Bitcoin At $120K? Trading Firm Links Trump’s Reserve Plan To Bold Prediction
The post Bitcoin At $120K? Trading Firm Links Trump’s Reserve Plan To Bold Prediction appeared on BitcoinEthereumNews.com.
Many analysts aren’t surprised by the recent price surge of Bitcoin to $80,000, given Donald Trump’s convincing victory in the recently concluded US national elections. Some market analysts and observers offer even bolder projections, fueled by rumors of a Bitcoin strategic reserve and the possible approval of the Bitcoin Law. Trading firm QCP is one of those analysts taking a bullish stance on the crypto, predicting that the top digital asset will break $120,000 soon. QCP cites the administration of incoming President Donald Trump, the plan to create a strategic BTC reserve, and updated US inflation data as critical drivers for the asset’s price. Favorable Market Conditions Boost Bitcoin Price Bitcoin’s price surge continues this week, hitting another all-time high of $93,120, boosting the global cryptocurrency market cap to over $3 trillion. The rally comes as the US government released its inflation data, with headline and core inflation numbers at 2.60% and 3.30%, respectively, in line with expectations. Also, analysts are confident of a potential 25 basis point rate cut from the December Federal Open Market Committee meeting. Many say that a shift in monetary policy boosts optimism among risk-based assets, including Bitcoin. BTCUSD is currently trading at $91,445. Chart: TradingView $100k To $120k For BTC Possible, Says QCP In the Twitter/X post, QCP Trading predicts that Bitcoin can hit $100k to $120k. The post added that BTC price action benefits from proposals to create a BTC strategic reserve and the government’s potential shift from gold to digital asset. QCP: In view of Bitcoin’s impressive rally since the US election, our view is that $100,000 – $120,000 may not be too far off. Trump idea of launching a strategic BTC reserve and rotation from Gold to BTC, provides a strong narrative that keeps BTC prices supported.… — Wu Blockchain (@WuBlockchain)…
Filed under: News - @ November 17, 2024 4:03 am