Bitcoin Soars: Why Some Predict $120, 000

Lately, Bitcoin has been on a roll, hitting new highs. Many analysts tie this to Donald Trump's recent election win. Some even predict Bitcoin could hit $120, 000 soon. The trading firm QCP thinks this is possible, citing Trump's plan for a strategic Bitcoin reserve and recent inflation data. Bitcoin's price has been rising due to favorable market conditions. The US government's inflation data showed expected numbers, and many analysts believe there might be a change in monetary policy. This shift could boost risk-based assets like Bitcoin.QCP, in a post, predicted Bitcoin could reach $100, 000 to $120, 000. They think Trump's idea of creating a strategic Bitcoin reserve and moving away from gold could keep prices high. However, they warn about the risk of excessive leverage in other cryptocurrencies, which could lead to a price drop. Other analysts, like Matthew Sigel from VanEck, share this optimistic view. Bitcoin's price has grown since the election, and based on VanEck's indicators, this trend might continue. Sigel even thinks Bitcoin could hit $180, 000 next year. Rekt Capital agrees, saying Bitcoin is in a "parabolic upside" phase that could last up to 385 days.