- Bitcoin was pushed upwards to $90K after the BlackRock ETF approval in 2023.
- The election of Trump helped push Bitcoin to price highs in 2024.
- The enactment of the Genius/SBR Acts could push Bitcoin up even more in 2025.
Bitcoin (BTC) has shown surprising price action in recent months largely due to some major events like the BlackRock ETF approval and political events such as the election victory of Donald Trump. These charts correspond exactly with these key events marked when Bitcoin did hit another massive price escape; from nearly about $25,000 in late September 2023 to above $90,000 by December 2024. The push through October 2023 came when the ETF approval was granted; that act lit up the fuel for the surge in Bitcoin with much more trading volume and price volatility being witnessed in stages following that.
Bitcoin Rallies on ETF Approval
НаBitcoin price rally accelerated after the announcement of the BlackRock ETF approval in October 2023. This chart marks the date when the price went in blast-off mode from $25,000 to almost $40,000 in a matter of days. It also shows that in relative strength index (RSI), the market was already overbought, indicating a considerable buying pressure reaction to all this news. The whole market in general also had reacted nicely to the BlackRock ETF news; that gave institutional investors easier access to Bitcoin, enhancing overall liquidity and price upward momentum.
Another event that was pivotal for this space occurred toward the close of 2024 when Donald Trump’s victory reignited the proven optimistic sentiment of the market, which further helped support Bitcoin’s upward price movements. As seen in the chart, Bitcoin’s price moved up during all the months that followed after the election results and reached all-time monthly highs. The rally extended well into early 2025 with Bitcoin cresting approximately $90,000, a sizeable increase from the post-ETF price of $40,000. Among various reasons, these events were a growing institutional interest in Bitcoin and increasing economic uncertainty that continued to drive many toward viewing Bitcoin as a safe haven.
Legislative Developments and the Future Outlook
As the chart moves toward 2025, the legislation known as the Genius/SBR Acts may be a game changer for Bitcoin’s price. With these acts legitimizing cryptocurrencies, the logical conclusion would leave Bitcoin upward still in a continued push for higher price levels. Thus, should the ongoing state of current market affairs prevail, Bitcoin could once again be moving north >$100k under the sway of friendliness from regulatory factors and alongside the further foster of institutional uptake.
