Bitcoin surged to over $106,600 this morning, reaching a historic high. As of the time of writing, it is reported at $105,214, with a nearly 24-hour increase of 3.9%. Recently, it has set a record of seven consecutive days of increase since Trump's election, and analysts point out that this wave may continue until Trump's inauguration.
Analysts: The presidential inauguration in the United States will push Bitcoin to $120,000.
0x Research stated on platform X that the new Bitcoin price target is to reach $120,000 before Trump's inauguration in January. They consolidated analyses based on market news and technical analysis, indicating that the market may be anticipating a peak in Trump's market when he is inaugurated.
Bitcoin's upward momentum has returned after a consolidation, and cryptocurrency exchanges are experiencing large-scale capital outflows, significantly reducing Bitcoin's availability on trading platforms. Meanwhile, the inventory on over-the-counter trading platforms is also decreasing. These factors together indicate that Bitcoin's price may be under pressure.
0x Research's analysis based on trading models suggests that by January 20, 2025, when Trump is inaugurated, Bitcoin could soar to $120,000, with a probability of 83.33% according to the model estimates.
All favorable factors have emerged, but they have not yet fully played out.
0x Research stated that the rise in December is mainly attributed to three major Bitcoin catalysts estimated by market dates, such as MicroStrategy being included in the S&P 500 index (resulting in Nasdaq 100), Microsoft's proposal to consider Bitcoin as a treasury asset (probability of 10%), and the accounting rules from the Financial Accounting Standards Board regarding fair value reporting for crypto assets (probability of 100%). These positive news have all been confirmed.
MicroStrategy may also issue more convertible bonds soon to increase its Ethereum holdings, which provides significant support for Bitcoin's sharp decline. If Bitcoin does not experience a pullback this week, it may continue to break upwards.
