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<p class="is-style-lead">Bitcoin price bounced back on Wednesday, ending a two-day retreat that pushed it near the $90,000 level.</p> 
<p>Bitcoin’s (<a href="https://crypto.news/price/bitcoin/" target="_blank">BTC</a>) rebound happened after a major court <a href="https://crypto.news/tornado-cash-smart-contracts-cleared-of-ofac-sanctions-in-latest-ruling/" target="_blank">victory by Tornado Cash</a>, a crypto mixer. In a ruling, a three-judge bench said that it was wrong to sanction its smart contract. Coinbase, the biggest crypto exchange in the US was part of the companies that supported the company.</p> 
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   <p lang="en" dir="ltr">Privacy wins. Today the Fifth Circuit held that <a href="https://twitter.com/USTreasury?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">@USTreasury</a>’s sanctions against Tornado Cash smart contracts are unlawful. This is a historic win for crypto and all who cares about defending liberty. <a href="https://twitter.com/coinbase?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">@coinbase</a> is proud to have helped lead this important challenge. 1/6</p>— paulgrewal.eth (@iampaulgrewal) <a href="https://twitter.com/iampaulgrewal/status/1861549058797772874?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">November 26, 2024</a>
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<p>This victory means that the crypto industry is securing some legal wins in the US, which will lead to more regulatory clarity. On top of this, there is a rising hope that Donald Trump’s administration will be friendly to the crypto sector.&nbsp;</p> 
<p>Meanwhile, crypto analysts believe that the recent pullback was a mere retracement, as the bullish view was still intact. In an <a href="https://x.com/angrycryptoshow/status/1861482376855199883" target="_blank" rel="nofollow">X post</a>, <a href="https://x.com/angrycryptoshow/status/1861482376855199883" target="_blank" rel="nofollow">Charles Hoskinson</a>, a crypto millionaire who founded Cardano, predicted that the coin would rise to between $250,000 and $500,000 in the next 12 to 24 months.&nbsp;</p> 
<p>His view is that more companies will start moving some of their assets to Bitcoin, as MicroStrategy and El Salvador have done. Today, MicroStrategy owns BTC coins worth $32 billion, while its market cap stands at over $70 billion.&nbsp;</p> 
<p>If Bitcoin moves to $500,000 and its supply remains at the current 19.6 million, it would have a market cap of over $9.75 trillion. That would make it a bigger asset than NVIDIA and Microsoft combined.&nbsp;</p> 
<p>A key bullish case for Bitcoin is that it took over 15 years to move to $100,000, meaning that it will take a shorter period to get to $200,000. For example, the Dow Jones reached $10,000 in 2010 and $20,000 in 2020. It then took two years to get to $30,000 and less than two years to move to $40,000.</p> 
<p> You might also like: <a rel="" href="https://crypto.news/xlm-price-forms-a-rare-pattern-as-stellar-defi-tvl-hits-record-high/"> XLM price forms a rare pattern as Stellar DeFi TVL hits record high </a> </p> 
<h2 class="wp-block-heading" id="bitcoin-price-cup-and-handle-points-to-a-jump-to-122-000">Bitcoin price cup and handle points to a jump to $122,000</h2> 
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  BTC chart | Source: <a rel="" href="https://crypto.news/price/bitcoin/">crypto.news</a>
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<p>The weekly chart shows that the BTC price formed a cup and handle pattern whose upper side was about $68,800. The depth of this cup was about 78%. Therefore, measuring that distance from the upper side means that the coin will jump to $122,000 in the near term.&nbsp;</p> 
<p>Further supporting the bullish case is the fact that Bitcoin price formed a golden cross chart pattern as the 200-day and 50-day moving averages crossed each other. Historically, it tends to have major moves after forming this cross.&nbsp;</p> 
<p>The bullish view will become invalid if the coin falls below the lower side of the handle at $49,523.</p> 
<p> You might also like: <a rel="" href="https://crypto.news/altcoin-millionaires-pick-3-coins-ready-for-10000-growth/"> Altcoin millionaire’s pick: 3 coins ready for 10,000% growth </a> </p>

Bitcoin price could surge to $500k, crypto millionaire predicts

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