Bitcoin has surged past the highly anticipated 100k milestone, riding on a wave of optimism fueled by a couple of bullish factors. In particular, with anticipation of favorable regulatory environment in the US ahead, Bitcoin could now be heading to next target at 120k.
A key driver behind Bitcoin’s leap was President-elect Donald Trump’s nomination of Paul Atkins as the next chair of the Securities and Exchange Commission. Known for his pro-crypto stance, Atkins has a track record of advocating for innovation within the financial sector and criticizing the SEC’s historically tough stance on digital asset firms. His nomination is widely seen as a signal of a more accommodative regulatory approach to cryptocurrencies.
Adding to the bullish momentum, Fed Chair Jerome Powell likened Bitcoin to gold, calling it “just like gold only it’s virtual.” He emphasized that Bitcoin is neither a primary form of payment nor a direct competitor to Dollar but rather serves as a speculative alternative to gold. While acknowledging Bitcoin’s volatility, Powell’s remarks underscored its growing legitimacy as a store of value.
The cryptocurrency’s rally also coincides with broader market strength, as NASDAQ hit fresh record highs. This parallel momentum between Bitcoin and equities highlights the increasing overlap in sentiment toward risk assets, driven by a mix of optimism around economic resilience.
Technically, near term outlook in Bitcoin will stay bullish as long as 93559 support holds. 100% projection of 24896 to 73812 from 52703 at 101619 taken out, the next target is 138.2% projection at 12304, which is slightly above 120k psychological level.
