Bitcoin Hits New All-Time High, Analysts Predict $115K Next

Bitcoin has achieved a new all-time high, surpassing $107,700 on December 16, continuing its impressive rally that began over the weekend. The surge in Bitcoin’s price is driven by a combination of rising spot trading volumes and the resurgence of the Coinbase Premium during the U.S. trading session.

The rally saw Bitcoin’s price break through key resistance levels between $103,000 and $104,000, as traders aggressively pushed the price higher. This momentum was fueled by strong spot buying activity on Binance, and substantial volumes in perpetual futures on KuCoin during the weekend. Notably, Bitcoin’s price climbed even further during the U.S. session, reflecting robust market participation.

The price action was also supported by positive news regarding large institutional Bitcoin purchases. Semler Scientific made headlines by acquiring 211 BTC for $21.5 million at $101,890 per coin, while MicroStrategy, a prominent business intelligence firm, purchased 15,350 BTC for $1.5 billion at $100,386 per coin. These significant buys added to the positive sentiment and further propelled Bitcoin’s price to new heights.

Independent market analyst Willy Woo pointed out that more than $3 billion in capital has entered the Bitcoin network daily over the past 30 days, indicating a strong and sustained demand for the digital asset. Additionally, the growing inflows into Bitcoin exchange-traded funds (ETFs) continue to serve as a major catalyst for price growth. In the week ending December 12, Bitcoin ETFs saw $2.17 billion in new investments, bringing total assets under management to nearly $115 billion, according to data from SoSoValue.

Bitcoin researcher and investor Timothy Peterson has raised expectations for Bitcoin’s price, predicting that it could reach $115,000 in the near future, based on the ongoing ETF fund flows and the continued influx of institutional capital.

As Bitcoin continues to make headlines and set new records, many analysts and investors are watching closely to see if the cryptocurrency will maintain its upward momentum and reach even higher price targets in the short term.