On Sunday Beijing time, cryptocurrencies continued their upward trend, reaching 0.08 million USD for the first time in history. Early Monday morning, the price of bitcoin continued to rise, briefly rising above 81,000 USD.

One of the main driving forces behind the rise in bitcoin prices is Trump's victory in the US presidential election last week. During this year's campaign, Trump has been showing goodwill towards the cryptocurrency industry. His victory has also led many bulls on Wall Street to see the arrival of the "crypto gold era".

Although it has just crossed 0.08 million USD, it seems that the bulls on Wall Street believe that the upward trend of bitcoin is far from over. They are already getting ready and predicting how high the current upward trend of bitcoin can reach.

Is there a chance to break through 0.12 million USD?

Last Thursday, US Eastern Time, Ned Davis Research upgraded bitcoin to a "long trade only" and believes that bitcoin is poised to soar above 0.12 million USD by next spring.

Strategist Pat Tschosik of Ned Davis Research said: "Due to the optimistic sentiment about Trump's victory, cryptocurrencies are surging, and we believe that there is almost no resistance on the upward path of bitcoin price until Trump takes office." He proposed a target price of 0.12 million USD and provided technical reasons.

He proposed a target price of 0.12 million USD and provided technical reasons.

The previous round of bitcoin's rise started from $0.025 million in June last year, reaching a peak of slightly less than $0.074 million by mid-March this year.

Subsequently, bitcoin went through about 7 months of consolidation until now, under the boost of the significant positive factor of Trump winning the election, bitcoin broke through the previous resistance level and entered another round of uptrend.

In this context, the previous resistance level of 0.074 million US dollars can be used as Resistance, and the upward momentum may be similar to the previous rally, still about 0.048 million US dollars - this means that this round of rally can reach approximately 0.12 million US dollars or more.

Many people on Wall Street are bullish on bitcoin.

In fact, there are plenty of bulls on Wall Street who are optimistic about bitcoin.

For example, last week, Bernstein analysts like Gautam Chhugani wrote in a report that the election results would have a short-term impact on the sentiment in the crypto market.

He expects that if Trump wins the election, Bitcoin may rise to $0.08 million to $0.09 million in the next two months, breaking the historical high set in March of nearly $73,800 this year.

Standard Chartered Bank analyst Geoff Kendrick had already written in a report last month that he expects the price of Bitcoin to reach $0.125 million by the end of the year if Trump wins.

Meanwhile, Jan Van Eck, CEO of leading asset management company VanEck, has given a bolder prediction. He expects the price of Bitcoin to reach $0.3 million.

He referred to this target as a "reasonable basic assumption," even considering this expected figure to be conservative; some extremists may predict that Bitcoin could soar even higher.

Editor / jayden