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Bitcoin (BTC) hit a new all-time high of $94,730, continuing a significant uptrend that began on November 5. Analysts are calling this rally the “Trump trade” because of recent political developments around Donald Trump’s victory have created renewed confidence among investors in BTC and the broader crypto market.
Analysts predict a 42% increase for BTC
Despite the impressive rise, analysts believe that Bitcoin’s price discovery is far from complete, indicating substantial potential for further growth.
Among those sharing this bullish sentiment is analyst Ali Martinez, who draws parallels between Bitcoin’s current price movements and those of December 2020, before the remarkable uptrend that eventually led to an all-time high of $69,000 in 2021.
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Martinez notes that the relative strength index (RSI), a key technical indicator used to measure momentum, is currently reflecting the patterns observed at the end of 2020. This similarity suggests that the BTC price could be poised for significant upward moves in the coming months.
According to Martinez, if this trend continues, Bitcoin could reach the $108,000 mark, followed by a possible correction to around $99,000 before returning to a forecast milestone of $135,000.
This forecast represents an increase of over 42% from current levels, although Martinez did not specify a timeline for these moves, indicating they could occur sometime between now and the first quarter of 2025.
Bitcoin will reach $1 million by 2029?
In even more optimistic predictions, market expert Timothy Peterson, who calls himself a network economist, suggests that Bitcoin’s current bullish trend could continue until November 2025, with ambitious targets for the future.
In one recent post on X (formerly Twitter), Peterson predicted that Bitcoin could reach $275,000 per coin by Thanksgiving Day 2025. He bases this projection on Metcalfe’s law, which states that the value of a network is proportional to the square of the number of users. This indicates that as more people adopt Bitcoin, its value is likely to increase significantly.
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Looking further ahead, the economist also claims that Bitcoin price could reach the coveted valuation $1,000,000 per coin by 2029, representing a staggering 954% increase over current levels.
At the time of writing, the largest cryptocurrency on the market is trading at $94,730 and has made huge gains in recent weeks, rising 26% and 39% in the fourteen and thirty day periods respectively.
Furthermore, BTC has reached a market capitalization of $1.8 trillion, making it one of the most valuable assets in the world. is currently in 7th placejust behind companies like Nvidia, Microsoft, Google and Amazon. But far from the most important asset in this matter, which is gold with a market cap of $17 trillion.
Featured image of DALL-E, chart from TradingView.com
