Bitcoin Soars to New Heights: Could $80K Be Just Around the Corner?

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09.11.2024 6 times read 0 Comments

Bitcoin Price Forecast: BTC Eyes $80K as Coinbase Traders Raise Demand

The cryptocurrency market is abuzz with excitement as Bitcoin continues its upward trajectory, recently hitting a new all-time high of $76,825. According to FXStreet, the surge in demand among US-based traders on Coinbase has been significant over the past two weeks. This increase coincides with Donald Trump's victory at the polls and a 25-basis-point rate cut by the US Federal Reserve (Fed), which further fueled bullish momentum for Bitcoin.

On-chain data reveals that virtually all current Bitcoin holders are now in profit, leading many to hold onto their assets amid expectations of continued capital inflows into risky markets. The CryptoQuant's Coinbase Premium Index indicates heightened buying pressure from US investors, suggesting potential for another leg-up towards an ambitious $80,000 target if support levels remain intact.

What Trump’s Election Really Means For Crypto

The recent election results have sparked optimism within the crypto community regarding regulatory clarity and growth prospects under Donald Trump's administration. Forbes reports that Trump has consistently advocated for pro-Bitcoin policies throughout his campaign and aims to position America as a leader in digital finance by integrating cryptocurrencies like Bitcoin into national financial strategies.

This shift could potentially benefit major firms such as BlackRock and Fidelity who are already pioneering tokenized funds while companies like VISA offer credit cards linked directly with crypto wallets—demonstrating mainstream adoption trends across various sectors despite previous political hurdles faced domestically due largely to restrictive regulations imposed during prior administrations' tenures, which were seen negatively impacting industry development efforts overall according to experts.

Bitcoin To $200,000 And Ethereum To $10,000 By End Of 2025?

AOL highlights Standard Chartered's bold prediction forecasting substantial growth within digital asset markets driven primarily through anticipated favorable policy changes following Republican victories during mid-term elections expected later this decade. The projection includes total capitalization reaching upwards near ten trillion dollars before the end-2026 timeframe, based on analysis conducted internally by team members closely monitoring ongoing events involving blockchain technology innovations emerging rapidly.

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