Originally published on: December 16, 2024
Bitcoin’s price reached a new all-time high of $106,535 on Dec. 16, with a 2% jump indicating a bullish trend. The surge follows MicroStrategy’s inclusion in the Nasdaq 100 Index, driving the cryptocurrency up by 136% in 2024.
Veteran analyst Peter Brandt predicts a continuation of Bitcoin’s bull cycle towards $120,000, citing a breakout from a bull flag pattern on the daily price chart. This pattern typically leads to an upward rally after consolidation, with historical data and Fibonacci extensions supporting a potential target of $150,000-$154,000.
Analysts also foresee Bitcoin hitting $800,000 by the end of 2025, fueled by a capped supply and favorable policy outlook. The stock-to-flow model predicts an average price of $500,000 in 2025, with highs of $1 million possible. Projections suggest a market cap increase from $2 trillion to $15 trillion, driving the price to new heights.
While these projections are optimistic, it’s essential to conduct thorough research and consider the risks involved in investment decisions. Stay informed with critical insights in our Markets Outlook newsletter for the latest trends and opportunities in the market.