Pakinomist– Bitcoin extended gains on Wednesday after a strong rally in previous sessions amid a bullish outlook for the cryptocurrency as investors drew on concerns about U.S. interest rates ahead of an inflation report.
rose 2.1% to $97,003.4 at 01:50 ET (0650 GMT).
The token had risen sharply on Tuesday, surging above the $97,000 mark, but gave away some of the gains later in the day.
Bullish outlook, whale traders push Bitcoin higher
Several cryptocurrency analysts maintain a bullish view of Bitcoin’s price trajectory and predict significant growth this year.
Analysts expect Bitcoin’s price to rise to between $175,000 and $461,000 by 2025.
Bitcoin lawyer Tom Lee, head of research at Fundstrat, recently said that despite the short-term volatility, Bitcoin’s outlook for 2025 remains positive with a year-end price target of $200,000 to $250,000.
Additionally, some analysts believe that favorable cryptocurrency policies expected from the incoming Donald Trump administration could push Bitcoin’s value as high as $400,000. The establishment of a strategic Bitcoin reserve and the potential for increased mainstream adoption are cited as key drivers of this optimistic forecast.
On-chain research firm Santiment said Bitcoin whales with 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 drew on fears related to the hawkish Federal Reserve ahead of key consumer price index (CPI) data due later on Wednesday, as the central bank had already signaled fewer rate cuts in 2025 at its December meeting.
Crypto price today: most altcoins rise, XRP rises
In the broader cryptocurrency market, most altcoins jumped much more than Bitcoin, reflecting heightened risk-on sentiment.
World no. 2 crypto rose 1.4% to $3,225.25.
World no. 3 crypto rose 12.2% to $2.8387.
was 1.6% higher and rose 2.2%, while it rose 6.7%. Among meme tokens jumped 4.4%.
