The long-awaited day has come and gone and Donald Trump has become the new president of the United States. While Trump made many promises regarding Bitcoin and the cryptocurrency market, analysts predicted that the BTC price would increase after Trump won.
At this point, while $100,000 is the most anticipated level for Bitcoin by the end of 2024, some analysts say this is possible.
One of them, Bitget Research chief analyst Ryan Lee, stated that Trump's victory could push Bitcoin above $100,000.
Stating that the market environment is favorable for the rise of Bitcoin, Lee stated that the high market capitalization of the stablecoin and the increasing leverage in the market support a rise in Bitcoin within three months.
“Trump's victory will pave the way for a rally in Bitcoin.
In addition to Trump’s victory, the current market environment is also bullish, while the market value of stablecoins has reached a new high, fluctuating around $160 billion.
In addition, there is a significant leverage ratio in the market.
Ultimately, all these factors could push BTC to $100,000 in the next three months.”
Lee recently noted that institutional investors’ inflows into spot Bitcoin ETFs and long positions demonstrate Wall Street’s confidence in crypto, adding that increasing institutional interest will support the rally.
“BTC ETFs may see more net inflows in the coming trading days, indicating that Wall Street institutions are optimistic about the market outlook. The long-short ratio of accounts in the futures market is below 1, indicating that institutional investors in the crypto market are taking long positions through futures and expecting a bullish outlook,” Lee said.
Apart from the Bitget analyst, Matrixport analysts also shared that they expect $100,000 in Bitcoin. Cryptocurrency services provider Matrixport claimed in its weekly report that Bitcoin could reach $100,000 in the coming months with positive regulatory changes and a global adoption rate of around 8%.
With Trump's presidential victory and proposed pro-Bitcoin policies, including a strategic Bitcoin reserve and plans to overcome regulatory hurdles, Bitcoin will attract more investors and could reach $100,000, analysts said.
*This is not investment advice.