Originally published on: November 08, 2024
As Bitcoin continues its price discovery phase, recently hitting a record high of $76,990 on Bitstamp following Donald Trump’s victory in the United States presidential election, many are wondering just how high the price can go before his inauguration.
Analysts are bullish on Bitcoin’s future, with predictions of further highs as market participants anticipate a more crypto-friendly business environment under Trump’s presidency. Ryan Lee, chief analyst at Bitget Research, believes that Bitcoin’s price could breach the $100,000 mark following the election win. This optimism is fueled by high open interest in futures markets and the increasing dominance of stablecoins, indicating traders are preparing for heightened volatility in Bitcoin’s price.
A Nov. 6 report by digital asset custodian Copper.co. also supports this outlook, suggesting that Bitcoin’s upward trajectory may continue into the new year with a $100,000 target. Fadi Aboualfa, head of research at Copper.co., attributes this positive trend to market optimism and potential policy shifts favorable to digital assets. Based on historical spot Bitcoin ETF accumulation trends and current market data, Copper.co. predicts a bright future for Bitcoin.
While Trump’s second term is viewed as bullish for the cryptocurrency space, concerns around inflation persist. Analysts like Lee warn that inflation in the world’s largest economy could remain above 3.5% in the medium to long term.
Technical analyst Gert van Lagen also sees a bright future for Bitcoin, projecting a potential parabolic move toward the $200,000 zone based on the cryptocurrency’s recent price surge. With Bitcoin back in price discovery and nearing the end of a consolidation period, the next projected target is between $90,000 and $100,000, with a long-term goal of $200,000 by around May 2025.
Crypto influencer Lark Davis is also optimistic, predicting a $100,000 Bitcoin in the next 3 months based on recent all-time highs. However, it’s important to note that this article does not offer investment advice and every investment and trading move involves risk. Readers are advised to conduct their own research before making any decisions.
For more insights and updates on market trends, subscribe to the Markets Outlook newsletter to receive critical information on investment opportunities, risk mitigation strategies, and trading tips delivered every Monday. Subscribe now to stay ahead of the curve!
