (BTC) rally could also be due to Microstrategy buying another 1070 BTC for $101 million. The company is one of the biggest BTC holders. The company’s CEO, Michael Saylor, is extremely bullish on the asset.
Will Bitcoin Hit $140,000 Next?
According to CoinCodex, BTC will continue to rally over the next few months. The platform anticipates BTC to hit a new all-time high of $143,218 on Mar. 30, 2025. Hitting $143,218 from currency price levels will entail a rally of about 40.5%.
Changelly presents a more conservative outlook for Bitcoin (BTC). The platform predicts BTC to trade at a potential maximum price of $110,845 in March 2025. Hitting $110,845 from current price levels will translate to a rally of about 8.8%.
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BTC may eventually breach the $200,000 mark this year. The Trump administration may present a viable environment for the crypto industry to thrive. We may see the creation of many new crypto-based financial products. Under such conditions, BTC may hit never-before-seen price levels.