Bitcoin's $80,000 Mark is Just the Beginning
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Is a Break Above $120,000 Possible?
In a bold announcement last Thursday, Ned Davis Research upgraded Bitcoin to a "long-only trading" status, suggesting the cryptocurrency could surge past $120,000 by next spring.
Pat Tschosik, a strategist at the firm, noted that "optimism surrounding a potential Trump victory is causing a cryptocurrency explosion; we believe there will be almost no resistance to Bitcoin's price increase, at least until the beginning of Trump's term."
He set the ambitious target price of $120,000, bolstered by technical considerations.
Reflecting, the last Bitcoin rally was initiated in June of last year when the price was around $25,000, peaking in mid-March of this year at just below $74,000.
This was followed by about seven months of consolidation until recently, boosted by the significant positive news of Trump's electoral win, allowing Bitcoin to break through previous resistance levels and initiate a new upswing.
Bitcoin's Journey Over the Past Year
Under this framework, the former resistance level of $74,000 now serves as a support level, and the amplitude of the increase may mirror that of the previous surge, likely around $48,000—implying that the current rally could reach around $120,000 or even higher.
Bullish Sentiments Abound on Wall Street
In truth, bullish investors on Wall Street are abundant.
For instance, last week Bernstein analyst Gautam Chhugani highlighted in a report that the election outcome would “have a short-term impact on the sentiment in the cryptocurrency market.”
He predicts that, with Trump’s victory, Bitcoin might climb to between $80,000 and $90,000 in the next two months, surpassing this year’s previous high of nearly $73,800.
StanChart analyst Geoff Kendrick had expressed only a month prior that if Trump won, he envisioned Bitcoin reaching $125,000 by year-end.
Meanwhile, Jan Van Eck, CEO of the prominent asset management firm VanEck, offered a far bolder prediction, suggesting a price target of $300,000.
He stated that this figure should be viewed as a “reasonable base case" and even considered it conservative, as some extreme advocates anticipate Bitcoin could soar even higher.
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