🌎 Bitcoin Price Surges Past $100,000 Eyes $200,000

Bitcoin Price Surges Past $100,000 Milestone, Eyes $200,000 by 2025

Bitcoin’s price performance this week has been impressive, crossing the significant milestone of $100,000 and peaking at $104,000. This surge is attributed to continued investor appetite for the digital currency, even at a six-digit price.

Investor Appetite and Institutional Demand

Data indicates that spot Bitcoin exchange-traded funds have seen a net inflow of over $33 billion, with these funds now holding a record $109 billion in assets after six consecutive days of positive inflows. Analysts from Standard Chartered and BitWise predict that Bitcoin will reach $200,000 in 2025, citing strong institutional demand amid falling supplies.

Historical data supports the possibility of accelerated growth. For example, the Dow Jones rose to $10,000 in 2000, doubled to $20,000 in 2017, and reached $40,000 this year. Similarly, the S&P 500 doubled from 1,000 in mid-2008 to 2,000 in mid-2014 and then took seven years to double again.

Government Adoption and Geopolitical Tensions

In addition to institutional adoption, Bitcoin’s price could jump as governments start buying. The US already holds 198,109 Bitcoins, while China, the UK, and Ukraine have 190,000, 61,000, and 46,000 coins, respectively. Other top holders are Bhutan, El Salvador, and Venezuela.

With geopolitical tensions likely to increase, more countries may consider buying Bitcoin. The US could also convert its holdings into strategic assets under the leadership of newly appointed crypto czar David Sacks.

Bitcoin Price Technicals Point to More Gains

Popular crypto analysts forecast BTC reaching $200,000, but the long-term chart suggests potential resistance at $122,000. The monthly chart shows that Bitcoin has just completed the formation of a cup and handle pattern.

This cup was about a 77% dip. Therefore, if we measure the same distance from its upper side of the cup, it means that the coin will rise to $122,000. This means that it has about 25% upside from the current level to go from the current level.

This outlook aligns with Elliot Wave patterns, suggesting the move to $122,000 would be the third wave, followed by a minor fourth-wave pullback and a final breakout to $200,000.