According to Cointelegraph: Bitcoin (BTC) could reach the six-figure milestone of $100,000 by the end of 2024, following Donald Trump’s victory in the US presidential election on November 5. Trump’s success in reclaiming key swing states has fueled investor optimism in the cryptocurrency market, with analysts predicting pro-crypto policies that could further drive Bitcoin’s momentum.
Market signals point to increased volatility in Bitcoin
According to Bitget Research lead analyst Ryan Lee, implied volatility in the derivatives market and rising open interest in Bitcoin futures indicate that traders are preparing for a highly volatile BTC rally. With the stablecoin market cap at an all-time high of $160 billion, significant leverage could push Bitcoin to $100,000 within the next three months.
Republican Congress Paves Way for Favorable Cryptocurrency Regulations
With the Republican Party now controlling both the Senate and Congress, cryptocurrency industry advocates are hoping for a pro-innovation regulatory approach. Coinbase CEO Brian Armstrong described this Congress as “the most pro-crypto ever,” and Lee echoed this sentiment, expecting a more conducive environment for blockchain innovation. However, he also noted that Trump’s policies could keep US inflation above 3.5% in the medium term, which could have an indirect impact on Bitcoin’s attractiveness as an inflation hedge.
Bitcoin ETFs Rise After Trump’s Victory
Following Trump’s election, US-based Bitcoin spot ETFs recorded a cumulative net inflow of $621 million on November 6, marking one of the largest daily inflows since January. This rally reflects Wall Street’s growing confidence in the future of the cryptocurrency market, with institutional investors showing strong support by taking long positions via futures contracts.
Analysts point to $100,000 as Bitcoin’s next target
With increased ETF inflows and positive market sentiment, Bitcoin’s price could be on an upward trajectory that could consolidate its position above $60,000, according to economist Alex Krüger. Lee suggests that favorable regulatory changes, coupled with growing institutional participation, could push Bitcoin to unprecedented levels, potentially surpassing $100,000 by the end of the year.
Read more:
Bitcoin Whales Acquire $142 Million in BTC After Trump Election Victory, Fueling Bullish Market Sentiment
Bitcoin News: Bitcoin Set for Parabolic Rally with Weekly Close Above $71.5K
Ethereum Positioned for a ‘Monster Rally’ as Price Approaches $2,900 Amid Growing Adoption
