Originally published on: December 16, 2024
Bitcoin reached a new milestone on December 16, surpassing $107,700 and continuing its weekend rally. This surge in Bitcoin’s price is attributed to a significant increase in spot volumes and the resurgence of the Coinbase Premium during the US trading session.
Following a strong push in spot trading on platforms like Binance and notable futures volumes on KuCoin over the weekend, Bitcoin managed to break through sell walls in the $103,000-$104,000 range. Market analysts are now eyeing the next target of $115,000 as the cryptocurrency’s price continues to climb.
In addition to the impressive spot buy volumes, positive news regarding new Bitcoin acquisitions by companies like MicroStrategy and Semler Scientific have also contributed to the bullish sentiment. Semler Scientific purchased 211 BTC at $101,890 per coin, while MicroStrategy acquired 15,350 BTC at $100,386 per coin.
Independent analyst Willy Woo noted that more than $3 billion per day has flowed into the Bitcoin network over the past month, highlighting the strong demand for BTC among investors. Furthermore, robust daily inflows into spot Bitcoin ETFs have also played a role in driving Bitcoin to new all-time highs.
Timothy Peterson, a Bitcoin researcher and investor, predicts that based on ETF fund flows, Bitcoin is likely to reach $115,000 in the near future. With increasing institutional interest and positive market momentum, Bitcoin’s price trajectory remains optimistic.
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