Bitcoin Price Hits Record High of $106K, Top Analyst Gives $120K Target

Bitcoin price surged another 6% today, reaching a new all-time high of $106,498, as investors anticipate a Christmas rally. The price boost follows MicroStrategy’s inclusion in the Nasdaq 100 index and growing optimism surrounding Donald Trump’s strategic Bitcoin Reserve plans

Legendary trader Peter Brandt predicted Bitcoin could surge past $120K by the year-end. This Bitcoin price target looks reachable amid the Trump pro-crypto statements.

Trump Rally For Bitcoin Price to Extend Further?

With Donald Trump set to take charge of the White House next month, analysts are hopeful of a crypto-friendly regulatory landscape. Furthermore, the US is likely to build a strategic Bitcoin reserve under the Trump administration. Last week while speaking at the New York Stock Exchange (NYSE), Donald Trump announced plans for crypto without revealing much details about it.

Last week, Michael Saylor’s MicroStrategy attained a significant milestone by joining the Nasdaq 100 Index. Over the last four years, business intelligence software firm MicroStrategy has transformed into a leveraged Bitcoin investment vehicle by raising billions of dollars through its MSTR stock sale and buying more Bitcoins from it. Speaking on the development, Sean McNulty, director of trading at liquidity provider Arbelos Markets said:

“Now that MicroStrategy is in Nasdaq, index funds may buy its shares, and that will help the company to raise more equity to buy more Bitcoin”.

On Sunday, Michael Saylor hinted that his company’s Bitcoin buying spree could continue even at new all-time highs. As per the Saylor Tracker data, MicroStrategy holds 423,650 BTC on its balance sheet worth $44.58 billion as of the current Bitcoin price.

Is https://t.co/Bx3917zMqi missing a green dot? pic.twitter.com/B3Zzd6M1uV

— Michael Saylor⚡️ (@saylor) December 15, 2024

Over the past five consecutive weeks, Saylor has been buying Bitcoin for his firm every Monday. Investors are looking forward to a sixth such announcement from MicroStrategy on December 16. Popular economist and Bitcoin critic Peter Brandt said:

“Bitcoin is at a new all-time high again tonight. Most likely, we will find out tomorrow that Michael Saylor was the buyer. That seems to be the trend, as it’s happened the last five Mondays in a row”.

Bitcoin extended its rally through Sunday, achieving a seven-week winning streak—its longest since 2021. The move was triggered by anticipation of having Bitcoin strategic reserve in January.

Analysts Predict $120K Price Target for BTC

Legendary trader Peter Brandt shared a chart showing a Bitcoin price breakout above the $101,435 level and suggesting that the next Bitcoin all-time high could be above $120K. The time frame that he expects for this milestone is between Christmas and New Year 2025.

On the other hand, the Bitcoin whale accumulation has continued on a solid footing over the past few weeks. Crypto analyst Ali Martinez observed a sharp increase in the number of Bitcoin whales on the network following Donald Trump’s victory in the U.S. presidential elections.

However, the upcoming FOMC meeting on Wednesday may create some headwinds for the further Bitcoin price rally. The US Fed is expected to cut interest rate by 25 bps to 4.25%. Moreover, traders must keep an eye on rate cut decisions by the Bank of Japan and Bank of England.

As of press time, the BTC price is trading 6.2% up at $105,193.04 with its market cap surging past $2.08 trillion. Furthermore, the daily trading volume has also surged 64% to $63.2 billion. As per the Coinglass data, the 24-hour BTC liquidations have soared to $119 million of which $103 million is in short liquidations.

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.