After the world’s largest cryptocurrency surged past US$120,000 at the beginning of what was earlier this month declared “Crypto Week” by the US House of Representatives, Nigel Green, CEO of deVere Group, said all indicators point to the currency hitting US$125,000 in the coming days.
Green said the convergence of deep political backing from President Donald Trump, sweeping regulatory moves in Washington, and sustained institutional inflows could continue to drive the cryptocurrency’s price to new highs.
“This is a powerful combination we haven’t seen at this scale before.”
The gains follow a flurry of developments in the United States in line with President Trump’s electoral promise to make the United States the “crypto capital of the world”, including a series of bills scheduled for debate in the House of Representatives this week.
Among them is the GENIUS Act, which is expected to create the first regulatory framework for stablecoins – cryptocurrencies whose value is pegged to a reference asset, such as US$1. Green said the bill signifies a major shift for cryptocurrency from the fringe to the mainstream.
“This is front and centre of US financial policy. Trump is championing it, lawmakers are acting on it, and Wall Street is all in.”
On the back of bitcoin’s exceptional growth over the past week, Global X issued a statement on Tuesday forecasting the cryptocurrency could climb to US$200,000 by the year’s end.
The firm’s investment strategist, Justin Lin, said: “Global X sees bitcoin as high as US$200,000 over the next 12 months as it moves from the fringe to the mainstream. Bitcoin more than doubled last year and it may do that again this year.”
He, like many of his peers, said the sustained rise in bitcoin’s price signals a maturing perspective on the cryptocurrency – meaning it is no longer seen as a speculative asset, but is taken seriously by institutional investors.
“Depending on the outcomes coming out of ‘Crypto Week’, it could be a landmark moment for cryptocurrency regulatory clarity. For bitcoin specifically, it is bullish in the sense that the US government is finally addressing crypto in a constructive way, rather than the dismissive stance taken by the Biden administration,” Lin said.
“However, bitcoin tends to price in a lot of its gains prior to the actual event, so it is possible that near-term upside is limited.”
Overall, Lin said “Crypto Week” is a “base-building” event for bitcoin, something that helps cement its legitimacy, drive more structural flows in the future, and increase its price potential over the long run.
Similarly, Rachael Lucas, a cryptocurrency analyst at cryptocurrency exchange platform BTC Markets, said the current bitcoin surge is not only a milestone, but indicative of a more permanent appetite for the inclusion of digital assets in institutional portfolios.
She, too, pointed to record-breaking inflows into spot bitcoin exchange-traded funds (ETF) which topped US$1 billion per day, adding that total ETF-managed bitcoin now represents over 6 per cent of the entire market cap.
“That’s not speculative froth, it’s structural demand,” she said.
However, while momentum is strong, Lucas acknowledged the natural ebb and flow of the market.
“We could see short-term profit-taking at this level, which is natural after such a strong move,” she said.
“The key levels to watch are resistance around US$125,000 to US$128,000 and support near US$112,000,” Lucas added, adding with ETF inflows, corporate adoption and a weakening macro backdrop, “this cycle still has legs”.
Looking ahead, Green expects other countries to follow the US once it finalises a formal regulatory framework for cryptocurrency.
Locally, following the Albanese government’s resounding re-election win, the cryptocurrency industry called for swift action on digital asset reform, emphasising that time had come to capitalise on the momentum.
The calls followed Labor’s pre-election commitment to release draft legislation and deliver a fit-for-purpose regulatory framework for digital asset platforms and stablecoin payment systems by 2026, crucially, integrating the new rules into the existing AFSL regime.
At the time, BTC Markets chief executive Caroline Bowler said if Labor fulfils these promises, it will align Australia with international best practice, helping to attract foreign capital, retain local talent and prevent further offshoring of digital asset businesses.
