Bitcoin rose sharply, climbing back above $106,000. The rebound followed a surprise ceasefire deal between Iran and Israel, announced by US President Donald Trump. The news calmed markets, especially those concerned about oil supply disruptions. This shift prompted crypto investors to return to risk assets.
Institutional Demand Drives Bitcoin Long-Term Outlook
Meanwhile, Galaxy Digital CEO Mike Novogratz reiterated a long-term view that Bitcoin could reach $1 million. He cited growing institutional interest, rising government debt, and weakening currencies as supporting factors. Novogratz highlighted BlackRock CEO Larry Fink’s backing of Bitcoin as a sign of broader acceptance.
He also mentioned demographic changes, suggesting that younger generations inheriting wealth may favor digital assets over gold. Novogratz has previously made notable predictions, including Bitcoin’s 2017 rally.
“Adoption and the macro backdrop” are the two metrics that move the price of $BTC, according to @galaxyhq CEO @novogratz. He believes kids will be into bitcoin because they “like digital stuff,” adding that when money gets passed down to the next generation, “they’re going to… pic.twitter.com/IYPQWm4o6d
— Schwab Network (@SchwabNetwork) June 16, 2025
BTC Holds Support, Eyes Breakout Above
The BTCUSD H1 chart shows that the price dropped below $100,000 over the weekend. However, it later moved upward and held above a key support level. After forming a bullish engulfing candle, the price gained momentum and pushed higher.
The $106,000 level is currently acting as resistance. The price is now consolidating between $104,800 and $106,000. A breakout above this range could trigger additional buying and drive the price further upward.
You may find it interesting at FinanceMagnates.com: This Analyst Who Called XRP’s 600% Rally Just Made Another Bold Price Prediction.
DeepSeek AI Projects Bitcoin Price Scenarios
Bitcoin, the leading cryptocurrency by market capitalization, is the subject of DeepSeek AI’s forecast for 2025. The platform presents three possible price scenarios. The base case projects Bitcoin trading between $100,000 and $150,000.
In a more optimistic scenario, often called “hyperbitcoinization,” the price could reach $350,000. A less likely black swan event anticipates a peak near $500,000. These forecasts are based on expectations of growing institutional adoption and wider acceptance of blockchain technology in global finance.
This article was written by Tareq Sikder at www.financemagnates.com.TrendingRead More
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