Bitcoin bulls are back in action. The leading cryptocurrency has surged past $98,000, marking its highest level in weeks after a sluggish year-end performance. Intraday prices ranged from a low of $96,016.63 to a high of $98,539.00, signaling renewed momentum.
The rebound follows a market correction triggered by a hawkish Federal Reserve rate cut and critical remarks from Fed Chair Jerome Powell, who dismissed Bitcoin outright. The market seemed to take his stance personally, but Bitcoin is now regaining its footing.
Last year proved to be a landmark period for Bitcoin. It outperformed every other investment asset, hitting an all-time high of $108,011 and solidifying its position as the best-performing financial instrument of the year.
The current sentiment among analysts is overwhelmingly bullish. Many predict Bitcoin will double in value, reaching $200,000 by mid-year, with conservative estimates still placing its price at a minimum of $150,000.
Driving this optimism is a significant policy shift in Washington. The Trump administration has embraced cryptocurrency, appointing pro-crypto leaders like Howard Lutnick at Commerce, Paul Atkins at the SEC, and David Sacks as the AI and crypto czar.
Coupled with clearer regulatory frameworks, institutional investors are pouring into Bitcoin, treating it like the most sought-after asset on Wall Street.
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