On Thursday, the price of Bitcoin skyrocketed to more than $106,000, representing its highest value in the past 72 hours.
“This is the high of the current week, but below the market’s center of gravity during the consolidation period from January 17 to 26,” said Alex Kuptsikevich, FxPro chief market analyst. “The market is still hesitant to storm to all-time highs, facing increased activity from those looking to lock in profits from last year’s crypto rally.”
The Federal Reserve’s decision to keep interest rates steady on Wednesday likely influenced market sentiment, fueling increased optimism in risky, volatile assets like Bitcoin.
Standard Chartered placed its forecast for Bitcoin at $200,000 for the end of 2025, while global investment manager VanEck believes the first quarter of the year might see Bitcoin reaching a high of $180,000. Others like Bernstein estimate that the world’s largest cryptocurrency will scale $200,000 later this year.
Market analysts project ongoing growth in the digital asset sector under President Donald Trump’s administration, following an executive order earlier this month bolstering the digital asset industry. Last year, Trump pledged to transform the country into the world’s “crypto capital,” a promise that many in the industry expect him to uphold.
Ethereum, the globe’s second-largest cryptocurrency by market capitalization, also saw its price rise on Thursday morning—reaching $3,265 at the time of writing.
“Ethereum successfully fought off the bears, defending against a dip under $3,000,” Kuptsikevich said about Ether’s price movement. “This is not the first time this has happened since the second half of November. The major altcoin has emerged from the ranks of market drivers but is clearly in no hurry to be a bargaining chip.”
