The value of one bitcoin (BTC) has increased by more than 34% in the last 30 days, reaching $81,469.36 as of this writing. With consistent weekly gains, Bitcoin's value has increased by over $20,000 over the current rise. Some have speculated that Bitcoin's price may reach $100,000 before November's end, thanks to its remarkable upward trajectory. A confluence of political developments, technical indications, and institutional flows has the cryptocurrency community and investors looking forward to what may be a watershed moment for the biggest cryptocurrency in the world.
A positive outlook Thanks to the Community's Backing and Trump's Re-Election
A major factor that has contributed to Bitcoin's recent surge in value is Donald Trump's triumph in the 2024 U.S. presidential election. Some important parts of Trump's policy have led the crypto community to believe that his administration would be crypto-friendly:
Many are pleased by Trump's change of heart from skepticism to support for cryptocurrency. He is determined to transform the United States into the "crypto capital of the planet," fostering trust in a regulatory climate that supports expansion.
Proposed Policies: A national Bitcoin reserve and a crypto advisory council will be set up under his government. Digital assets are anticipated to gain legitimacy and institutional engagement via these endeavors.
The community is very enthusiastic about Bitcoin because its supporters believe that its investment attractiveness will increase due to deregulation, tax reduction, and policies that are in line with the ideals of decentralized finance.
Ethical Considerations: Although the majority of people are positive, there are a few who are concerned that Trump might use crypto policies for political gain, which could lead to the decentralization of crypto.
The positive view for Bitcoin is bolstered by technical and market indicators, with a notable contribution from institutional investment:
Technical KPIs:
Strong upward momentum is shown by the 50-Day SMA at $65,124 and the 200-Day SMA at $63,288. This indicates that the market strength has been maintained.
The Relative Strength Index (RSI) for Bitcoin is 56.69, which means it is not yet overbought or oversold and might potentially see further gains.
15 Up Days in the Past 30 Days: Shows a steady and positive trading climate, with a volatility rate of 4.78%, which supports the trend.
Investment by Institutions:
Bitcoin Exchange-Traded Funds (ETFs): The iShares Bitcoin Trust is only one example of the new funds that have brought in substantial institutional investment, which has increased Bitcoin's liquidity due to demand from major financial institutions.
Interest from a Wider Spectrum: As more and more institutions become involved, Bitcoin gains credibility and security, which draws in even the most traditionalist investors.
Patterns in History:
Post-Election Rally: Bitcoin's price has risen significantly in each of the previous three cycles that have followed an election.
The post-halving effect is in line with previous patterns where supply limits caused price increases; this was the case with the recent 2024 halving, which decreased Bitcoin's fresh supply.
Polymarket Predictions Point to Price Increases
The probability of Bitcoin's price hitting new heights by November's end are strong according to Polymarket. Polymarket research shows that there is a 40% possibility that Bitcoin will reach $90,000 and a 56% likelihood that it will reach $87,500. There is a 73% probability that Bitcoin will reach $85,000, and a 91% likelihood that it will reach $82,500 or more. These bullish predictions show that market sentiment is high and that many think Bitcoin will keep going higher.
The chances on Polymarket show that Bitcoin might keep going up, perhaps reaching $100,000 by November's end. Despite the inherent dangers of any market, the general consensus is still quite bullish, and Bitcoin's present course indicates it may achieve this landmark, which would be a watershed event in the history of the cryptocurrency industry.
#BTCNear82k #Trump47thPresident #MicrosoftBitcoinRejection $BTC