Bitcoin’s historic run is showing no signs of slowing. On Sunday, Bitcoin recorded its first daily close above the highly-watched $100,000 price level.
The feat, which comes four days after the asset first clinched the historic price milestone, could have several positive implications.
For one, it suggests that there may be significant strength in its recent momentum. At the same time, it increases the probability of the asset finding near support, offering further price stability. On a psychological level, the daily close also provides more confidence to bulls.
#BTC
Bitcoin has made history
First Daily Close above $100k ever$BTC #Crypto #Bitcoin https://t.co/bavh2vcezr pic.twitter.com/ccHHTtfPyN
— Rekt Capital (@rektcapital) December 9, 2024
Bitcoin’s most recent price feat comes as several analysts have argued that the industry’s firstborn still has more upside potential in 2024.
Specifically, analysts like Standard Chartered Global Head of Digital Asset Research Geoff Kendrick have tipped Bitcoin to trade as high as $125,000 in 2024 and surge to as much as $200,000 by the end of 2025.
These bullish views come as several macroeconomic and political factors appear to be lining up nicely for crypto.
Several countries, including the U.S., are now easing rapid rate hikes embarked on in the past two years to curtail the inflationary fallout that followed the increased money printing during COVID. The move promises to offer investors easier access to capital for all types of investments, including crypto.
At the same time, Donald Trump’s recent election promises to be a boon for the industry like nothing before. On the campaign trail, the president-elect spent significant time courting the sector and pledged to ensure Bitcoin and crypto innovation thrived in the U.S.
Weeks after the election, Trump appears to be following through on his promises with multiple pro-crypto nominees to key positions in government, including the top post in the SEC, an agency that many have long perceived as the industry’s greatest foe.
With the U.S. looking set to embrace the crypto industry, several other nations are taking note and pushing pro-crypto policies. The latest in this trend is Iran. According to a recent report, the country’s Minister of Economic Affairs and Finance, Abdolnaser Hemmati, has revealed the Middle Eastern nation’s plan to support the industry’s growth.
However, it remains to be seen how far Bitcoin can go with all these tailwinds. In the meantime, the asset now appears to be retesting the $100,000 price level, trading around the $99,500 price point.
