Bitcoin has been making headlines recently as it shows signs of rejuvenation, with the price inching closer to the $87K mark. After trading around $84K and struggling to break past this critical price point, Bitcoin is now sitting at $86K, up 3% in the last 24 hours. The question on everyone’s mind is whether Bitcoin can hit a new all-time high before the end of Q1, 2025.
According to Watcher Guru, Bitcoin is currently trading at $86K, showing a 3% increase in the last 24 hours. The token had briefly touched the $87K mark before retracting to $86K. Bitcoin had previously hit a low of $80K due to trade war narratives affecting the cryptocurrency market. However, with the markets stabilizing, Bitcoin has seen a spike in price, helping it reach $86K.
Arthur Hayes, a prominent Bitcoin advocate, believes that Bitcoin will reach $110K before retesting the $76.5K level. Hayes attributes this potential price surge to the Federal Reserve transitioning from Quantitative Tightening (QT) to Quantitative Easing (QE) for treasuries, as well as the notion of “transitory inflation” dismissing the impact of tariffs.
In addition to price predictions, discussions about the US government trading gold for Bitcoin have gained traction. Senator Cynthia Lummis suggested that the US should sell its gold reserves and invest in Bitcoin, further boosting the cryptocurrency’s price momentum.
Anthony Pompliano also encouraged investors to hold onto their Bitcoin and ignore market noise. Pompliano’s message resonates with the fluctuating sentiment in the market, as Bitcoin has swung from Extreme Greed to Extreme Fear over the past year.
Looking ahead, CoinCodex predicts that Bitcoin could reach $116,000 by March 31st, 2025, with a potential high of $118K by March 22, 2025. The current sentiment is bearish, with a Fear & Greed Index showing 45 (fear). Despite the forecasted price increase, CoinCodex suggests that it may not be the best time to buy Bitcoin based on technical indicators.
Overall, Bitcoin’s recent price movements and market sentiment indicate a potential for further growth and new all-time highs in the near future. Investors and enthusiasts will be closely monitoring Bitcoin’s trajectory as it continues to make waves in the cryptocurrency market.