Demand for Bitcoin by sovereign wealth funds has increased significantly in the past few years.
Bitcoin is expected to see a massive surge in the coming months after it reclaims $100,000.
Momentum for the approval of strategic bitcoin reserves (SBRs) at the state level has gained significant momentum, with New Hampshire and Arizona leading the way. According to Dennis Porter, CEO and co-founder of the Satoshi Action Fund, there is a strong chance that two more US states will pass SBR bills and sign them into law in less than 60 days.
"This isn't just a guess from me," Porter noted. "There are two states that have a very high probability of getting this done, especially now that two states have already passed it into law."
Another state likely to pass SBR bills is Utah, especially after the House of Representatives passed the Blockchain and Digital Innovation Amendments Act by a vote of 8-1 earlier this year. Texas is another state likely to pass an SBR bill in the next two months.
SBR's Impact on Bitcoin Price Movement
The growing demand for Bitcoin from sovereign funds, as well as institutional investors, played a crucial role in the underlying bullish sentiment. Furthermore, Bitcoin's Fear and Greed Index rose above 70%, indicating overall market greed.
In the past few days, Bitcoin's price has outperformed gold and the broader stock market, surpassing $100,000 for the first time since US President Donald Trump took office earlier this year.
According to Kalshi, a US-based prediction market platform, Bitcoin has a high chance of reaching a peak of $131,000 before the end of 2025.
From a technical analysis perspective, Bitcoin's price has reversed the 2017 bull market cycle, signaling the beginning of an expected parabolic rally in the coming months.
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