Bitcoin Bulls Eye $100K: Regulations Ignite BTC Bullish Prospects
Just a few months ago, Bitcoin spent months in a narrow range below $65,000, making it seem like a tall goal to achieve the fabled $100,000 mark. However, the desire has been rekindled by the prospect of rapidly altering U.S. regulations.
Predictions of BTC at 100K aren’t a pipedream anymore as the political and institutional stars start to align. Despite having net ETF outflows last Thursday and Friday, BTC still looks relatively well supported and institutional adoption remains strong.
traders at Singapore-based QCP Capital
In the upcoming months, QCP anticipates a run above $100,000, which is almost 10% higher than the current record of over $93,000. As a sign of a widespread alt season, those gains will be channeled into altcoins.
BTC’s dominance is around 60% now and will probably need to be under 58% to signal the start of altcoin season. We anticipate pro-crypto policies from the Trump administration and more rate cuts. We won’t be surprised to see altcoin season in full swing in the coming months,
QCP
BTC Dominance Surges, But Analysts Warn of Choppy Roads Ahead
Following Republican Donald Trump‘s election victory in November, banks and conventional financial analysts have set targets as high as $200,000. Earlier this week, the U.S. bank JPMorgan’s retail sentiment reached a record high of 4, indicating a resurgence of demand from professional, smaller investors. Based on activity in the family of BTC products, including spot ETFs, the metric is intended to determine how retail investors feel about cryptocurrencies, particularly bitcoin. However, there are also short-term issues, so not everything is positive.
We feel that the ‘easy’ part of the rally has been done and the next stage will be much trickier with more price choppiness and potential for drawdowns. Bitcoin dominance remains on a one-way trend higher reminiscent of the mega-cap dominance in SPX, and is not particularly desirable for this stage of the crypto ecosystem. We’ll be looking for a potential blow-off top in the near term with market sentiment at highly frothy levels,
Augustine Fan, head of insights at SOFA
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