Join the BingX community
Bit has surged past the critical $100.00 level, marking a psychological milestone for crypto traders and a vindication for holders who truly believed. Prices have soared since the Republican victory in the November elections. The breakthrough above $100,000 occurred just hours after President-elect Donald Trump announced that former SEC Commissioner and co-chair of the Digital Chamber of Commerce's Token Alliance Paul Atkins would replace Gensler at the helm of the SEC.
In a Truth Social post highlighting Atkins' many accomplishments, Trump emphasized his support for crypto: He also acknowledged that digital assets and other initiatives are crucial to Making America Greater Than Ever. The rest of the administration is shaping up to be the most crypto-friendly ever, with Trump also nominating Key Square Capital Management founder Scott Bessent as Treasury Secretary.
BingX Bit Chart
BingX Bit Chart 1D on 5/12/2024
Favorable macroeconomic conditions have provided a powerful tailwind for the crypto market, propelling it into the "banana zone" and setting new all-time highs. As Bit enters a price discovery phase, no one can be certain of the peak it may reach. With Bit's price appreciation, bold predictions are sure to proliferate. Some brave analysts had put forth specific price targets ahead of the post-election rally, risking criticism if proven wrong. On October 22, Bernstein, a research firm, forecast Bit reaching $200,000 by the end of 2025.
This report argues that 2025 will mark a "new institutional era" for the crypto market, with Wall Street expected to "replace Satoshi as the largest Bit wallet" by the end of 2024. Geoff Kendrick, Standard Chartered's global head of digital asset research, also believes Bit could reach $200,000 by the end of 2025, regardless of who wins the 2024 US presidential election.
Standard Chartered has maintained its $200,000 price target since January 2024, even before the ETF approvals. This forecast seems to be driven by expectations of an institutional investor wave. Regardless of where Bit's price ultimately settles, it is clear that it has achieved another significant milestone, further cementing its status as one of the world's most valuable hard assets. Bit has surpassed silver and is now aiming to approach gold.
The current support level for BTC is $100,000, while the resistance level is $110,000.
About BingX
Established in 2018, BingX is one of the leading crypto exchanges with over 10 million users globally. BingX offers a diverse range of products and services, including spot trading, Derivative, copy trading, and asset management, catering to the needs of both beginners and experts. BingX is committed to providing a trustworthy platform and enhancing the trading experience with innovative tools and features.
In 2024, BingX proudly became the official partner of Chelsea FC, marking its foray into the sports industry. Additionally, BingX has also collaborated with two renowned UFC fighters from South Korea, Junyong Park and Da Woon Jung. Through these partnerships, BingX not only strengthens its brand image but also creates opportunities to connect with the sports community and fans worldwide.
Disclaimer: Readers should conduct their own research before engaging in any transactions. BingX is not directly or indirectly responsible for any damage or loss caused by or claimed to be caused by the use, reliance on, or trust in any content, goods, or services mentioned in this article.
