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Cryptocurrency News Articles
Expert Analyst Predicts Bitcoin (BTC) Price Could Hit $120k This Week—Here's Why
Dec 16, 2024 at 03:21 pm
A popular crypto analyst on X, Ash Crypto, has stated that the price of BTC could spike to $120,000 this week.
Chart analysis by a popular crypto analyst on X (CRYPTO:X) suggests that the price of Bitcoin (CRYPTO:BTC) could reach $120,000 this week.
The analysis, shared by Ash Crypto, points to several converging factors driving potential upward momentum in the BTC price.
Here are the key takeaways from the analysis.
Strategic Bitcoin Reserve Initiative Gains TractionThe analysis highlights increasing institutional interest in Bitcoin, particularly noting Donald Trump’s confirmation of the U.S. Bitcoin Reserve plan.
This initiative aims to establish a strategic Bitcoin reserve for the country, following similar state-level proposals in Pennsylvania and Texas.
At the international level, several countries are advancing their crypto adoption strategies, including Canada, Russia, Japan, Switzerland, and Argentina.
Monetary Policy CatalystAnother key factor driving potential price appreciation is the upcoming Federal Open Market Committee (FOMC) meeting.
The analysis points to a 97% probability of a 25 basis point rate cut, following similar moves by the European Central Bank and Swiss Central Bank.
Typically, monetary policy shifts toward easing create favorable conditions for Bitcoin appreciation.
Institutional Buying PressureThe analysis also emphasizes continued institutional accumulation, with Michael Saylor signaling potential additional Bitcoin purchases.
Major mining companies like Marathon Digital Holdings (NASDAQ:MARA), Riot Platforms (NASDAQ:RIOT), and Hut 8 are actively expanding their Bitcoin treasury positions, potentially triggering increased institutional participation in the market.
Convergence of FactorsBased on these converging factors - technical breakout, policy initiatives, monetary easing, and institutional demand - the analysis projects that Bitcoin could reach $120,000 within the week.
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