Crypto Market News With BingX December 18, 2024

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Analysts believe that the increasing acceptance of Bitcoin by large organizations will create strong demand-side pressure, causing Bitcoin price drops in 2025 to be short-lived and temporary. According to analysts from Bitfinex, strong institutional demand will make it difficult for Bitcoin prices to fall sharply in 2025, with the best-case scenario being that Bitcoin prices could double by June 2025.

In the market report on 17/12, analysts forecast a minimum Bitcoin price of $145,000 by mid-2025, and a potential to reach $200,000 under favorable conditions. "Our view is that any correction in 2025 will be insignificant, thanks to the influx of Capital from institutions," the analysts said.

They noted that while there may be Bitcoin price volatility in Q1 2025, the "overall trend" will still be growth, driven by the flow of Capital into Bitcoin Spot ETFs and increased adoption from both the global market and large institutions.

BingX Bitcoin Chart

BingX Bitcoin Chart 1D on 18/12/2024

BingX Bitcoin Chart 1D on 18/12/2024 | Source: TradingView & BingX

Data from Farside Investors shows that around $36 billion has flowed into Bitcoin Spot ETFs in the US since their launch in January. "Bitcoin ETFs are currently one of the largest Bitcoin investor groups, with over 1.13 million BTC," the analysts said. According to Nic Carter, partner at Castle Island Ventures, Bitcoin's price could increase by nearly 9 times in the long run.

"In the long run, I expect Bitcoin to reach a market capitalization on par with gold, which would price Bitcoin at $900,000," Carter shared on Bloomberg Television on 17/12. Andy Edstrom, author of a book on Bitcoin, also expressed on 16/12 that he "is having a hard time getting used to the reality that a $1,000 price move is now less than 1% of Bitcoin's value."

Analysts from Bitfinex believe that if Bitcoin repeats the 2021 cycle with a roughly 40% increase over the moving averages, Bitcoin's price could "reach around $339,000." In a less likely scenario, if the 2017 extended cycle is repeated with diminishing returns, Bitcoin could peak around $290,000 in early 2026.

Meanwhile, the possibility of a new US administration establishing a Bitcoin strategic reserve is causing the crypto industry to speculate that the market may enter uncharted territory. "If a country adopts a Bitcoin strategic reserve, you can say goodbye to the 4-year cycle," crypto analyst Tyler Durden wrote on the X platform on 17/12.

After Donald Trump's victory in the election on 11/5, Senator Cynthia Lummis, a crypto supporter, said she would push for legislation to have the US government buy Bitcoin and hold it for at least 20 years.

Currently, the support level for Bitcoin is at $100,000, while the resistance level is at $106,500.

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Established in 2018, BingX is one of the leading cryptocurrency exchanges with over 10 million users globally. BingX offers a wide range of products and services such as: Spot trading, Futures Contracts, Copy trading,... Catering to users of all levels. In addition, the BingX exchange is proud to be an official partner of Chelsea FC and collaborates with famous UFC fighters. Download the BingX exchange app on iOS or Android now to start your investment journey!

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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