Bitcoin (BTC/USD) is poised for a potential surge to $101,694 by January 27, 2025, according to a new prediction by 10x Research. This bullish outlook is fueled by strong market momentum and increasing institutional demand through spot ETFs, which have been accumulating Bitcoin at an impressive rate.
The report highlights Bitcoin’s resilience as it recently reached a six-month high. Historically, this milestone has led to a median three-month return of +40%. If this trend holds, Bitcoin could cross the $100,000 mark early next year. The report’s authors point to Bitcoin’s growing dominance within the cryptocurrency market as a key factor driving this potential surge. Bitcoin dominance, which represents the percentage of the total crypto market cap that Bitcoin holds, has climbed from 38% to 58%, its highest level since April 2021. This trend signifies a shift in sentiment, with Bitcoin increasingly seen as a safer and more reliable asset compared to altcoins, especially those lacking clear use cases. The surge in Bitcoin spot ETFs has significantly contributed to this growing momentum. These ETFs, which allow institutional investors to gain exposure to Bitcoin without directly buying the cryptocurrency, accumulated a staggering $4.1 billion in October 2024 alone. This robust inflow into spot ETFs continues to fuel demand for Bitcoin, further supporting its price appreciation. For example, just last night, spot ETFs added an additional $830 million in Bitcoin, bringing their five-day total to $2.1 billion. The potential impact of a Trump victory on the cryptocurrency market has also contributed to Bitcoin’s recent gains. With swing states like Nevada and Pennsylvania reportedly leaning towards Trump, the so-called “Trump Trade” has positioned Bitcoin as a potential hedge against the uncertain regulatory landscape that has characterized the current administration. Analysts at QCP Capital emphasize the confluence of factors driving Bitcoin’s upward trajectory, including the robust inflow into spot ETFs, fresh monetary easing cycles across major economies, and the potential for a Trump victory. This combination of factors has created a favorable environment for Bitcoin’s price appreciation, suggesting that the cryptocurrency’s momentum is likely to persist in the coming months. The insights from 10x Research are timely as Benzinga’s Future of Digital Assets event, scheduled for November 19, will gather leading voices in the crypto space to discuss evolving trends in digital finance. While this prediction paints a promising picture for Bitcoin’s future, it’s important to remember that the cryptocurrency market is inherently volatile. It’s essential to conduct thorough research and consult with financial advisors before making any investment decisions.
