The Breakdown Bitcoin in Santa Claus Mode Smashes to New ATH
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Dec 17, 2024 Bitcoin has soared to an all-time high, igniting excitement among analysts forecasting prices between $125,000 to $800,000. The discussion shifts to the potential creation of a national Bitcoin Strategic Reserve, driven by new administration initiatives. MicroStrategy's entry into the Nasdaq 100 highlights corporate crypto strategies, while regulatory changes face scrutiny, impacting public trust in banks. As countries consider Bitcoin reserves, the implications for global finance and politics become increasingly significant.
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Bitcoin's New All-Time High and Price Predictions
- Bitcoin reached a new all-time high of $106,500, but prices retreated slightly.
- Industry experts predict varying future prices, from $125,000 to as high as $800,000.
Market Drivers of Bitcoin Price
- Large cohorts, not just MicroStrategy and ETFs, control Bitcoin's price.
- Short-term holders accumulated over a million Bitcoins, while long-term holders reduced positions.
Skeptics Capitulate to Bitcoin
- Even long-time Bitcoin skeptics are now considering buying in.
- The "ranch lawyer" admitted the strategic reserve and other countries' adoption changed his mind.