Bitcoin Price Hits All-Time Highs Fueled by Spot Volumes — Analyst Predicts $115K Next
Dec 17th 2024Bitcoin reaches a new all-time high above $107,700, with numerous analysts forecasting significantly higher prices in the near future.
Bitcoin continued its weekend climb on December 16 by reaching a fresh all-time high above $107,700.
Bitcoin's price dropped to $107,014 due to increased spot volumes and the re-emergence of the Coinbase Premium during the US session.
Robust purchasing in the US session followed the explosive weekend price action, which included a strong spot push on Binance and significant perpetual futures volumes on KuCoin on Sunday, Dec. 15, as traders drove BTC's price beyond the $103,000-$104,000 sell ceiling.
In addition to the constant spot buy volumes, favorable news of additional Bitcoin purchases from MicroStrategy and Semler Scientific made headlines early in the day.
Semler Scientific paid $21.5 million for 211 BTC ($101,890 each coin), whereas MicroStrategy paid $1.5 billion for 15,350 BTC ($100,386 per coin).
According to independent market researcher Willy Woo, more than $3 billion per day has joined the Bitcoin network in the last 30 days, demonstrating market players' insatiable thirst for BTC at the present.
Robust daily inflows into spot Bitcoin exchange-traded funds (ETFs) have also been a continuous driver for BTC's rise to new all-time highs. According to SoSoValue data, ETFs received $2.17 billion in inflows during the week ended December 12, increasing total net assets to $114.97 billion.
According to Timothy Peterson, an independent Bitcoin researcher and investor, Bitcoin's price is projected to reach $115,000 "based on ETF fund flows."