Unbelievable price
Reuters reported that after surpassing $100,000 on the morning of December 5 in Asia, boosted by President-elect Donald Trump's nomination of Paul Atkins - a cryptocurrency advocate - to run the US Securities and Exchange Commission (SEC), Bitcoin price quickly reached an all-time high of $103,619.
The total value of the cryptocurrency market has nearly doubled so far this year to a record of more than $3.8 trillion, according to data provider CoinGecko. For comparison, Apple is currently worth about $3.7 trillion.
Bitcoin has doubled in value this year and is up more than 50% in the four weeks since Donald Trump's landslide election victory and a slew of pro-crypto lawmakers were elected to Congress.
Mr Trump – who once called cryptocurrencies a scam – championed digital assets during his election campaign, promising to make the US the “cryptocurrency capital of the planet” and amass a national bitcoin reserve.
Bitcoin Price Forecast
These factors have led to a bull run in Bitcoin and the cryptocurrency market in general. And while no one can be sure how this bull run will play out, many look to Bitcoin’s historical behavior to predict its upcoming price.
Bitcoin’s bull run comes as no surprise to cryptocurrency enthusiasts, who expect a bull run every four years, starting with a halving, which cuts the rate at which new coins are created in half, reducing supply. As demand outpaces the tightening supply, it pushes prices up, building momentum and attracting more buyers. This time, the halving is scheduled for April 19, 2024.
The new thing this round is the US presidential election. In fact, the political environment has attracted more investor attention to the asset, Business Insider quoted Adrian Zduńczyk, founder of crypto consultancy The Birb Nest, as saying. Regardless of the political environment, the asset is set to rise in price, Zduńczyk said.
With Bitcoin at an all-time high above $100,000, is it too late to buy? The answer is personal and varies based on a variety of factors, including the investor’s risk tolerance and capabilities.
Since Zduńczyk is a trader who looks for opportunities to profit from an asset's price breakout, he buys using a "buy high, sell higher" strategy. But for bargain hunters, if Bitcoin follows its historical behavior, there will be too much volatility in the future. Zduńczyk notes that any correction will be temporary and difficult to time.
Zduńczyk now predicts that Bitcoin prices will continue to rise into the end of the year. Ahead of Trump's inauguration on January 20, 2025, Bitcoin prices are expected to rise even higher as traders bet on the event, a move often referred to as "buying the rumor, selling the news," in the belief that many people can take profits at high levels ahead of anticipated events.
If that is the case, Zduńczyk believes that there will then be a correction in late January that will last into February, leading to at least two 15% corrections, with the most likely scenario being three 30% corrections before moving into the final phase of the bull run, where Bitcoin could reach $200,000 in this cycle, which would be double the current price.
In Vietnam, representatives of the State Bank have repeatedly sent out the message: Bitcoin and other similar virtual currencies are not legal currencies and payment methods in Vietnam. The issuance, supply, and use of Bitcoin and other similar cryptocurrencies as payment methods are acts that are not in accordance with current laws.
