The crazy bull is about to start! BTC once surpassed the New Taiwan Dollar to become one of the top ten currencies. Will it reach this level next year?

BTC breaks through the million milestone, and its global status continues to rise

On December 5, 2024, Bitcoin surpassed the $100,000 milestone for the first time, not only staying in the six-figure range but also rising to become the world's tenth-largest currency. And at the moment when Bitcoin's market capitalization exceeded $2 trillion, it also surpassed the currencies of many countries, including Australia. This historic moment symbolizes the growing importance of cryptocurrency in the global financial system.

Image Source: FiatMarketCap When BTC's Market Cap exceeded 2 trillion USD, it briefly became the world's tenth largest currency.

According to FiatMarketCap data, there are currently about 19.79 million BTC in circulation worldwide. It is worth noting that with the price drops this morning, BTC's total market value ranking has dropped to 13th place, and BTC is only one place away from surpassing the New Taiwan Dollar. It seems that surpassing this goal is just around the corner. When even the Chairman of the Federal Reserve recognizes that BTC is a competitor to gold, I wonder if Taiwan's Central Bank still thinks that BTC is a bubble?

Source: FiatMarketCap BTC's Market Cap ranking is only one spot behind the New Taiwan Dollar.

Experts predict: next year is expected to surge to $140,000

The research team of the well-known investment management company ARK Invest predicts that BTC has the potential to reach $124,000 by the end of 2025. More optimistic traders are bullish on the possibility of it surging to $140,000. Experts believe that the continued entry of institutional investors and the US government's consideration of including BTC in its strategic reserves will be crucial drivers for pushing up the coin price.

Currently, market forecasting service Kalshi's data shows that the average target price for BTC by the end of 2024 has reached $128,000. What's even more exciting is that the market even predicts a 10% chance of breaking $150,000 by the end of this year. Another forecasting platform, Polymarket, estimates a 2% probability of BTC reaching $250,000, which, although not high, cannot be ignored.

Source: Kalshi. Users predict that the average target price of BTC by the end of 2024 has reached $128,000.

Analyst Jelle believes that BTC is breaking out of the bullish triangle that started in early November, and the next target is likely to be $130,000. Another analyst, Aksel Kibar, is even more bullish, suggesting that $137,000 could be the next long-term high for BTC.

With the assistance of political and economic factors, Crypto Assets are ushering in a golden age.

The political environment in 2024, especially Trump's election, is seen as extremely beneficial for BTC. Experts expect more bullish policies in the coming years, including loosening Cryptocurrency regulations and encouraging national institutions to invest. Russia has already begun to pass pro-crypto legislation, and the US may become a global leader in BTC development.

Currently, about $8 billion in short positions are facing liquidation risk. Once a large-scale liquidation occurs, it may further increase buying pressure on BTC. Technical Analysis expert TradingShot's Fibonacci level analysis also suggests that by early 2025, BTC could be trading near the $140,000 level.

Analysts generally believe that $100,000 is just the beginning of this bull market for encryption currencies, and 2025 will be the year when BTC really explodes. ARK Invest emphasizes in its report that if institutions continue to show interest in this emerging asset class, and the US government seriously considers including BTC in strategic reserves, the end of 2024 and 2025 will be full of momentum.

Overall, BTC is at the crossroads of global financial transformation. Institutional investors, policy environment, and market expectations are all driving the development of this disruptive digital asset. $100,000 is not only a milestone but also a new starting point for the rise of cryptocurrencies.

【Disclaimer】There are risks in the market, and investment needs to be cautious. This article does not constitute investment advice. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their specific circumstances. Invest at your own risk.

The raging bull is about to start! BTC once surpassed the New Taiwan Dollar and became one of the top ten currencies. Will it reach this level next year? This article was first published in 'encryption city'.