Bitcoin’s price rose to $76,800 over the past 24 hours, breaking new records following the U.S. Federal Reserve’s recent interest rate cut and the positive reaction to Donald Trump’s election victory. The Federal Reserve approved a 0.25% rate cut, with unanimous support from all 12 board members, following a prior 0.5% cut in September—the first since the strong 2022 rally.

Despite Bitcoin’s rapid price increase, CryptoQuant, a leading cryptocurrency research platform, suggests there is room for further growth. They highlight Bitcoin’s MVRV index, which measures market value against the coin’s intrinsic value to indicate if an asset is overvalued. Bitcoin’s MVRV currently stands around 2.26, showing that it remains well below the overheated level of 3.7, signaling a healthy market with potential for growth. Additionally, the platform notes that Bitcoin’s current price remains close to traders’ buying price, reducing the likelihood of heavy selling pressure.

Analysts are optimistic about Bitcoin’s trajectory, expecting it to reach six figures as institutional investment grows and macroeconomic factors remain favorable. Bitwise CIO Matt Hougan has projected a target price of $200,000 per Bitcoin by 2025, driven by continued demand from institutions and supportive economic conditions.