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- Bitcoin’s price has surged past $98,000, slowly recovering from a weak year-end performance.
- The slump was triggered by the Federal Reserve.
- Incoming president Donald Trump has a cabinet filled with pro-crypto people.
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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Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Jai Hamid
Jai Hamid has been covering crypto, stock markets, technology, the global economy, and the geopolitical events that affect markets for the past 6 years. She has worked with blockchain-focused publications including AMB Crypto, Coin Edition, and CryptoTale on market analyses, major companies, regulation, and macroeconomic trends. She has attended London School of Journalism and thrice shared crypto market insights on one of Africa’s top TV networks.
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