- Demand for Bitcoin from sovereign wealth funds has skyrocketed over the past few years.
- Bitcoin prices are expected to record parabolic rally in the coming months after regaining $100,000 again.
The momentum to approve the Strategic Bitcoin Reserve (SBR) at the state level has gained great traction after New Hampshire and Arizona led the way. According to Dennis Porter, CEO and co-founder of Satoshi Action Fund, there is a strong possibility that two more US members will approve and sign the SBR bill within 60 days.
“This is not just my guess. There are two states that are very likely to accomplish that, especially now that the two have already passed to the law,” Porter pointed out.
Other states approving the SBR bill include Utah, among other things, after the Blockchain and Digital Innovation Amendment Act passed a House committee with an 8-1 vote earlier this year. Texas is also another state that could approve the SBR bill in the next two months.
The impact of SBR on Bitcoin price action
In addition to institutional investors, the growing demand for Bitcoin by sovereign funds has played a key role in the underlying bullish sentiment. Furthermore, Bitcoin’s fear and greedy index has skyrocketed to over 70%, indicating the overall market greed.
Over the past few days, Bitcoin prices surpassed gold and wider stock markets, rallying over $100,000 for the first time since US President Donald Trump took office earlier this year.
According to Kalshi, a US-based forecast market platform, Bitcoin Price is likely to peak at $131,000 by the end of 2025.
From a technical analysis perspective, Bitcoin prices reflect the bull market cycle of 2017, indicating the start of a highly anticipated parabolic rally in the coming months.