On Tuesday Bitcoin hit a record high of $108,135, surpassing the $108,000 mark to become the most valuable cryptocurrency by a long shot. The leading cryptocurrency showed strong and stable bullish momentum, advancing 12 percent over the past week.
“This is true price action as bitcoin moves higher and we’re seeing it,” David Foley, co managing partner, Bitcoin Opportunity Fund a bitcoin focused hedge fund told at the Paris crypto conference.
MicroStrategy’s Bold Move: 15,350 Bitcoins Added to Its Holdings
Partly, that surge was due to companies such as MicroStrategy, which only joined the Nasdaq 100 recently. Michael Saylor’s software firm has become the largest corporate holder of BTC, making its stock a proxy for the cryptocurrency. Monday also saw MicroStrategy announce that it had bought an additional 15,350 bitcoins for around $1.5 billion.
Palms tend to be positive about bitcoin’s direction and the call for further impressive gains is on the horizon. According to bitfinex analysts, the price will be increasing to somewhere between $140,000 and $200,000 by mid 2025.
Speculative demand is high, driven by ETF inflow and spot accumulation, and the current bull market reflects strong institutional demand.” At mid cycle, after the April 2024 halving, historical data suggests we are seeing market peak in the third or fourth quarter of 2025,” said Bitfinex analysts. However, typically the strongest rallies on BTC occur in post halving years.
But the analysts believe BTC’s upward trend is intact despite the expected price fluctuations in early 2025. Analysts added that ETFs and the growing institutional adoption, along with BTC becoming a global asset, ‘point to further price appreciation.’
This milestone illustrates yet another chapter as BTC continues its ascent amid strong sign from investors of confidence in the cryptocurrency as a major financial asset and greater mainstream acceptance of it.
