Originally published on: November 08, 2024
Bitcoin’s price is on an upward trajectory, recently hitting a record high of $76,990 just days after Donald Trump’s victory in the U.S. presidential election. Analysts are predicting even higher highs for Bitcoin as investors anticipate a more crypto-friendly environment under Trump’s administration.
According to Ryan Lee, chief analyst at Bitget Research, Bitcoin is likely to surpass the $100,000 mark following Trump’s win. The high open interest in futures markets and the growing dominance of stablecoins signal that traders are gearing up for increased volatility in the price of Bitcoin.
In a report by digital asset custodian Copper.co., similar predictions were made with a $100,000 target for Bitcoin’s price. The market optimism surrounding Trump’s second term has fueled expectations of favorable policy shifts for digital assets.
This positive sentiment is reflected in technical analyst Gert van Lagen’s chart, showing Bitcoin’s surge beyond the reaccumulation phase of the “descending broadening wedge.” The next projected target is between $90,000 and $100,000, with a long-term goal of reaching $200,000 by May 2025.
Experts like Crypto YouTuber Lark Davis are bullish on Bitcoin’s short-term prospects, with Davis predicting a $100,000 Bitcoin in the next 3 months.
It’s important to note that this article does not offer investment advice. Investors should conduct their own research and due diligence before making any financial decisions.
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