Bitcoin (BTC), the world’s largest cryptocurrency, has achieved a historic milestone by breaking the $100,000 price mark for the first time since its launch in 2009.
This monumental achievement occurred on Thursday, December 5, at 9:40 AM WIB, when Bitcoin’s price reached $101,000, equivalent to approximately IDR 1.6 billion. Within the last 24 hours, trading volume surged by over 30%, hitting $88.4 billion. This rally also boosted Bitcoin’s market capitalization sharply, reaching $2 trillion for the first time with a 5% increase.
What’s Driving Bitcoin’s Recent Rally?
Over the past month, Bitcoin has delivered an exceptional performance with a price increase of 48.85%. Interestingly, the triggers behind this rally have emerged unexpectedly and sequentially.
The latest surge began with the U.S. presidential election on November 5. Donald Trump’s victory created a positive sentiment that pushed Bitcoin’s price from $68,000 to $73,000 within hours.
Since then, Bitcoin has maintained its upward trajectory, reaching $90,000 on November 12, despite a temporary pause caused by hawkish comments from Federal Reserve Chair Jerome Powell regarding U.S. interest rate policies.
Momentum shifted back to Bitcoin’s advantage after the introduction of options trading for the BlackRock iShares Bitcoin Trust (IBIT) ETF on November 19. This product recorded $1.9 trillion in options contract volume on its first trading day, highlighting a surge in institutional investor interest in Bitcoin.
The rally was further fueled by reports of Trump’s transition team planning to establish a new position within the White House dedicated to the crypto sector and news of SEC Chair Gary Gensler’s resignation planned for January 2025, spurring market optimism.
Currently, Bitcoin’s rise is primarily driven by whale accumulation and growing institutional adoption, particularly from companies like MicroStrategy and Marathon Digital, which continue to expand their Bitcoin holdings.
Bitcoin Price Predictions
After surpassing the $100,000 milestone, analysts predict significant potential for further growth. Bitcoin analyst Florian Kössler forecasts that the cryptocurrency could reach $150,000 by 2025 based on historical trends using the Logarithmic Regression model.
Kössler highlighted that following previous halving events, Bitcoin recorded gains of 8,000% in 2012, 2,900% in 2016, and 560% in 2020. If a similar trend continues, a 300–400% increase post-April 2024 halving could propel Bitcoin to the $150,000 level.
Additionally, Matthew Sigel, Head of Digital Asset Research at VanEck, expressed confidence that Bitcoin could surpass $180,000 next year. Sigel believes the current rally is just the beginning of a major bull run, reminiscent of the surge in 2020. If his prediction holds, Bitcoin could experience a remarkable 1,000% increase from its lowest point of around $18,000—a highly significant gain.
Meanwhile, a report from Bernstein published in October projected Bitcoin could reach $200,000 by the end of 2025. This forecast is based on growing institutional demand, more favorable regulatory policies, and the appointment of crypto-friendly officials under Trump’s administration.
Another factor supporting this bullish outlook is the increasing demand for Bitcoin ETFs and aggressive buying strategies from companies like MicroStrategy, which plans to invest up to $42 billion in Bitcoin acquisitions over the next three years.
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