Bitcoin Surges Amid Treasury Bond-Buying Program Boost
Bitcoin (BTC-USD) opened Wednesday at $78,528.41, down 0.5% from Tuesday's opening price. However, it quickly regained ground and rose to $78,585.58 by 8:25 a.m. ET.
Ethereum (ETH-USD), on the other hand, opened lower than Bitcoin, at $2,442.30, down 1.6% from Tuesday's opening price. Despite this initial dip, it also rebounded and reached $2,469.90 by 8:25 a.m. ET.
The recent surge in prices follows the U.S. Treasury Department's surprise decision to double its long-term bond-buying program. This move has sparked optimism among Bitcoin bulls, with some predicting significant price increases in the coming years.
According to Yahoo Finance Executive Editor Brian Sozzi, a prominent financial publication forecasts that Bitcoin could reach $150K by mid-2027 and $300K by 2029's end. However, if institutional capital actively chases Bitcoin, it could potentially peak at $500K in 2029 and rapidly recover to new all-time highs of ~$200K by mid-2027.