By Michael Scott
Bitcoin sustains momentum as it blasts past $93,000 today amid the US inflation data release. Analysts cite the surge potential to break the $100K target.
The release of the US Consumer Price Index (CPI) report confirms the inflation spike, fueling volatility in the BTC price movement. The inflation data had confined the market participants on the edge and anticipated disrupting the two-day stability.
An earlier update by MNConsultancy chief investment executive Michaël van de Poppe acknowledged BTC hovering around $87K. The executive observed that altcoins faced intensified selling pressure as participants anticipated the inflation report.
Van de Poppe spotted $80K as the entry point for traders should the Bitcoin pullback occur. Nonetheless, the executive shrugged off the dip terming it as temporary and expecting the $100,000 target as BTC sustains the bullish steam.
Looking into the daily chart shows the anticipated bearish scenario by Van de Poppe hardly materialized. Instead, Bitcoin is up 8% as the rebound lifts its peak at $$93,477.11 at press time.
Long-Term Holders Confident on Further Upside
Long-term Bitcoin holders portray resilience amid the price movements and optimism of targets. Market analyst Ali Martinez conveyed Glassnode data indicating that investors are yet to exhibit signs of extreme greed.
The analyst observes that the market peaks whenever the investor’s sentiment turns ‘blue extreme greed’. The absence of such a shift suggests room for further uptrend exits.
Will Bitcoin Hit $100 Million?
JAN3 chief executive Samson Mow issued a bold forecast regarding Bitcoin’s future. The executive is bullish that the premier asset will hit seven figures in a surge driven by the macroeconomic pressures particularly the soaring US debt that now approximates $35.95 trillion.
Mow speculates that the United States could deploy drastic approaches including rebasing the dollar to the BTC’s least unit – the Satoshi. He believes such occurrences will bolster the BTC valuation to an eventual $100M per coin.
Mow is optimistic that Bitcoin would in the short-term, before year-end, hit the $100,000 price target. The executive attributes the delay to what appeared ambitious to the sudden implosion of crypto exchange FTX and the bleeding witnessed in Grayscale-related products. He considers the growing demand experienced by the spot Bitcoin exchange-traded funds (ETFs) as the critical factor likely to elevate the prices higher in subsequent weeks.
What is Possible if US Establishes BTC Strategic Reserve
SkyBridge co-founder Anthony Scaramucci observes that buying into Bitcoin is in its infancy phase as the crypto asset edges closer to the mainstream adoption curve. In his insights shared via X update, the SkyBridge managing partner assures the non-Bitcoiners of opportunities existing despite the recent explosion. In context, the largest crypto by market value today rallied to record an all-time high of $93,477.11.
The BTC soared 21% in its weekly run in a momentum that had the market cap surpass $1.8 trillion. Nonetheless, Scaramucci asserts that though non-Bitcoin holders may feel discriminated against in the current bull run, the asset is yet to cool down as more upsides will emerge.
US Treasury Reserve to Trigger BTC Price Explosion
Scaramucci weighs into the US creating Bitcoin reserves suggesting its realization constitutes the basis for the early assertions. The experienced entrepreneur argues that formulating the US Bitcoin stockpile would catalyze the asset’s mainstream adoption, triggering more uptrend.
The creation of the Bitcoin Treasury in the US is garnering momentum since President-elect Donald Trump declared support for the reserve. Notably, Senator Cynthia Lummis tabled the bill while addressing the 2024 Bitcoin Conference.
Trump’s win prompts a bullish shift as a catalyst to spur the Bitcoin price further. Scaramucci reiterates that the US creating the Bitcoin stockpile could spur global adoption.
The SkyBridge executive acknowledges the strategic investment move by the US would prompt interest from other central banks, asset managers, and investment advisers to Bitcoin. Consequently, Scaramucci believes additional trillions of dollars will head into Bitcoin, thereby boosting its price.