Bitcoin’s price is now just 17% away from surpassing the $100,000 mark, which could occur before the end of 2024 due to Trump’s presidential victory, analysts.
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
$86,271 price breached a new all-time high of $86,000 at 20:41 pm in UTC.
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.
Trump victory puts Bitcoin on track to $100,000 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.”
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, chief technology officer of Tangem Wallet, who told Cointelegraph:
“A 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.
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Bitcoin trader say BTC headed toward $125K by New Year’s Even based on ‘Bayesian probability’
Veteran trader Peter Brandt says Bitcoin is following a similar pattern from its past, which could lead to a $125,000 BTC price by New Year’s Eve.
Bitcoin BTC$86,306 price entered a strong price discovery phase for the first time since December 2020, after its weekly chart closed above $80,000. BTC’s bullish structure has transpired from a short-term to a long-term outlook, and multiple analysts believe that an assortment of six-figure price targets will be attained sooner than later.
Bitcoin could reach $125,000 by New Year’s Eve
Peter Brandt, a popular market analyst, highlighted that Bitcoin tends to repeat its bullish price action trends when it decides to “mark up.” The trader addressed BTC’s current move above previous ATH levels and suggested a $125,000 price target based on Bayesian probability.
Bayesian probability, or Bayes’ theorem, determines the conditional probability of a future event based on past data sets. In layman’s terms, it helps traders handle uncertain price ranges by setting targets based on how the asset behaved in similar past situations.
Brandt explained that BTC’s run in Q1 2024 can be emulated in Q4 2024 based on the above theorem, potentially leading to a $125,000 high before New Year’s Eve 2024.
Meanwhile, Titan of Crypto, a Bitcoin proponent and trader, indicated that BTC‘s bullish pennant target is $158,000. The trader mentioned BTC’s weekly chart golden cross completion as a key factor for the bullish continuation, keeping $100,000 as the first target for the second bull phase in 2024.
Open Bitcoin CME gap between $77,800 to $80,600
With Bitcoin price rising 5+% over the weekend, a CME gap opened up between $77,800 and $80,600 on the daily chart on Nov. 11. This is the first CME gap since August 2024 on the 1-day time period, and CME gaps on the daily chart have a strong likelihood of getting filled.
Thus, if conditions change, Bitcoin could drop to $77,800 or less over the next few days. Scient, an anonymous market analyst, also indicated that BTC could be close to a local top. Scient added,
“Anticipating the price to halt around $84-85k followed by a correction/consolidation for 7-10 days before we resume up again.”
However, it is important to note BTC’s previous market behavior regarding the CME gap. Under similar conditions, a small CME gap opened in 2023 as well, after BTC breached a multi month resistance level before exhibiting a yearly high in Q4.
As observed in the chart, the CME gap was formed under a higher high outlook and wasn’t filled until January 2025, when BTC prices rallied another 23% from the CME gap.
If Bitcoin follows the above, the crypto asset might continue to ascend higher, reaching a new all-time high above $100,000.
