Bitcoin bulls are reviving. The king of cryptos just reclaimed $98,000 for the first time in weeks after a weak year-end performance, with intraday prices ranging from a low of $96,016.63 to a high of $98,539.00.
The correction was triggered by a hawkish interest rate cut from the Federal Reserve, along with a diss against Bitcoin itself. Fed chair Jerome Powell said he wanted nothing to do with crypto, and Bitcoin took that quite personally.
Still, last year was one for the history books. Bitcoin came out as the best investment asset by far, outperforming quite literally everything else after making an all-time high of $108,011.
It’s hard to find an analyst who isn’t bullish on Bitcoin right now. Most expect it to double and hit $200,000 by mid-year. Some pegged theirs at $150,000 at least.
The biggest catalyst to this bullish sentiment, of course, is that Washington just turned into Bitcoin’s best friend. Donald Trump’s new administration is stacked with crypto supporters. Howard Lutnick at Commerce, Paul Atkins at the SEC, and David Sacks as AI and crypto czar – they are all in.
Combine that with clearer rules for crypto markets, and you’ve got institutional investors pouring money into Bitcoin like it’s the hottest stock on Wall Street.
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