Real Vision's chief analyst, Jamie Coutts, predicts that Bitcoin could reach $110,000. He highlights the key factors driving this rise and the reasons behind the market recovery.
Impact of Global Money Supply
Coutts stated on the X platform that with the continuous increase in global money supply, Bitcoin's price could rise to $110,000. He emphasized that the increasing demand for the leading cryptocurrency, combined with its limited supply, points to a price increase when more fiat currency enters the system.
The Donald Trump Factor
The increased likelihood of Donald Trump winning the US elections is believed to contribute to the Bitcoin price rally. According to Polymarket data, Trump's chances of winning stand at 60.3%. His support for cryptocurrencies positively influences BTC’s market perception. Crypto Rover commented on the significant demand for Bitcoin, noting the drop in exchange reserves to a six-year low.
Price Targets and Prospects
Matrixport stated that a year-end target of $70,000 for Bitcoin could be very conservative if Trump wins. The firm suggested that Trump's previous administration's policies supported BTC, and a similar situation could occur again. QCP Capital expressed that BTC is on track to reach new all-time highs while historical election cycles predict that a new ATH may not arrive until January.
BTC users are encouraged to closely monitor market movements and changes in global money supply.