Why is Bitcoin up today? ‘There must be some demand…’ – BitRss

• BTC crossed the $100K and hit an ATH of $104K. 
• Analysts predicted BTC could soar beyond $110K, but a pullback to $85K was also likely.   

On the 5th of December, in the early Asia session, Bitcoin [BTC] crossed the $100K milestone, likely driven by a recent comment by Fed chair Jerome Powell.

In an interview with the New York Times, Powell said that BTC is a competitor to gold and not the U.S. dollar. He stated, 

“People use Bitcoin as a speculative asset; it’s like gold, but virtual. It’s not a competitor to the dollar but to gold.” 

A few hours after Powell’s comment, BTC surged from $97K to a new all-time high of $104K, bringing its gains to over 50% since the November U.S. elections.