Bitcoin (BTC) achieved a new record high of $94,730, continuing a significant uptrend that began on November 5. Analysts are dubbing this rally the “Trump trade,” as the recent political developments surrounding Donald Trump’s victory have instilled renewed confidence among investors in BTC and the broader crypto market.
Analyst Forecasts 42% Increase For BTC
Despite the impressive surge, analysts believe Bitcoin’s price discovery is far from complete, indicating substantial potential for further growth.
Among those sharing this bullish sentiment is analyst Ali Martinez, who draws parallels between Bitcoin’s current price movements and those seen in December 2020, before the notable uptrend that ultimately led to an all-time high of $69,000 in 2021.
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Martinez notes that the relative strength index (RSI), a key technical indicator used to gauge momentum, is currently mirroring the patterns observed in late 2020. This similarity suggests that the BTC price may be poised for significant upward movements in the coming months.
According to Martinez, if this trend continues, Bitcoin could target the $108,000 mark, followed by a potential correction to around $99,000, before bouncing back to a predicted milestone of $135,000.
This forecast represents an increase of over 42% from current levels, although Martinez did not specify a timeline for these movements, indicating they might occur anywhere between now and the first quarter of 2025.
Bitcoin To Reach $1 Million By 2029?
In even more optimistic projections, market expert Timothy Peterson, who identifies as a network economist, suggests that Bitcoin’s current bullish trend could persist until November 2025, with ambitious targets set for the future.
In a recent post on X (formerly Twitter), Peterson predicted that Bitcoin could reach $275,000 per coin by Thanksgiving Day 2025. He bases this projection on Metcalfe’s Law, which posits that the value of a network is proportional to the square of its number of users. This indicates that as more individuals adopt Bitcoin, its value is likely to increase significantly.
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Looking further ahead, the economist also asserts that the Bitcoin price could achieve the coveted valuation of $1,000,000 per coin by 2029, representing a staggering 954% increase from current levels.
Trading at $94,730 as of this writing, the largest cryptocurrency on the market has seen massive gains in recent weeks, with a 26% and 39% increase in the fourteen and thirty day time frames, respectively.
Furthermore, BTC has reached a market cap valuation of $1.8 trillion, making it one of the most valuable assets in the world, currently ranked 7th, just behind companies such as Nvidia, Microsoft, Google and Amazon. But quite far from the leading asset in this matter which is gold with a market cap of $17 trillion.
Featured image from DALL-E, chart from TradingView.com