Predictions around the world’s largest cryptocurrency, Bitcoin (BTC), were too ambitious this year. Several have suggested that the king coin could rise to $150,000 or even $200,000 by next year. But is it possible for Bitcoin to rise to this price level in such a short duration?
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How Is Bitcoin Faring At The Moment?
BTC was trading at $66,338.64 at press time, following a 1.27% drop over the past 24 hours. The king coin went from trading at a high of $69,381 to a low of $66,322 this week. Things were quite slow in the BTC market as the network’s daily trading volume dipped by 26.37%.
While the asset is moving sideways now, BTC could witness a rise in the coming months. Data from CoinCodex revealed that the king coin has the potential to hit $100,000 as early as January 2025. The firm highlighted that BTC will trade at a maximum price of $115,573, and the asset’s average price will remain at $99,312.
Bitcoin’s potential ascent to $115,573 in January would represent a 74% surge from its current price level, a major uptick for the asset and its investors.
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Factors Contributing To This Ascent
Several factors will influence Bitcoin’s rise towards the $100,000 zone. The overall market sentiment and regulatory climate certainly play a major role. In addition, the upcoming elections in the United States will also impact the price of BTC. Speaking about Donald Trump, Bitcoin millionaire Erik Finman said,
“His policies will ignite the crypto market, fueling massive growth across the board. If Trump wins, I believe Bitcoin could hit $100,000 during his second term.”
In addition, cryptocurrencies have been added to the U.S. Securities and Exchange Commission’s (SEC) 2025 list of priorities. According to a news statement, the regulatory agency intends to monitor cryptocurrency-related activities and associated products, specifically Bitcoin (BTC) and Ethereum (ETH) exchange-traded products (ETPs).
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