Key Points
- Bitcoin (BTC) recently crossed the $100K mark, hitting an all-time high of $104K.
- The surge was likely influenced by comments from Fed chair Jerome Powell and the nomination of pro-crypto Paul Atkins as SEC chair.
Bitcoin, also known as BTC, recently reached a new milestone, surpassing the $100K mark. This significant event happened during the early Asia session on the 5th of December.
The surge in BTC’s value is believed to be influenced by a recent comment made by Jerome Powell, the Federal Reserve Chair. During an interview with the New York Times, Powell likened BTC to gold, stating that it’s not a competitor to the U.S. dollar but to gold.
Bitcoin’s New Heights
Shortly after Powell’s comment, BTC’s value shot up from $97K to a new all-time high of $104K. This increase represents a gain of over 50% since the U.S. elections in November.
Crypto research firm SwissBlock commented on this development, expressing surprise at Powell’s impact on BTC’s value. The firm also stated that their next short-term target for BTC is $105K.
Future Predictions for BTC
Arthur Azizov, the CEO of B2BINPAY, shared his thoughts on BTC’s future. He suggested that BTC’s price might consolidate at $100K before experiencing a pullback to $85K. Crypto research firm Presto Research also warned that the rally could lead to profit-taking.
Despite this, Presto Research believes that the $100K mark could attract more demand from institutional investors. CryptoQuant’s Ki Young Ju also shared his projections, suggesting that BTC could reach $146K as a cycle top and $112K as the end-year target.