Bitcoin is on a tear.
The world’s biggest cryptocurrency has climbed over 10% over the past 24 hours to hit a record $89,864. The price has slumped slightly since then.
Still, the price is up over 30% over the past seven days and 102% this year. Experts say the crypto pump could drive Bitcoin’s price even higher before the end of 2024.
Or as BitMEX co-founder Arthur Hayes put it: “The sun is rising on Bitcoin $100,000. Fuck fiat.”
Tailwinds like Donald Trump winning the US election alongside a red sweep, central banks across the world making fresh interest cuts, Beijing’s $284 billion package to stimulate the Chinese economy, and high demand from financial institutions will drive the surge, analysts say.
Bitcoin’s next high
Despite the price having dropped slightly since hitting its new peak, market watchers are bullish that there’s more to come.
“We are still very early in this bull cycle,” David Brickell, head of international distribution at FRNT Financial, and former forex trader Chris Mills, wrote in their latest newsletter.
Analysts at brokerage and analysis firm Bernstein predict that Bitcoin will rise to $90,000.
Options data point in the same direction as bets on Bitcoin hitting $90,000 by the end of November are already piling up, according to options data from Deribit.
British investment bank Standard Chartered says Bitcoin will reach $125,000 by the end of the year.
“We’ve gone from [President Joe] Biden who was proactively negative about the industry, to Trump, who is proactively positive,” Geoff Kendrick, Global Head of Digital Assets Research at Standard Chartered, said.
Both Bernstein and Standard Chartered estimate that Bitcoin’s price will hit as high as $200,000 over the next year.
Mike Novogratz, founder and CEO of crypto investment firm Galaxy Digital, said Trump’s win will “unleash a tsunami of institutional participation.” He has previously predicted Bitcoin could hit $100,000 by year’s end.
Crypto market movers
Bitcoin is up 6.8% over the past 24 hours to trade at $87,700.
Ethereum is up 5.4% to trade at $3,364.
What we are reading
FTX accuses Waves founder Sasha Ivanov of extortion over $90m lost in Vires Finance — DL News
How to capitalize on memecoins — Milk Road
Elizabeth Warren Will Be the Top Democrat on the Senate Banking Committee — Unchained
Everything just changed, here’s why — Milk Road
‘Desperate’ trader offers $2.5m reward to recover stuck funds — DL News
Eric Johansson is DL News’ News Editor. Got a tip? Email at eric@dlnews.com.
