Coming off of an unprecedented year, there are high hopes for the leading cryptocurrency by market cap. Yet, things could ultimately be better than anyone imagined, as Bitcoin (BTC) looks well on its way to a $110k all-time high by the time January comes to a close.

Although a holiday season sell-off was not great for the crypto, things hare already turned around. Indeed, the asset has broken through the $100,000 mark since early December. Moreover, it looks to already be preparing for a monumental price run as the first month of 2025 nears its conclusion.

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Bitcoin Inches Closer to $110,000 Mark Amid New Year’s Boost

There is no denying how important 2024 proved to be for Bitcoin. Indeed, the leading cryptocurrency dominated headlines for its continued ascension into the mainstream. With it being the first crypto-based ETF in the United States, it ended the year surpassing a six-figure price for the first time ever.

Yet, that was derailed by a tough end of the year for the entire digital asset sector. However, things appear to be looking up now. Indeed, Bitcoin has once again broken through $100,000 with all eyes on if BTC can hit the $110k landmark price before the end of January.

BTC reserve US
Source: Watcher Guru

Also Read: What Happens If Trump Creates a Strategic Bitcoin Reserve? Hyperbitcoinization Explained

Over the first week of the new year, Bitcoin is up more than 11%, according to CoinMarketCap. Moreover, the asset is up more than 3% in the last 24 hours as it officially trades above the $101,700 mark. With an increase of 131% over this time last year, its performance this week could be the start of something increased for the cryptocurrency.

Cryptocurrency price prediction platform CoinCodex is one of many with high hopes for the tokens performance this year. Specifically, they project Bitcoin to reach an all-time high of $123,800 before the month is over. That would represent an increase of 23% from its current position.

That projection appears incredibly optimistic, but certainly not unfounded. The token should get a significant boost from Donald Trump’s inauguration. Ripple CEO Brad Garlinghouse recently said the ‘Trump Bull Market’ was real. No crypto should benefit as much as BTC from that bull run.

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