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Bitcoin’s Massive Rally Sets New Price Predictions

After gaining more than 10% in 24 hours, Bitcoin (BTC) could be headed to $150,000.

Bitcoin breaking above $25,000 again?

Bitcoin reached a two-year high on Monday and climbed to $56,661 (BTC/USD), an increase of 10.56% over the previous day. The coin was still gaining at the time of writing.

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The massive surge was attributed to several factors, specifically the MicroStrategy company’s disclosure of 3,000 bitcoins it had purchased, which comes out to about $155 million.

The broader crypto market gained after Bitcoin’s increase, lifting up even smaller coins with renewed consumer interest in the market. Dogecoin (DOGE) and XRP (XRP) are big earners today as well, gaining 11% and 4% respectively. Keep watching the market to see other coins benefit from Bitcoin’s boom. The wider market could be greatly impacted this week by the extra attention being brought to it.

New Bitcoin Price Prediction

With surprises like this, it is difficult to say where Bitcoin will reach by the end of the year. That incredible goal of $150,000 that some analysts have set may be achievable, especially if there are a few more events like this to come.

Bitcoin may hit $60,000 very soon, as early as sometime this week. No one expected such significant gains from the coin in such short order, especially after a slow previous week and a stalling start to this one on Monday.

Bitcoin looks to be rocketing toward the$100,000 goal, and if it can hit that by the summer, then $150,000 is certainly attainable by the end of the year. There is massive interest in Bitcoin at the moment, with trade volume spiking 128%. That will not stay so high for a long time, but even short term, trade volume booms like that will help push Bitcoin toward new goals that were previously thought improbable.

The real test for this coin will be what happens over the next few days. Can this kind of momentum be sustained or will Bitcoin’s recent surge sizzle out? Watch to see if it retains its gains above the $52,000 level.

 

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ABOUT THE AUTHOR See More
Timothy St. John
Timothy St. John
Financial Writer - European & US Desks
Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.
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