Bitcoin surged to $89,604, flashing renewed debate about reaching $100,000.
- Bitcoin surged to $89,604, flashing renewed debate about reaching $100,000.
- President-elect Trump's proposed crypto-friendly policies influenced Bitcoin's 30% price increase.
- Institutional interest grows, with MicroStrategy purchasing 27,200 Bitcoins worth $2 billion.
Bitcoin's surge reignites the question: Will Bitcoin hit 100k? The cryptocurrency reached $89,604, up over 30% post-US election.
The current surge has restarted the debate about Bitcoin reaching $100,000 once again. In this respect, the digital asset outperformed $89,000 and took the entire crypto market up with value appreciation. Several motives have been behind this extraordinary rally, ranging from political developments to increased institutional participation.
Trump's Crypto-Friendly Agenda Boosts Market
The cryptocurrency has surged by over 30% since the November 5, 2024 US election. As of early morning November 12, Bitcoin was changing hands at an all-time high of $89,604, after which it pulled back slightly to $89,102. The jump in Bitcoin's price is being associated with expectations of more crypto-friendly policies under President-elect Donald Trump's coming administration.
However, Trump has proposed an agenda with more friendly cryptocurrency rules and a strategic stockpile of US Bitcoins. The thereof policy shift significantly differs from that taken by the earlier administration, which wanted to impose tighter scrutiny on the crypto market.
Will Bitcoin Hit 100K by Year-End?
Chris Weston, the head of research at Pepperstone Group, termed the cryptocurrency "in beast mode." Options are showing signs of growing optimism, with bets being placed that the cryptocurrency will reach $100,000 by year-end.
Meanwhile, interest from institutions in Bitcoin continued to grow. MicroStrategy, the largest software company and major corporate holder of Bitcoin, recently bought about 27,200 Bitcoins with a value of around $2 billion.
Still, some analysts are a bit more circumspect, as per Bloomberg. Katie Stockton of Fairlead Strategies believes the cryptocurrency needs to enter periods of consolidation following such a steep surge in price. Stockton suggests a "short-term neutral bias," which suggests the market may need time to digest recent gains before continuing higher.