Although the leading cryptocurrency Bitcoin hangs below $ 90,000, it maintains its strong position. In particular, the continued purchases of companies such as MicroStrategy , which invest heavily in BTC, ensure this. So much so that MicroStrategy continues its purchases despite these high prices. Meanwhile, analysts at Bernstein summarise the key catalysts for Bitcoin to reach its $200,000 cycle target.
MicroStrategy loaded Bitcoin at an average price of $ 88,627!
As you follow from Kriptokoin.com, Bitcoin continues to show strength at $ 90,000 levels. Although it experiences a decline from time to time, purchases come immediately afterwards. Thus, the leading cryptocurrency continues on its way. In a recent development, MicroStrategy used the proceeds from the stock sale to purchase another 51,780 Bitcoin for a total of $ 4.6 billion between 11-17 November 2024. The average purchase price for this purchase was $88,627 per BTC. As of 17 November 2024, the company owns about 331,200 BTC worth about $16.5 billion at a holding price of $49,874. MicroStrategy CEO Michael Saylor shared this development on his social media account.
Bernstein reveals $200,000 BTC target catalysts
Analysts at research and brokerage firm Bernstein predict that Bitcoin will reach the $200,000 cycle target in 2025. Analysts explained the important upcoming catalysts for BTC to go to this target. Analysts led by Gautam Chhugani shared the following assessments:
We are entering a phase where we expect the intrigue to turn into pain for Bitcoin bears. Reaching $100kin Bitcoin seems imminent, and our goal of $200k BTC by the end of 2025 no longer seems fanciful.
Trump’s appointments and the impact on Bitcoin
Following Donald Trump’s win in the US presidential election, the transition team began nominating Bitcoin advocates Robert F. Kennedy Jr. and Pete Hegseth for senior positions as Secretary of Health and Secretary of Defence, respectively. However, perhaps the two most important appointments from a crypto perspective have yet to materialise. These are a new SEC Chairman to replace Gary Gensler and Trump’s nomination for Treasury Secretary.
American investor and hedge fund manager Scott Bessent and Cantor Fitzgerald CEO Howard Lutnick, a Bitcoin advocate whose company serves as custodian of billions of dollars worth of Tether reserves, are currently neck and neck on decentralised forecasting platform Polymarket for the Treasury Secretary selection. Moreover, Lutnick has the slightest edge. Lutnick’s chances have increased significantly in recent days after he was endorsed by Elon Musk and RFK Jr. Chhugani interprets the recent developments as follows:
Scott is favoured by the broader equity markets as he is better positioned on macro and financial stability, but Lutnick is seen as a stronger Bitcoin bull. Regardless, we expect the SEC Chair and Treasury position to be filled by a pro-crypto candidate and for the market to remain positive regardless of specific appointments.
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