According to reports, on December 17, Bitcoin (BTC) hit a new full-time senior (FST) of $107,756.83 before dropping to $106,657.32 at the time of writing. It continues to rule the cryptocurrency space thanks to its strong momentum, which has market watchers wondering if it could break this record. soon and reach an all-time high.
Reasons behind the increase
- Bitcoin's price increase has been largely driven by institutional investment, as evidenced by the large purchases of Bitcoin by companies such as MicroStrategy and Riot Platforms, which have increased confidence in the market. In addition, the introduction of MicroStrategy in the Nasdaq The stock market index 100 has inspired more optimism.
- Take care against inflation and economic uncertainty. The state of the economy and politics have also influenced the rise of Bitcoin. Speculation about possible federal Bitcoin reserves and inflationary pressures have led to an increase in investments as a hedge against economic instability.
- Developments in technology and network enhancements. With the help of network developments and technological developments, Bitcoin technical indicators have shown a strong bullish trend. Analysts expect further expansion as higher lows and the development of bullish patterns indicate a long-term upward trend.
Bitcoin stock price history
After reaching a high of $107,756.83 on December 17, Bitcoin is currently on the rise, rising 1.74% on the previous day and 10.83% on the last week. Earlier this month, it reached a record high of $100,000 and was up 18.41% over the previous 30 days.
Chart showing BTC reaching a record high of $107,756.83 on December 17, 2024, based on TradingView.com
According to analysts, BTC's rise to new ATH was driven by a series of short liquidations. With the increasing awareness of investors in support of Bitcoin, it is not surprising that the price of BTC is going up today.
But it can BTC set a new record high again soon? Analysts and market watchers are debating that it could hit another new record as the expected bull run looms. In addition, the return of President Donald Trump to the White House in 2025 and his pro-crypto stance could give new impetus to the digital currency market. This combination of favorable market conditions and political trends suggests that Bitcoin may soon break new records.
Can Bitcoin register a new ATH with growing interest?
The most famous cryptocurrency, BTC, reached a new high of $107,756.83 on December 17th. Analysts argue that with the expected bull run and Trump's upcoming term sets in January 2025, Bitcoin could soon set a new record price.
Featured image from Pixabay, Chart from TradingView
