Since Donald Trump’s election a week ago, Bitcoin has been on an upward rise and continues to hit new all-time highs (ATHs), crossing $92k.
The trend continues to rise, and presently, Bitcoin’s market cap is 60% of the overall value of the cryptocurrency market. As excitement builds, many ask: What next for the flagship cryptocurrency? Could it continue on the same trajectory and reach $255,000?
Trump’s Pro-Crypto Stance Sparks Market Surge
One of the main reasons for Bitcoin’s current trend is the fundamental belief that a second Trump term might be good for the crypto market.
As a supporter of financial technology, Trump’s return to the presidency can positively affect the crypto market and promote innovations even more actively. Market players have already started responding to the fact that the situation might become less ambiguous and more formally driven under Trump’s government.
Since the elections, Bitcoin’s price has been hitting a historic high, with this particular growth taking the coin to a level. As many expect a friendly Bitcoin administration, the digital currency is attracting both small and large investors who wish to capitalize on the situation.
The bullish sentiment surrounding Trump’s potential policies is palpable, fueling Bitcoin’s already impressive performance.
Bitcoin’s Dominance and as Analyst Eyes $255,000
Bitcoin’s market share has risen again to 60%, which shows it is still the reigning monarch of the cryptocurrency universe.
This dominance shows increasing investors’ confidence and the rising adoption of cryptocurrency as an instrument for storing value, especially given the prevailing global economic volatility.
Other forms of institutional investment, such as Bitcoin ETFs, have continued to come in, resulting in a high Bitcoin price, which places Bitcoin on a higher pedestal as the best ‘asset’.
Spot Bitcoin exchange-traded funds are attracting massive daily inflows, with some days seeing over a billion dollars, highlighting the growing institutional appetite for the cryptocurrency.
More and more analysts are raising their Bitcoin price predictions based on price movements and technical analysis. According to popular on-chain analyst Ali Martinez, BTC is in a cup-and-handle, bullish pattern based on technical analysis. According to Martinez, this technical pattern could lead to Bitcoin hitting $255,000.
BTC/USDT Technical Analysis|Source: Ali Martinez X
The idea of a pro-Blockchain administration only adding to Bitcoin’s domineering popularity makes it quite likely to transcend even more records in the immediate future.
Bitcoin has surged from under $88,000 in just a few hours to surpass the $90,000 milestone for the first time. As of writing, Bitcoin is trading at $92,946, and all eyes are now on its potential to reach the $100,000 threshold.
