Bitcoin surpassed the record $85,000 mark for the first time in history, potentially setting the stage for a six-figure price tag before 2025.
Bitcoin’s (BTC) price breached a new all-time high of $85,000 at 18:41 pm in UTC, Cointelegraph data shows.
BTC/USD, 1-week chart. Source: Cointelegraph
The new all-time high comes a week after former President Donald Trump won the 2024 elections in the United States, securing his second term in office.
The new $85,000 record high puts Bitcoin’s price just 17.6% away from reaching the psychological $100,000 mark, which could occur before the end of 2024.
Related: Top Polymarket whale profits $20M from Trump victory
Trump victory puts Bitcoin on track to $100k before end of year: analyst
Trump’s victory inspired a new wave of bullishness among investors, creating a growing demand for risk-on assets like Bitcoin, which has been soaring since the Republican victory.
According to Ryan Lee, chief analyst at Bitget Research, the outcome of the US election could pave the way for Bitcoin to surpass $100,000 before the end of the year.
The implied volatility in the derivatives market, along with the open interest in futures markets, are suggesting that traders are positioning for a high volatility Bitcoin move, the analyst told Cointelegraph:
“Additionally, with the market capitalization of stablecoins hitting a new high and fluctuating around $160 billion, there is room for significant leverage in the market, potentially pushing BTC to reach $100,000 within the next three months.”
Related: Two Bitcoin whales buy $142M BTC after Trump’s win
Trump’s forthcoming presidency is seen as a net positive for the cryptocurrency space, where many expect to see clearer crypto regulations that favor blockchain innovation.
Along with Trump’s election, the Republican Party has secured majority control of the Senate, which Coinbase CEO Brian Armstrong called the “most pro-crypto Congress ever.”
Crypto industry participants are hoping that this new Senate will introduce more innovation-friendly regulations for the financial technology and cryptocurrency industries, including Andrey Lazutkin, the chief technology officer of Tangem Wallet, who told Cointelegraph:
“Republican Senate would likely prioritize innovation-friendly and industry-supportive policies for the crypto space, creating an environment where US-based crypto companies might operate with greater confidence and less regulatory friction.”
Meanwhile, inflows from the US spot Bitcoin exchange-traded funds (ETFs) are also contributing to Bitcoin’s price rise. BlackRock’s Bitcoin ETF saw $1 billion worth of volume in the first minutes of post-election trading, Cointelegraph reported on Nov. 6.
Magazine: BTC’s ‘incoming’ $110K call, BlackRock’s $1.1B inflow day, and more: Hodler’s Digest Nov. 3 – 9
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