Bitcoin breaks $100k amid historical bull run

Bitcoin hit a new all-time high of $100,000 for the first time in history after the price increase of 5% on the day of trading.

Bitcoin btc7.74%Bitcoin, the world’s largest cryptocurrency by market capitalization, just hit a targeted price of $100,000 as a new all-time high. This milestone has significantly raised market confidence after the coin stumbled in a few weeks. The market cap also surged to $2 trillion, or an increase of 5.74% at the time of writing.

According to CoinMarketCap data on Dec. 05, the price kept surging and reached $103,700, with volume trading rising 33% to $91 billion. The major market sentiment is also bullish, at up to 80%.

The price movement has been supported by Trump’s nomination for Paul Atkins as Chairman of the Securities and Exchange Commission (SEC), bringing a positive sentiment to the market. Ripple’s Brad Garlinghouse and Congressman Tom Emmer even support these nominations due to his stance as pro-crypto

Fed Chairman Jerome Powell’s acknowledgement of Bitcoin as a rival to gold also gives a perspective that this digital asset was commonly known as a safe-have instrument asset class.

Bitcoin price targets are more to come

Beyond the $100,000 target price that has already been unlocked, institutions and crypto personalities still believe that Bitcoin will grow in the future. A new target ranging from $150,000 to $500,000 in the next few years.

Bernstein Research has an ambitious bullish target price for 2025 of $200,000. This projection has been updated from $150,000 due to the rise in institutional demand in many places.

Founder of Cardano Charles Hoskinson projects that Bitcoin price would rise up to $250,000 in just 2 years. He believes that the target price is the lowest target to achieve, yet the highest target is $500,000.