Bitcoin‘s surge past $106,000 for the first time in history prompts predictions for a further rally toward $120,00 and beyond.
Bitcoin’s BTC$103,981 price jumped by over 2% on Dec. 16, establishing a new record high of around $106,535. Its price boom is underway as its top accumulator, MicroStrategy, enters the Nasdaq 100 Index.
Bitcoin has surged over 136% in 2024, with more than half of the gains coming after Donald Trump’s election victory on Nov. 6. Expectations of pro-crypto policies and the inclusion of crypto-focused firms in a major Wall Street index have fueled both interim and long-term bullish sentiment.
Bitcoin’s price to $120,000 next — Veteran analyst
Bitcoin’s current bull cycle may continue toward $120,000, according to veteran analyst Peter Brandt.
In a technical setup shared on his X handle, the chartist showed Bitcoin breaking out of what appears to be a bull flag pattern.
Bull flags form when the price consolidates inside a sideways or downward-sloping rectangle range after a strong price rally, resolving when it breaks above the flag’s upper trendline and rises by as much as the previous uptrend’s height.
As of Dec. 16, BTC’s price was entering the breakout stage of the bull flag pattern, with Brandt projecting $120,000 as the next likely upside target. Multiple analysts in the past have also projected the same year-end target for Bitcoin, including CryptoQyant’s CoinLupin.
Fibonacci fractals put BTC price at $155,500
Based on its historical performance and Fibonacci extensions, Bitcoin could also be on track to reach $150,000–$154,000.
In previous cycles, the cryptocurrency consistently broke past the 1.618 Fibonacci extension level before advancing toward higher extensions, such as 2.618 and beyond.
As of Dec. 16, Bitcoin surpassed the 1.618 level at approximately $102,000. The breakout suggests that the next major milestone could be the 2.618 level near $155,500.
Bitcoin will reach $800K by 2025’s end — analysts
Bitcoin could hit $800,000 by the end of 2025, according to analysts’ projections based on its capped supply and favorable policy outlook.
PlanB, creator of the popular stock-to-flow model, predicts Bitcoin’s average price to reach $500,000 in 2025, with potential highs of $1 million. Perianne Boring, founder of The Digital Chamber, echoed this optimism, citing the stock-to-flow model and the possibility of pro-crypto policies under Donald Trump.
“If Trump is successful in advancing his proposals for the crypto community, the sky is the limit because Bitcoin has a fixed supply,” Boring told Fox Business.
The model suggests Bitcoin’s market cap could climb from $2 trillion to $15 trillion, driving its price toward $800,000.
Risk Disclaimer
Although Sponsored Trading can be profitable, it is associated with a significant risk of losing your investment. The risks will increase when trading on margin companies. Traders must exercise due diligence and be careful when making their trading decisions. It is the sole responsibility of the Trader to learn and acquire the knowledge and experience required to use the Trading Platform and anything that will be required to trade properl
