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Why Did Bitcoin (BTC) Rise? Will the Rally Continue? Analysts Explain!
Bitcoin (BTC), rising above $106,000 in the early hours of the new week, set a new all-time high, breaking records.
Reasons for the Rise?
Among the catalysts behind this rise, there are increasing speculations about US President-elect Donald Trump forming a Bitcoin reserve and reasons such as large companies like Riot Platforms and MicroStrategy buying billions of dollars worth of BTC. Please provide the text to be translated In addition to these, it was stated that historical data and expectations regarding the interest rate decision of the US Federal Reserve to be announced this week are also included.
Experts speaking to CNBC said that with the increasing expectations of a FED interest rate cut over the weekend, Bitcoin! has reached an all-time high today, surpassing $106,000.
According to experts, the BTC rally is being driven by expectations of a 25 basis point interest rate cut, which is considered positive for Bitcoin due to its correlation with lower interest rates, a weaker dollar, and expanding money supply, with a 97% probability. Please provide the text to be translated
Data Shows the Rally in Bitcoin Will Continue!
Analysts speaking to Coindesk said that BTC rose with optimism about changes in US crypto policy.
Augustine Fan, a senior executive at SOFA, said that the optimism in US crypto policies has increased the influx into Bitcoin ETFs, thus accelerating the BTC rally.
Fan said that unlike previous crypto cycles, traditional finance (TradFi) entries dominate the current cycle's BTC rise.
In light of the huge revenue opportunities and changes in the political environment, he thinks there will be more and more traditional companies that need cryptocurrencies, Fan said, adding, "This effect will only grow and accelerate the rally. In addition, Bitcoin's recent price action has shown BTC forming higher lows, which is indicative of a sustainable uptrend. "*** said.
BTSE COO Jeff Mei, evaluating the recent rise in Bitcoin, stated that BTC still has a great potential for further growth and expects more upward movement.
Mei stated that according to historical data, Bitcoin is ready for a rise called the "Santa Claus Rally", and stated that Bitcoin has closed December in the green six times since 2015 and has risen up to 46 percent.