Bitcoin (BTC) reaching the mythical $100,000 figure seemed a lofty target as recently as a few months ago, as the asset spent months in a narrow range under $65,000. But the promise of swiftly changing U.S. regulations has revived the dream.
“Predictions of BTC at 100K aren’t a pipedream anymore as the political and institutional stars start to align,” traders at Singapore-based QCP Capital said in a Telegram broadcast Tuesday. “Despite having net ETF outflows last Thursday and Friday, BTC still looks relatively well supported and institutional adoption remains strong.”
The bull run has led to notable bitcoin backers MicroStrategy (MSTR) and Metaplanet announcing fresh BTC purchases on Monday, with the former now holding 1.5% of the asset’s total supply.
QCP expect a run to $100,000 — nearly 10% higher than the current record of over $93,000 — in the coming months, with those gains flowing into altcoins in a mark of a general “alt season.”
“BTC’s dominance is around 60% now and will probably need to be under 58% to signal the start of altcoin season. We anticipate pro-crypto policies from the Trump administration and more rate cuts. We won’t be surprised to see altcoin season in full swing in the coming months,” QCP said.
Banks and traditional finance analysts have issued targets as