coinpedia.org
Bitcoin hit a new high of $108,000 recently. President-elect Donald Trump confirmed on December 12th that he would implement a Bitcoin Strategic Reserve, and there are also rumors about Russia adopting a similar plan. These developments have sparked discussions about how they could affect Bitcoin’s price and other asset classes.
Matthew Tuttle, CEO and CIO of Tuttle Capital Management, recently joined David Lin for a conversation. He explained that several factors contributed to Bitcoin’s recent surge. Firstly, the approval of a spot Bitcoin ETF was a game-changer, allowing more people to invest in Bitcoin through traditional brokers.
Additionally, Trump’s pro-crypto stance has fueled enthusiasm and he also explained that while short-term price corrections are inevitable after a parabolic rise, he remains confident in Bitcoin’s long-term prospects and plans to buy on any dip.
He prefers to analyze charts and pointed out that the $100,000 price level for Bitcoin is psychologically important, acting as key support. If Bitcoin stays above this level, it would be positive, but if it drops below it in the short term, that would signal a bearish trend. As for Bitcoin’s future potential, Tuttle said predicting its next move is difficult but said that it could continue to rise, with past cycles showing strong growth.
When asked about Bitcoin’s potential to 2x from current price, he said that while a $100,000 to $200,000 jump may not happen overnight, it wouldn’t be surprising to see Bitcoin at $200,000 next year.
He also believes the key drivers will be central banks and companies increasing their involvement in Bitcoin. Tuttle predicts more corporations will add Bitcoin to their treasury reserves, which could positively impact their stock prices. He added that as Bitcoin becomes more accessible through ETFs, individual investors will grow more comfortable adopting it.