BTC is breaking new highs every day and is on the verge of reaching the $100,000 mark. Experts predict that the BTC uptrend will continue for the time being, thanks to the crypto-friendly policies of the Trump administration. There are even forecasts that BTC will break through $200,000 next year.
At around 2:35 pm on the 21st, BTC recorded a new high of $97,862, up 4% from the previous day, according to CoinMarketCap. The news of the new high led to a surge in selling, and the 24-hour trading volume of BTC on CoinMarketCap exceeded $90 billion ($125.955 trillion), up 20% from the previous day.
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In the domestic market, BTC also reached a new all-time high of over 137.7 million won on Upbit.
This sharp price increase is analyzed to have been driven by buying pressure in the Asian market. Kim Min-seung, head of the Cobit Research Center, said, "There was a lot of BTC trading volume on major global cryptocurrency exchanges such as Binance, Crypto.com, and Bybit, which means that Asian funds, not US-listed ETFs, are buying a lot of BTC." He also explained, "Especially, since BTC has exceeded 700,000 yuan in the Chinese market, it seems that a lot of buying has occurred in China."
Experts forecast that this rally will continue for the time being. US investment bank Bernstein has reaffirmed its target price for BTC next year at $200,000. Bernstein previously suggested a target price of $200,000 for BTC next year in June. Bernstein said, "The appointment of crypto-friendly personnel in the Trump transition team, corporate BTC accumulation, the launch of physical ETFs, and increased mining demand will provide upward momentum."
Kim also said, "This year is the first BTC halving since the approval of cryptocurrency spot ETFs, and it is also the year of the presidential election," adding, "As the SEC's excessive regulation of cryptocurrencies is expected to be relaxed and the possibility of the Trump administration's crypto-friendly policies, long-term upward trends are expected."
- Reporter Kim Jung-woo
- woo@decenter.kr
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