Bitcoin hit a new all-time high this morning, reaching $124,529.
However, some market analysts predict that new records are on the horizon and the price could climb to $200,000.
Mena Theodorou, co-founder of Australian cryptocurrency exchange Coinstash, said that the executive order issued by US President Donald Trump allowing Bitcoin and other cryptocurrencies to be included in retirement plans will open the door to a $12.5 trillion market for digital assets.
“The surge to $150,000 and above could happen faster than many people expect,” Theodorou said, adding that 401(k) plans would give crypto companies access to approximately 90 million accounts and that this step could be adopted by other countries.
Not only does Theodorou share his optimism, but Bernstein, Bitwise, and Standard Chartered also predict that Bitcoin could reach $200,000 before the year is out.
Analysts say the rally is fueled by Trump’s executive order, steady inflows into spot Bitcoin ETFs, the addition of crypto assets to their balance sheets by more than 200 companies, and a weakening US dollar. Furthermore, lower-than-expected US inflation is also pushing prices higher.
Zerocap analyst Emir Ibrahim said this rise is being driven by institutional adoption, real-world integration and deep global liquidity, unlike the retail investor-driven speculation of past bull runs.
*This is not investment advice.