On December 17 (Tuesday), the price of Bitcoin soared, breaking through $108,000 in one fell swoop, setting a new all-time high again, and then fell back. Just last week, the figure fell below $95,000, but showed strong momentum again in the following days. Although Bitcoin is currently experiencing a severe correction, as we enter the second half of December, which is traditionally a strong month, the market expects that Bitcoin may soon reach a new high, pointing towards the $120,000 mark.

Set the longest seven-week rising streak since 2021

Bitcoin this year The performance can be described as unlimited, constantly breaking records. At the beginning of the year, the U.S. SEC approved 11 spot Bitcoin ETFs, injecting new vitality into the Bitcoin market and causing Bitcoin prices to soar to a record high in March. At the end of the year, as Trump, who supports cryptocurrency, won the US presidential election again, Bitcoin once again experienced a strong rise, breaking through the $100,000 mark for the first time. This milestone achievement not only demonstrates the enthusiasm of the market, but also marks Bitcoin’s increasingly solid position in the global financial system.

Since the U.S. election on November 5, the price of Bitcoin has soared more than 57% and set a record for the longest seven-week consecutive rise since 2021. During this period, U.S. ETFs that directly invest in Bitcoin attracted nearly $13 billion in net inflows, pushing the total asset size of related funds to $113.7 billion, highlighting the strong interest of institutional funds in the crypto market.

Trump reiterated Bitcoin strategic reserve, igniting market enthusiasm

< p style="text-align: left;">Last week, Trump said in an interview with the media that "we are going to do some great things in the cryptocurrency field," noting that more and more people are embracing crypto. currency, but “we want to be leaders.” When asked if he planned to create a cryptocurrency reserve similar to an oil reserve, Trump responded in the affirmative.

Besides the federal level, U.S. states have also begun to explore digital currency reserve plans. Texas lawmakers last week submitted draft legislation to establish a state-level strategic Bitcoin reserve. The GDP of Texas ranks eighth in the world, comparable to Canada. As the second largest economy in the United States, Texas’s move may have a demonstration effect on other states. On Tuesday, a U.S. House of Representatives from Ohio introduced a bill to establish a Bitcoin reserve within the state treasury.It's the third U.S. state to do so in just a month.

The improvement of the environment has also changed the attitude of traditional financial institutions towards cryptocurrency. On Friday, Nasdaq announced that Bitcoin “whale” company MicroStrategy will be included in the Nasdaq 100 index, news that enhances the appeal of the stock and helps the company raise more equity to buy More Bitcoin.

The market responded enthusiastically to Trump’s stance in support of crypto assets and his clear plan to include Bitcoin in strategic reserves. This oriented signal greatly improved the boosted market confidence.

Can Bitcoin reach $120,000 before Trump takes office?

Bitcoin's strong performance is one step away from $110,000. With the arrival of the second half of December, a traditionally strong period, Bitcoin is expected to soon Breaking through $120,000, setting a new historical record.

December is usually a historic bull market month for Bitcoin, commonly known as the "Santa Claus market." Data from the past eight years shows that Bitcoin has ended December with gains five times since 2015, with gains as low as 12%. Among them, during the past two halving cycles from mid-December to the end of December, Bitcoin rose by approximately 26% (2016) and 50% (2020) respectively. If the trend is similar this year, Bitcoin is expected to hit a high of $130,000 to $150,000.

In addition, the Trump cabinet's attitude of almost "all members speculating in currency" has given the market confidence in the future implementation of crypto-friendliness. The dividends of the US election and the future of the United States Factors such as the prospect of Bitcoin as a strategic reserve asset, before Trump officially takes office, the market may usher in a wave of emotional climax, pushing Bitcoin straight to the $120,000 mark.

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