The world’s largest cryptocurrency, Bitcoin, has defied market expectations this week by surging past the significant $35,000 resistance level. While the price chart shows some volatility, robust buying momentum has set the stage for Bitcoin to maintain its bullish stance and potentially reach new all-time highs.
Bitcoin is currently trading at $35,200 at the time of writing, representing a 24-hour gain of over 5%. This latest move builds on the positive momentum Bitcoin has experienced so far in 2022, with the cryptocurrency gaining over 50% since the start of the year.
Driving Force Behind The Surge
According to market analysts, a major factor fueling Bitcoin’s latest surge is growing optimism that the U.S. Securities and Exchange Commission (SEC) will approve spot bitcoin exchange-traded funds (ETFs) this year.
ETFs allow investors exposure to an asset class without directly purchasing the asset. A spot bitcoin ETF tracks the price of bitcoin directly rather than bitcoin futures contracts. Several asset management firms have applications for spot bitcoin ETFs pending with the SEC.
Approvals for these ETFs could significantly expand access to bitcoin for retail and institutional investors alike. This anticipation has renewed bullish sentiment for the cryptocurrency.
Major Wall Street Players Make Bold Predictions
In addition to the potential for SEC approved spot bitcoin ETFs, several major global investment firms have made optimistic forecasts for Bitcoin’s price over the next few years.
Most notably, AllianceBernstein, which manages over $700 billion in assets, said in a report this week that it expects Bitcoin to reach $150,000 by 2025. The firm cited Bitcoin’s limited supply schedule and growing adoption as reasons for their lofty target.
AllianceBernstein joins a growing chorus of traditional finance players making bold proclamations about Bitcoin’s future value. In November 2021, JP Morgan issued a report stating Bitcoin could potentially reach $150,000 in the long term. Citibank has also set a “conservative” target of $300,000 by the end of 2021.
MicroStrategy CEO Michael Saylor has been another vocal Bitcoin bull, saying it has the potential to reach $5 million per coin within five years. While these predictions may seem overly optimistic to some, they signal growing confidence in Bitcoin’s staying power.
Social Media Chatter Looks To November 2025
Along with established firms weighing in, amateur retail investors on social media are also making forecasts about Bitcoin’s future trajectory.
One pseudonymous analyst on Twitter with over 150,000 followers predicted Bitcoin’s price could reach between $90,000 – $130,000 by November 28, 2025. They cited Bitcoin’s post-halving cycles as the basis for determining the cryptocurrency could enter its next parabolic bull run during that timeframe.
While this analyst does not represent a regulated entity, their insight provides a snapshot of the optimism individual investors harbor for Bitcoin as an asset class. Social media activity can often serve as a barometer for overall market sentiment.
However, investors should be aware that price predictions contain inherent uncertainty and are not guarantees of future performance. Bitcoin remains a highly speculative and volatile asset despite its newfound mainstream recognition.
Red Hot Altcoin Vulcan Forged Emerges As One To Watch
Bitcoin has soaked up much of the spotlight, but it’s far from the only cryptocurrency making waves right now. The broader altcoin market has also seen impressive gains recently, with innovative projects attracting attention.
One red hot altcoin that has analysts buzzing is Vulcan Forged (PYR), which operates a suite of blockchain-based games and decentralized applications (dApps). PYR has surged over 27% in the last 24 hours, significantly outpacing the wider crypto market.
At the time of writing, PYR trades at $5.52 per token and has a market capitalization of $279 million. The project now ranks as the 82nd largest cryptocurrency overall based on market cap data.
This explosive price movement appears driven by Vulcan Forged’s rising popularity as a one-stop shop for blockchain gaming and metaverse content. The platform announced over 200,000 users spread across its ecosystem of 15 games and dApps.
Vulcan Forged Ecosystem Goes Meta
Vulcan Forged launched in 2019 and has steadily expanded its offerings in the three years since. The platform’s current titles cover play-to-earn gaming, Non-fungible tokens (NFTs), and even virtual real estate.
However, Vulcan Forged generated significant buzz earlier this year when it unveiled MetaScapes, a metaverse focused on gaming. Billed as “metaverse-as-a-service”, MetaScapes contains tools for users to easily build customized virtual worlds.
Within MetaScapes, users can purchase plots of metaverse land formatted as NFTs. They can then populate their metaverse property with games, architecture, and other digital assets. Importantly, no coding expertise is required, opening metaverse creation to the masses.
This accessible and gamified approach to the metaverse evidently resonates with users, as momentum for the Vulcan Forged ecosystem accelerates. PYR seems poised to continue benefiting from this growing adoption.
Landmark Integration With Cutting Edge VR Tech
In addition to the MetaScapes push into the metaverse, Vulcan Forged made waves this week with another milestone. The project announced an partnership with Oculus VR, the popular virtual reality headset maker owned by Meta.
Through this collaboration, Vulcan Forged is set to launch the first ever NFT game playable through Oculus VR—a title called Tartarus that enables users to battle monsters and collect NFT rewards.
Integrating NFTs and blockchain technology with VR gaming is an exciting innovation that could become more prevalent in the years ahead. As an early mover in the space, Vulcan Forged is positioning itself at the forefront of this emerging trend.
Analysts Overwhelmingly Bullish On PYR Price Outlook
Given the recent perfect storm of positive catalysts for Vulcan Forged, market analysts have adopted an extremely favorable outlook on the PYR cryptocurrency.
Widely followed crypto strategist Rekt Capital noted on Twitter that PYR appears positioned to reach $6.72 based on chart patterns and momentum indicators.
Meanwhile, Crypto Feras, an analyst account with over 150,000 followers, pointed to PYR’s multi-year price accumulation as a springboard for a major breakout. According to Feras, assets that spend long periods trading sideways often see explosive upside once accumulation ends.
Finally, Karan Singh Arora—a cryptocurrency educator and influencer—stated PYR is breaking out from a key accumulation zone that could enable a push to $9 in short order.
Between breakout technical signals, surging fundamentals, and bullish expert analyses, PYR seems to have garnered no shortage of praise recently. The altcoin’s stunning performance shows little sign of letting up.
Bitcoin has once again shown its propensity for headline-grabbing price moves, as the original cryptocurrency charges past $35,000.
With optimism around SEC spot bitcoin ETF approvals paired with audacious institutional price predictions, market conditions appear fertile for Bitcoin to challenge its all-time high near $69,000.
However, Bitcoin is far from the only cryptocurrency turning heads right now. Red hot gaming and metaverse project Vulcan Forged has emerged as an altcoin to watch, as use of its platform explodes higher.
With Vulcan Forged strengthening its position at the intersection of NFTs, blockchain gaming, VR technology, and the metaverse, the project seems poised for continued success.
The coming weeks and months promise to be an exhilarating ride for cryptocurrency markets. Both Bitcoin and select altcoins like Vulcan Forged appear ready to make noise as adoption expands. Buckle up and pay attention, as exciting developments lie ahead.