On Wednesday, the market’s leading cryptocurrency, Bitcoin (BTC), surged by more than 3% to a new all-time high (ATH), fueled by the market’s strong buying pressure experienced over the last month.
The recent price increase can be attributed to several converging factors, particularly easing regulatory pressures in the United States. With key crypto legislation poised for passage in the US Senate, the environment appears increasingly supportive under pro-crypto President Donald Trump.
Alongside these political developments, favorable macroeconomic conditions, including softer inflation numbers and a de-escalation of tensions in the US-China trade war has created a conducive atmosphere for Bitcoin’s rise.
Antoni Trenchev, co-founder of the crypto exchange Nexo, commented, “Bitcoin’s new high has been concocted by an array of favorable ingredients in the macro cauldron.”
Looking ahead, crypto analyst Doctor Profit—known for accurately predicting Bitcoin’s previous drop to $77,000 and subsequent recovery above $100,000—has set new targets for the cryptocurrency.
At the time of writing, BTC attempts to consolidate above $109,000, with the aim to convert this floor into the new support for the rest of the new uptrend.
Featured image from DALL-E, chart from TradingView.com
