Bitcoin just hit another new all-time high of $97,836 minutes ago and is shy away from reaching the $100,000 mark. The historic milestone could be achieved this year as the leading cryptocurrency is attracting heavy bullish sentiments. The buying pressure has increased drastically with both retail and institutional funds taking entry positions.
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The rally also stems from Trump’s cabinet picks, in which the president-elect is appointing crypto-friendly lawmakers to top financial positions. In addition, Elon Musk’s closeness with Trump is also driving the cryptocurrency market up. The rally is pushing Bitcoin and even Dogecoin massively up in the charts this month.
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Bitcoin to $135,000 By the End of 2024: Analyst
Leading cryptocurrency analyst Ali Charts has predicted that Bitcoin will end 2024 trading at a high of $135,000. He shared a chart showing BTC is replicating its 2020 performance and will only move higher from here. According to the forecast, BTC could hit $108,000 and drop to the $99,000 level thereafter.
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After the drop, Bitcoin could straight away skyrocket in the charts and reach a high of $135,000 by the end of the year. That’s an uptick and return on investment (ROI) of approximately 40% from its current price of $97,400. Therefore, an investment of $10,000 could turn into $14,000 in the next six weeks if the forecast turns out to be accurate.
“Bitcoin looks like it did in December 2020. Even the RSI is nearly identical. If true, $BTC will go to $108,000, drop to $99,000, and bounce to $135,000,” he wrote on X.
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The markets are brimming with optimism as investors believe Trump’s presidency could lead to economic prosperity. The America First strategy could boost the markets as trade policies could be designed to benefit the US. Trump also revealed that he plans to make the US the Bitcoin and blockchain capital of the world. All these developments act as a bullish thesis to BTC and the broader cryptocurrency market.