Bitcoin Surpasses $85,000, Eyeing $100,000 as Trump’s Victory Fuels Bullish Momentum

Bitcoin has reached a significant milestone, surpassing the $85,000 mark for the first time in its history, according to data from Cointelegraph. As of Nov. 11, 2024, Bitcoin’s price breached this new record high at 18:41 UTC, signaling a strong continuation of its bullish momentum. This surge follows a week of market optimism after Donald Trump secured his victory in the 2024 U.S. presidential election, which has sparked renewed interest in risk-on assets like Bitcoin.

With Bitcoin now just 17.6% away from the psychological $100,000 threshold, the cryptocurrency market is abuzz with speculation that the world’s leading digital asset could hit the six-figure price point before the end of 2024.

Trump’s Election Victory Boosts Bitcoin’s Bullish Sentiment

The Republican victory in the U.S. elections has significantly impacted market sentiment, with investors viewing Trump’s win as a potential game-changer for the cryptocurrency space. According to Ryan Lee, Chief Analyst at Bitget Research, the election outcome could propel Bitcoin beyond $100,000 in the coming months.

Lee notes that implied volatility in the derivatives market and growing open interest in Bitcoin futures are signaling traders’ anticipation of high-volatility moves in the coming weeks. This surge in market activity could pave the way for Bitcoin to reach $100,000 before 2025.

“The market capitalization of stablecoins has hit a new high, hovering around $160 billion. This creates ample room for significant leverage in the market, which could push Bitcoin to the $100,000 mark in the next three months,” Lee stated.

Trump’s victory, paired with the Republican Party’s newly-secured majority in the U.S. Senate, is seen as a potential boon for the crypto industry. Many believe that this shift could bring more innovation-friendly regulations for digital assets, fostering an environment conducive to blockchain and crypto development.

Brian Armstrong, CEO of Coinbase, highlighted the significance of a pro-crypto Congress, calling it “the most pro-crypto Congress ever.” With a Republican-controlled Senate, industry experts hope to see clearer and more favorable regulations for crypto companies, providing them with greater confidence and operational flexibility in the U.S. market.

Andrey Lazutkin, CTO of Tangem Wallet, also weighed in, noting that a Republican Senate could lead to policies that support innovation and minimize regulatory friction for U.S.-based crypto companies.

Spot Bitcoin ETFs Fuel Price Surge

The U.S. spot Bitcoin exchange-traded funds (ETFs) have also played a crucial role in Bitcoin’s recent price surge. BlackRock’s Bitcoin ETF saw an impressive $1 billion in volume in the first minutes of post-election trading, further pushing up Bitcoin’s price.

The increasing popularity of spot Bitcoin ETFs, combined with the broader market optimism following the election, has fueled investor confidence. The BlackRock Bitcoin ETF, in particular, has become a key player in the U.S. market, contributing to the liquidity and mainstream adoption of Bitcoin as an asset class.

With Bitcoin now approaching the $85,000 mark and expectations of continued upward momentum, many analysts believe that $100,000 could be within reach before the year’s end. The combination of Trump’s pro-crypto stance, a Republican-controlled Senate, and increasing institutional adoption through Bitcoin ETFs all point to a potentially historic price run for Bitcoin.

As the market remains bullish, investors and crypto enthusiasts are closely watching how these political and economic shifts will play out. If the momentum continues, Bitcoin could soon find itself breaking new records and entering the coveted six-figure territory before 2025.