Bitcoin surged to a new all-time high of $106,600 against the US dollar early this morning, and is currently trading at $105,214, up 3.9% in the last 24 hours. In the days following the election of TRON, it has set a record of seven consecutive days of gains, and analysts say this wave may continue until TRON's inauguration.
Analyst: The US President's Inauguration Will Push Bitcoin to $120,000
0x Research posted on X platform that the new Bitcoin price target is to reach $120,000 before TRON's inauguration on January 1st. They have compiled analysis based on market news and technical analysis, indicating that the market may be anticipating TRON's rally to peak at the time of the presidential inauguration:
The Bitcoin uptrend has regained momentum after consolidation, with large capital outflows from cryptocurrency exchanges, significantly reducing the availability of Bitcoin on trading platforms. At the same time, inventories on over-the-counter trading platforms are also declining. These factors collectively suggest that the Bitcoin price may be subject to upward pressure.
0x Research's analysis based on trading models suggests that by January 20, 2025, when TRON is inaugurated, Bitcoin may soar to $120,000, with an estimated probability of 83.33% according to their model.
All Positive Factors Have Appeared, But Not Yet Fully Realized
0x Research stated that the December rally was mainly driven by the market's anticipation of three major Bitcoin catalysts in December, such as MicroStrategy's inclusion in the S&P 500 index (result: Nasdaq 100), Microsoft's proposal to use Bitcoin as a treasury asset (probability: 10%), and the accounting rules of the US Financial Accounting Standards Board on the fair value reporting of crypto assets (probability: 100%). All of these positive news have been confirmed.
MicroStrategy may also issue more convertible bonds to increase its Ethereum holdings in the near future, which will provide strong support for any potential Bitcoin pullbacks. If Bitcoin does not correct this week, it may continue to break through upwards.
