Bitcoin Price Analysis: BTC Sets Record Daily Close As Buyers Eye $110,000
Bitcoin (BTC) shrugged off its sluggish start to the week as it rebounded from Monday’s low of $102,135 to briefly cross $107,313 on Tuesday. The flagship cryptocurrency reached an intraday high of $108,010 during the ongoing session before dropping to its current level of $106,488.
BTC’s price jump has seen it break out of its consolidation phase, during which it traded between $100,000 and $105,000.
Strive Looking To Acquire 75,000 Bitcoin From Mt. Gox Claims
Vivek Ramaswamy’s Strive plans to build its Bitcoin holdings by purchasing distressed Bitcoin claims at a significant discount. The firm plans to purchase 75,000 Bitcoin from claims tied to the bankrupt cryptocurrency exchange. In a May 20 regulatory filing, Strive stated that it has partnered with 117 Castell Advisory Group LLC to target claims to Bitcoin that have received definitive legal rulings but are awaiting distribution. According to company representatives, buying the claims would allow it to purchase Bitcoin at a discount and grow its Bitcoin per share ratio ahead of its planned reverse merger with Asset Entities.
The firm has not disclosed any Bitcoin holdings but claims it faces fewer restrictions on purchasing Bitcoin than companies going public through Special Purpose Acquisition Company mergers. Strive also stated it requires shareholder approval to pursue Mt. Gox claims and plans to lodge a filing with the United States Securities and Exchange Commission (SEC) to outline the complete terms of the proposed transaction.
Trump’s “Big, Beautiful” Bill Could Be Bullish For Bitcoin
President Donald Trump’s “big beautiful” bill is set to become law, extending the 2017 tax cuts, while introducing new tax measures, including a $1,000 tax credit for all children born in the country and an exemption for tips. The bill also raises the estate tax exemption to $15 million. The bill could be bullish for Bitcoin and other altcoins for several reasons. First, it is expected to increase the US public debt and deficit. According to estimates by the Committee for a Responsible Federal Budget, the bill could raise the public debt by $3.3 trillion over the next ten years and push the debt-to-GDP ratio from 100% to 125%.
Rising risks of a government default are viewed as bullish for Bitcoin, which has enhanced its reputation as a safe-haven asset.
Standard Chartered Predicts $500,000 Milestone For Bitcoin
Bitcoin (BTC) briefly crossed $108,000 as Standard Chartered’s Geoffrey Kendrick reaffirmed the bank’s prediction that the flagship cryptocurrency could reach $500,000 by 2029, citing government and institutional exposure. Kendrick highlighted the spike in the Securities and Exchange Commission (SEC) Q1 13F data, which indicated a rise in government and institutional exposure to the flagship cryptocurrency.
“The quarterly 13F data is the best test of our thesis that BTC will attract new institutional buyer types as the market matures, helping the price reach our USD 500,000 target level.”
Kendrick pointed out that ETF exposure among these institutions declined in Q1 as companies began gaining exposure to Bitcoin through Strategy shares.
“We believe that in some cases, MSTR holdings by government entities reflect a desire to gain Bitcoin exposure where local regulations do not allow direct BTC holdings.”
The growing interest in Bitcoin can be attributed to declining confidence in government bonds thanks to macroeconomic factors. A research note by KKR & Co stated,
“During risk-off days, government bonds are no longer fulfilling their role as the 'shock-absorbers' in a traditional portfolio.”
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) shrugged off a slow start to the week to register a strong recovery on Tuesday, briefly crossing $107,313 before settling at $106,855. The flagship cryptocurrency also crossed $108,000 during the ongoing session before declining to current levels. BTC’s jump above $105,000 has been fueled by several macroeconomic and geopolitical factors. Investors have lost confidence in traditional financial systems, while cooling trade war tensions and tariff concerns have fueled a risk-on sentiment, pushing investors towards risk assets. Persistent inflation has eroded purchasing power, while the Federal Reserve’s cautious stance has kept real yields on the higher side. Spot Bitcoin ETFs have also registered steady inflows, indicating a resurgence in institutional interest.
BTC started the previous week in the red after encountering selling pressure and volatility. Sellers ultimately pushed the price down over 1% to $102,728. The flagship cryptocurrency recovered on Tuesday, rising 1.36% to $104,123. BTC was back in the red on Wednesday, registering a drop of 0.53% to $103,568. BTC plunged to an intraday low of $101,459 on Thursday as selling pressure intensified. However, it recovered from this level to register a marginal increase and settle at $103,816. Price action turned bearish on Friday, registering a marginal decline to $103,545.
Source: TradingView
BTC continued to decline on Saturday, registering another marginal decline and settling at $103,235. The price recovered on Sunday as markets rebounded, rising over 3% to cross $106,000 and settle at $106,479. BTC started the week on a bearish note, plunging to a low of $102,145 before rebounding to settle at $105,573, ultimately registering a drop of nearly 1%. Despite a bearish start to the week, BTC rebounded on Tuesday, rising 1.21% and settling at $106,855. BTC has crossed $107,000 during the ongoing session. If buyers maintain momentum, the price could cross $110,000 and set a new all-time high.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Investment Disclaimer
