Bitcoin has surpassed the $110,000 USD barrier for the first time, reaching a new all-time high of $110,533.1 USD. This milestone is attributed to a combination of factors, including legislative advances in the U.S., increased institutional adoption, and a favorable macroeconomic environment.
Key factors behind the surge
Institutional backing: Companies like MicroStrategy have increased their BTC holdings, and JPMorgan Chase has announced that it will allow its clients to buy Bitcoin, marking a significant shift in its stance towards cryptocurrencies.
Regulatory advances: The approval of laws related to stablecoins in the U.S. has generated optimism in the market, suggesting greater regulatory clarity for cryptocurrencies.
State adoption: Texas has approved the creation of a strategic Bitcoin reserve, positioning the state as a leader in financial innovation and strengthening trust in BTC as an asset.
Technical analysis
Technical analysis indicates that Bitcoin has formed a 'golden cross' pattern, where the 50-day moving average crosses above the 200-day moving average, signaling a sustained bullish trend. However, the formation of an ascending wedge pattern suggests caution, as it could precede a correction if trading volume decreases.
Future prospects
Analysts like Willy Woo project that if the current momentum continues, Bitcoin could reach $118,000 USD in the short term. In the long term, targets are estimated between $135,000 and $320,000 USD by the end of 2025, depending on factors such as institutional adoption and the evolution of the regulatory framework.
Do you think Bitcoin will continue its rise or face a correction in the short term?
