Bitcoin Makes History With First Daily Close Above $100K

Four days after the digital asset first achieved the historic price milestone, the achievement could have several positive implications.

It suggests that the recent momentum may be quite strong. Additionally, it increases the likelihood that the asset will find near support, providing further price stability. Psychologically, bulls also feel more confident following the daily close.

Analysts suggest that Bitcoin’s most recent price milestone comes as the industry’s firstborn still has more upside potential in the coming years.

Analysts like Standard Chartered Global Head of Digital Asset Research Geoff Kendrick predict Bitcoin will reach $125,000 in 2024 and $200,000 by 2025.

A number of macroeconomic and political factors seem to be aligning nicely with crypto bullish views.

There has been a slowdown in rapid rate hikes in several countries, including the United States, due to the inflationary fallout that followed the increased printing of money during COVID. Investments, including cryptocurrencies, will be easier to access with the new initiative.

The Trump election has also been hailed as a boon for the industry. As part of his campaign, the president-elect promised to promote Bitcoin and crypto innovation in the United States.

Several weeks after winning the election, Trump has nominated several crypto-friendly officials to key government posts, including the top post at the Securities and Exchange Commission, an agency many have long considered the biggest enemy of cryptocurrency.

While the U.S. looks set to embrace crypto, several other nations are advancing pro-crypto policies. The real test will be how far Bitcoin can go with all these tailwinds. Meanwhile, the asset now appears to be retesting the $100,000 price level, trading around $95,500.