Bitcoin price has soared to a new all-time high above $80,000 for the first time amid institutional embrace across the board
Bitcoin (BTC), the leading digital cryptocurrency, has shocked the market with several price-peak performances within the last seven days. The coin has crossed the $80,000 price level, when adjusted for inflation. Bitcoin’s market capitalization has now soared past $1.5 trillion as the asset continues on its bullish moves.
Analysis of Bitcoin Price Surge
As positive market sentiments push Bitcoin upward, some analysts believe the coin could do better. These believe that when adjusted for inflation, BTC is underperforming compared to its rate three years ago.
Luke Broyles, a Bitcoin analyst, recently stated in a post on X that even when BTC hits $100,000, it will still not surpass the 2021 level when adjusted for inflation. The logic behind the analyst’s stance derives from inflation in the broader financial market. Notably, an item purchased in 2021 at $69,000 currently sells for around $80,159. This amounts to an inflation rate of approximately 16%.
Notwithstanding this viewpoint, Bitcoin has put up a remarkable showing in 2024. Driven largely by institutional interest in U.S.-based exchange-traded funds (ETFs) and the Federal Reserve’s interest rate cuts, the asset’s value has risen by approximately 80%. This spike in value has seen it rise above other traditional assets like gold and stock investments.
Predictions for Bitcoin’s Path to $100,000 and Beyond
Bitcoin’s latest surge has sparked hopes of a sustained bullish run in the coming weeks. Some market trend observers project the asset could test the $100,000 level as early as January 2025, if not sooner. In his market prediction for BTC, Peter Brandt placed the price between $130,000 and $150,000 before the end of the third quarter of 2025.
Bitcoin $BTC is now in the sweet spot of the bull market halving cycle that should top in the $130k to $150K range next Aug/Sep. I measure cycles differently than most. For background see link here: https://t.co/XWxS0kT4pO pic.twitter.com/3oDYzIQf69
— Peter Brandt (@PeterLBrandt) November 6, 2024
The optimism surrounding the price of Bitcoin lies in the historical performance of the asset following a U.S. presidential election. BTC’s precedence shows it tends to climb within two months after an election. Some foresee a higher performance in this cycle, given President-elect Donald Trump’s pledge during the campaigns. Trump had assured he would position the United States of America as a leading country in the crypto sector.
As the BTC price continues to record new highs, investors are keenly watching the market to profit from the current bull run. As of this writing, data shows BTC is exchanging for $79,650.33. Bitcoin’s market volume has climbed by 45.11% to $61.63 billion, signaling investors’ interest in the current bullish run.
Disclaimer: The information provided in this article is for informational purposes only. It does not constitute investment, financial, trading, or any other sort of advice. You should not treat any of BGECrypto’s content as such. BGEcrypto does not recommend that any cryptocurrency should be bought, sold, or held by you. Do your due diligence and consult your financial advisor before making any investment decisions.
