Bitcoin could strike US$120,000 as investors chase the momentum: Global X ETFs
Billy Leung, investment strategist at Global X, expects Bitcoin’s price to push to USD$120,000 following President Trump’s inauguration, with institutional and retail buying supporting its rally, reflecting Bitcoin’s growing legitimacy as a key asset in the digital economy.
Bitcoin reached a record high of US$110,000 ahead of President Trump’s inauguration, driven by strong market momentum and expectations of pro-crypto policies.
According to Leung, further gains are likely as Bitcoin spot ETFs make it easier for investors to buy the digital currency.
“The road for Bitcoin to reach US$120,000 is plausible, supported by increasing adoption from institutional investors and Trump’s stated commitment to making the US a global crypto hub. Speculation around a potential executive order designating digital assets as a ‘national priority’ has fuelled optimism.
“Such a move could help infrastructure investment and provide a clearer regulatory framework, attracting further institutional participation. However, the lack of immediate announcements during the inauguration has introduced near-term uncertainty, with Bitcoin retracing to US$103,500.
“Ethereum has also gained significantly, trading at US$3,366 (AUD$5,365), while some altcoins like Solana and Cardano faced heavy selling pressure amid broader market turbulence.
“Longer term, potential regulatory changes and the ease of investing in Bitcoin will likely add to demand. Spot Bitcoin ETFs are making it much easier for anyone to invest, including the Global X 21 Shares Bitcoin ETF (Cboe:EBTC), Australia’s first spot Bitcoin ETF.
“However, it’s also important to note that the cryptocurrency market is highly volatile and rapid movements in price are possible. Bitcoin’s current valuation reflects high expectations, leaving little room for error. Market volatility, macroeconomic shifts, and potential delays in regulatory clarity remain key risks. Nonetheless, Bitcoin’s role as the cornerstone of the digital financial ecosystem positions it as a unique asset, well-placed to navigate these challenges,” Leung said.
Over US$1.28 billion in crypto liquidations were recorded in the past 24 hours, highlighting Bitcoin’s relative resilience compared to altcoins.
“Hedge funds and professional traders appear to have taken advantage of dips, as funding rates on derivatives platforms remain elevated, signalling underlying optimism. Retail investors are also actively participating, drawn to Bitcoin’s status as both a hedge against inflation and a high-growth asset class.
“President Trump has indicated a willingness to embrace cryptocurrencies, with reports suggesting potential policies that could legitimise digital assets further. Speculation includes the establishment of a US Bitcoin Strategic Reserve, like national gold reserves. While still speculative, such a move would symbolise a paradigm shift in US monetary policy and could drive significant capital flows into the sector,” he said.
While Bitcoin remains the market leader, Ethereum and other key altcoins have benefitted from improved sentiment. Ethereum’s ecosystem, driven by decentralised finance (DeFi) and smart contracts, continues to see strong adoption, positioning it for further growth. However, heightened risk aversion has led to volatility in assets like Solana and Cardano, as traders shift capital towards Bitcoin and stablecoins, Leung said.
