Bitcoin smashed the $106K mark in Asian morning trading on Monday before settling just around $105K, as crypto bulls geared up for a festive frenzy leading up to Christmas and Donald Trump’s inauguration next month.
10X Research says that BTC “could surge to $120,00,” based on a trading model it claims is on the money 10 out of 12 times. VanEck — with $118 billion in assets under management — has gone big with its bet: $180K a token before April.
Bitcoin’s brush with $106,444 was perhaps prompted by crypto’s chief influencer, who lobbed juicy soundbites to CNBC after ringing the NYSE opening bell this Thursday: “We’re going to do something great with crypto.”
When pressed on creating a strategic reserve [for BTC] just like the US has for petroleum, Trump said: “Yeah, I think so.”
Bold words but…experts tell MONIIFY that creating a Bitcoin reserve isn’t in fact as easy as it may sound.
Even so, the market may have latched on to Trump-backed World Liberty Financial project buying up cryptocurrencies such as ETH over the weekend.
Fanning the flame was the news of MicroStrategy’s inclusion into the Nasdaq-100 next week. It is the biggest holder of Bitcoin among companies.
That said, Bitcoin’s retreat to around 105K hints at some nerves. While the Federal Reserve is poised for another 25-basis point cut this Wednesday, there are also concerns that we are going to see a slowdown in the frequency of these cuts.
As it stands, BTC is simultaneously riding high on sentiment but also skating on thin ice. The quintessential Bitcoin experience.
