BTC nears $90,000, with $100,000 within reach
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BTC nears $90,000, with $100,000 within reach
On Polymarket, users have increased the odds of "Bitcoin surpassing $100,000 by year-end" to 56%.
Navigating Web3 tides with focused insightsBy BitpushNews
The trading frenzy triggered by Trump's election victory continues to intensify.
On Monday, Bitcoin surged more than 10%, soaring past $89,000 and reaching a high of $89,575.96. Ethereum rose 6.4%, surpassing $3,300, while Solana (SOL) gained 6.7%, breaking above $220. Investor enthusiasm reached new heights, with TechFlow data showing that the total market capitalization of cryptocurrencies has surpassed $3.1 trillion for the first time since November 2021—the peak of the previous bull market.
In U.S. equities, crypto-related stocks rallied sharply on the day: Canaan Inc. (CAN.O) jumped 41%, MicroStrategy (MSTR.O) climbed 25%, closing at a record high of $340. The company announced on Monday it had acquired an additional 27,200 bitcoins, bringing its total holdings to 279,420 BTC—worth approximately $24.5 billion at current prices. Coinbase (COIN.O) rose 19%, and Robinhood (HOOD) gained over 7%, marking a five-day increase of more than 35%. Bloomberg previously reported that Dan Gallagher, Robinhood’s legal chief, is among the candidates under consideration by Trump’s team to lead the U.S. SEC.
ETF Trading Volume Hits New Record
Since the election, inflows into spot cryptocurrency ETFs have continued to rise.
As Bitcoin initially surged above $88,000, BlackRock’s spot Bitcoin ETF set a new daily trading volume record. According to Bloomberg data, BlackRock’s spot Bitcoin ETF reached $4.5 billion in daily trading volume.
Citigroup strategists emphasized in a research report that cryptocurrencies are “one of the few Trump trades that haven’t pulled back yet.”
The strategy team noted: “Part of the reason lies in expectations that a Trump administration will be favorable toward crypto, raising hopes for clearer regulation in the U.S. Specifically, net inflows into BTC and ETH ETFs amounted to $2.01 billion and $132 million respectively within two days after the election. We continue to view ETF inflows as the primary driver behind Bitcoin’s price surge.”
Trump Assembling Crypto-Friendly Team, Regulatory Crackdown May Ease
John Reed Stark, former head of the SEC’s Office of Internet Enforcement, recently revealed that the SEC’s stringent regulatory stance on cryptocurrencies may shift following Donald Trump’s presidential election win.
Stark predicted during a Twitter Space session: “It is unlikely that the SEC will launch large-scale fraud lawsuits against the crypto industry over the next few years.” This statement undoubtedly serves as a major confidence boost for an industry long burdened by regulatory pressure.
Stark believes excessive regulation of cryptocurrencies will become a thing of the past under Trump’s presidency, with the incoming SEC chair expected to take a much friendlier approach. He also speculated that Gensler might resign voluntarily before Trump takes office to avoid being dismissed.
Coinbase CEO Brian Armstrong echoed this sentiment, calling it potentially “the most pro-crypto Congress in history.”
Overall, with Republicans poised to control both the Senate and the House of Representatives, the crypto industry is likely to face a more favorable regulatory environment. However, the exact policy direction will only become clear once the new SEC chair is appointed.
Sean Farrell, Fundstrat's Managing Director of Digital Asset Strategy, said in an X post on Monday: “Markets may seem frothy to some, but understand—we’ve gone overnight from objectively oppressive regulation to excessively friendly regulation. There is every reason for charts to show step-function returns in BTC.”
Bitcoin Could Reach $125,000 Before Year-End
Legendary trader Peter Brandt stated that Bitcoin could reach $125,000 before New Year’s Eve.
Brandt pointed out on the X platform that Bitcoin tends to repeat strong performance patterns during price rallies. Analyzing Bitcoin’s current breakout beyond its all-time highs, he applied Bayesian probability theory to forecast a potential price target of $125,000.
In simple terms, Bayesian probability (also known as Bayes' Theorem) is a method for calculating the likelihood of future events based on existing data. For traders, it helps set price targets and navigate uncertain price movements by comparing asset performance in similar historical scenarios.
Applying Bayes’ Theorem to Bitcoin’s Q1 2024 price action, Brandt suggests a similar pattern could repeat in Q4 2024, potentially pushing Bitcoin to $125,000 by New Year’s Eve 2024.
Another trader, Titan of Crypto, forecasts a bullish triangle target of $158,000 for Bitcoin. He views the emergence of a golden cross on Bitcoin’s weekly chart as a key factor indicating sustained bullish momentum, and notes that $100,000 is the first target for the second leg of the 2024 bull run.
At the time of writing, on Polymarket—a platform that successfully predicted Trump’s election win—the probability of users betting on “Bitcoin surpassing $100,000 by year-end” has risen to 56%. With Bitcoin currently at $89,000, it remains just 11% away from the $100,000 milestone.
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