Bitcoin extended its winning streak to six straight weeks, powered by renewed optimism after President Donald Trump announced a trade agreement with the U.K.
Bitcoin (BTC) was trading at $103,700 at last check on Saturday, and needs to rise by just 4.4% to hit its all-time high.
Top U.S. and China officials are also currently in Switzerland, trying to reach an agreement that will lead to lower tariffs.
Beijing’s delegation to the Switzerland talks will be led by Vice Premier He Lifeng, a close ally of Xi Jinping, who is expected to take a hardline stance against Trump’s escalating trade offensive.
The hope is that a trade deal between the U.S. and its top trading partners (i.e., China, the European Union, Canada, and Mexico) would reduce recession risks and raise the odds of Federal Reserve cuts.
Top analysts are highly bullish on Bitcoin. In a note to clients this week, Standard Chartered analysts apologized for their $120,000 price target, arguing that it was too low. They still expect Bitcoin to end the year at $200,000.
BlackRock, the biggest asset manager globally, predicts that Bitcoin’s price will surge to $700,000 over time. In a September white paper, the analysts noted that Bitcoin had become a safe-haven asset that is uncorrelated with stocks. They also highlighted its strong performance compared to equities after key crises like Covid-19 pandemic and the Russia-Ukraine war.
Cathie Wood’s Ark Invest believes that the Bitcoin price will climb to $2.4 million by 2030, a move that would bring its diluted valuation to $50.4 trillion. That valuation would make it bigger than the U.S. and China GDP, combined.
Tom Lee, the popular founder of FundStrat, believes that Bitcoin will jump to $250,000 this year, while Chamath Palihapitiya sees it jumping to $500,000.
Robert Kiyosaki, author of Rich Dad, Poor Dad, sees it jumping to $250,000.
In a note this week, Kiyosaki continued to argue the case for Bitcoin over gold and silver because of its 21 million supply cap.
Most analysts’ underlying theme is rising Bitcoin demand, evidenced by the $40 billion inflows into spot ETFs. At the same time, Bitcoin’s supply on exchanges continues to fall and is at its lowest level in five years.
Bitcoin price technical analysis
The weekly chart shows that Bitcoin has remained in an uptrend for a long time. Its recent retreat found substantial support at the ascending trendline that connects the lowest swings since November 2022.
Bitcoin also remains above the upper side of the cup and handle pattern at $68,835 and the 50-week moving average. It now must cross the all-time high at $109,300, and more gains will follow.
The likely price target in this cycle will be $123,000, which is derived by measuring the cup’s depth and then the same distance from the upper side.
