PakGazette– Bitcoin extended gains on Wednesday after a strong rally in previous sessions amid a bullish outlook for the cryptocurrency, as investors downplayed concerns over U.S. interest rates ahead of an inflation report.
rose 2.1% to $97,003.4 at 01:50 ET (06:50 GMT).
The token had risen sharply on Tuesday, surpassing the $97,000 mark, but gave up some of the gains later in the day.
Bullish Outlook and Whale Trading Drive Bitcoin Higher
Several cryptocurrency analysts maintain a bullish outlook on Bitcoin’s price trajectory and predict significant growth this year.
Analysts project that the price of Bitcoin could skyrocket to between $175,000 and $461,000 by 2025.
Bitcoin advocate Tom Lee, head of research at Fundstrat, recently said that despite near-term volatility, Bitcoin’s outlook for 2025 remains positive with a year-end price target of between $200,000 and $250,000.
Additionally, some analysts believe that the favorable cryptocurrency policies planned by the incoming Donald Trump administration could drive the value of Bitcoin as high as $400,000. The establishment of a strategic Bitcoin reserve and the potential for further widespread adoption are cited as key factors for this optimistic forecast.
On-chain analytics firm Santiment said Bitcoin whales holding between 10 and 10,000 BTC have added 2,997 BTC to their holdings since January 1, 2025, reflecting growing confidence in Bitcoin’s long-term potential.
Traders shrugged off fears related to the Federal Reserve’s hawkish stance ahead of key Consumer Price Index (CPI) data due later on Wednesday, as the central bank had already signaled fewer rate cuts. interest rates in 2025 at its December meeting.
Crypto Price Today: Most Altcoins Rise, XRP Soars
In the broader cryptocurrency market, most altcoins rose much more than Bitcoin, reflecting greater risk sentiment.
The world’s No. 2 cryptocurrency rose 1.4% to $3,225.25.
The world’s No. 3 cryptocurrency rose 12.2% to $2.8387.
was 1.6% higher, and was up 2.2%, while it was up 6.7%. Among meme tokens, it rose by 4.4%.
