$106K Record High! Why Bitcoin Is Going Up Today and What’s Next

Bitcoin (BTC) has reached an extraordinary milestone, surging over 2% in the past 24 hours to hit a record all-time high (ATH) of $106,352. This marks the first time in Bitcoin’s 16-year history that it has crossed this level. The total cryptocurrency market cap is now just $130 billion away from a whopping $4 trillion.

Bitcoin’s dominance continues to rise, even as interest in utility-focused altcoins increases. Since early December, Bitcoin’s market share has climbed by about 4%, reaching 57.38% during the early London session on Monday, December 16.

Bitcoin truly is the foundation of crypto.

BOn Track for $120K? Analysts Weigh In

Having surpassed the crucial $100K psychological barrier, Bitcoin remains in a strong position for further growth. Renowned trader Peter Brandt predicts the cryptocurrency could soon climb to $120K as it gains momentum against traditional assets like gold.

From a technical perspective, Bitcoin recently broke out of an ascending triangle pattern on the daily chart, a classic bullish indicator. However, a retest of this breakout could temporarily push prices below $100K, providing opportunities for traders looking to go long.

BTC skyrockets to $106k ATH! What’s next for Bitcoin? Read Bitcoin Price Prediction and uncover the path to $120k and beyond!

Mixed Reactions from Whale Investors

As the Bitcoin price rallied above $101k again, whale activities remained relatively high in the past few days. According to market data from Coinglass, the supply of Bitcoin on centralized exchanges declined by over 37k in the past seven days to hover about 2.25 million at the time of this writing.

The US spot BTC ETFs accounted for huge demand last week, with a net cash inflow of about $2.17 billion, led by BlackRock’s IBIT and Fidelity’s FBTC.

Meanwhile, on-chain data analysis by Glassnode reveals that long-term holders have accelerated the overall Bitcoin sales, signaling the cycle top is close. On the other hand, Bitcoin addresses with at least 100 coins increased by 1,582 in the past 9 weeks.

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Embracing Bitcoin with Open Arms

Bitcoin adoption is gaining momentum as both institutional players and governments begin to recognize its potential. President-elect Donald Trump recently pledged that his administration will take significant steps to ensure the US leads in the cryptocurrency sector.

Texas has already made moves toward building a strategic Bitcoin reserve, signaling the possibility of similar actions at the federal level. With the US national debt now surpassing $36 trillion, Bitcoin could play a role in strengthening economic resilience.

Will Other Nations Follow the US?

As the United States moves toward embracing Bitcoin as a strategic reserve asset, other countries are likely to follow. This shift could reshape global finance, positioning Bitcoin as a key tool in economic policy for years to come.

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What started as an experiment 16 years ago is now shaping the financial strategies of institutions and governments alike. This is a story for the books.

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