Bitcoin went on a price discovery spree, hitting an all-time high of $76,990 on Bitstamp just days after Donald Trump won the US presidential election.
Several analysts predict that Bitcoin (BTC) will hit higher all-time highs as market participants anticipate a more cryptocurrency-friendly business environment during Trump’s presidency.
Bitcoin price surpasses $100,000 after Trump’s election
According to Ryan Lee, senior analyst at Bitget Research, the price of Bitcoin is likely to surpass $100,000 after an election victory.
Lee said the high open interest (OI) on futures markets, coupled with the growing market dominance of stablecoins, suggests traders are bracing for higher volatility in the Bitcoin price.
“With the market capitalization of stablecoins hitting new highs and swinging around $160 billion, there is room for significant market leverage, potentially with BTC reaching $100,000 within the next three months.”
source: Cointelegraph
A similar prediction was made in a November 6 report from digital asset manager Copper.co. The report states that Bitcoin’s upward trajectory could continue into the new year with a $100,000 target.
Fadi Aboualfa, head of research at Copper.co, said Trump’s victory reflected heightened market optimism and expectations of potential policy changes favorable to digital assets.
“There is plenty of room for $100,000 in Bitcoin by the time the 47th President of the United States heads to the Capitol for the inauguration on January 20, and the ETF holds about 1.1 million Bitcoin.”
Copper.co’s forecasts are based on historical Bitcoin ETF accumulation trends and current market data.
“We backtested ETF accumulation trends against potential price ranges.”
Discover Bitcoin accumulation based on historical trends seen in 2024. Source: Copper.co
Trump’s second term is considered optimistic for the cryptocurrency sector, with many participants hoping for clearer cryptocurrency regulations that would favor blockchain innovation.
Nonetheless, Prime Minister Lee said Trump’s policies could mean inflation in the world’s largest economy would remain above 3.5% “over the medium to long term.”
BTC Price Could Reach $200,000 Under President Trump
Technical analyst Gert van Lagen posted on
“$BTC has broken through the ‘descending expanding wedge’ re-accumulation phenomenon. It’s poised to go parabolic and reach the $200,000+ area.”
BTC/USD weekly price chart. source: Gerd van Lagen
Lagen’s chart shows that the re-accumulation phase, the period of consolidation that followed Bitcoin’s price rally earlier this year, appears to be nearing its end as BTC returns to price discovery.
The next expected goal is $90,000 to $100,000, with the final goal to reach $200,000 around May 2025.
Cryptocurrency YouTuber Lark Davis is optimistic about the next 90 days.
“We will most likely see $100,000 Bitcoin in the next three months,” Davis said of BTC hitting a new all-time high near $77,000.
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.