Original title: (BTC Approaches $90,000, $100,000 Within Reach)
Original source: Bitpush News
The trading frenzy triggered by Trump's victory continues to heat up.
On Monday, Bitcoin surged with an astonishing increase of over 10%, strongly standing above $89,000, reaching a high of $89,575.96. Ethereum rose by 6.4%, exceeding $3,300, while Solana (SOL) rose by 6.7%, breaking through $220. Investor enthusiasm is unprecedented, and Bitpush data shows that the total market value of cryptocurrencies has broken through $3.1 trillion for the first time since November 2021 (the peak of the last bull market).
In the U.S. stock market, cryptocurrency concept stocks surged, with Canaan Creative (CAN.O) rising 41%, MicroStrategy (MSTR.O) rising 25%, closing at an all-time high of $340. The company announced on Monday that it had increased its holdings by 27,200 Bitcoin, bringing the total to 279,420, valued at approximately $24.5 billion at current prices. Coinbase (COIN.O) rose 19%, and Robinhood (HOOD) shares increased by more than 7%, with a rise of over 35% within five days. Previously, Bloomberg reported that Robinhood's legal head Dan Gallagher is one of the candidates considered by Trump's team to lead the SEC.
ETF trading volume continues to hit new highs.
Since the election, the inflow of funds into spot cryptocurrency ETFs has been continuously rising.
As Bitcoin first surged above $88,000, BlackRock's spot Bitcoin ETF also set a new daily trading volume record. Bloomberg data shows that the daily trading volume of BlackRock's spot Bitcoin ETF reached $4.5 billion.
Citigroup strategists emphasized in a research report that cryptocurrencies are "one of the few Trump trades that have not retraced."
The strategist team stated: "Part of the reason is that the Trump administration is expected to have a friendly attitude towards cryptocurrencies, and investors hope this will translate into regulatory clarity in the U.S. Specifically, within two days after the election, the net inflow into BTC and ETH ETFs was $2.01 billion and $132 million, respectively. We continue to view ETF fund inflows as a major driver of Bitcoin's price increase."
Trump is seeking a crypto-friendly team, and the regulatory storm may subside.
Former head of the SEC Internet Enforcement Office John Reed Stark recently revealed that with Trump's victory in the U.S. presidential election, the SEC's strict regulation of cryptocurrencies may see a turning point.
Stark predicted in a Twitter Space: "In the coming years, the SEC is unlikely to launch large-scale fraud lawsuits against the cryptocurrency industry." This statement undoubtedly injects a dose of optimism into the heavily regulated crypto industry.
Stark believes that with Trump's election, the excessive regulation of cryptocurrencies will become a thing of the past, and the new SEC chairman will be more friendly. He also predicts that Gensler may voluntarily resign before Trump's inauguration to avoid the embarrassment of being fired.
Coinbase CEO Brian Armstrong also believes this will be "the most supportive Congress for cryptocurrencies in history."
Overall, with the Republicans set to gain control of the House after taking control of the Senate, the crypto industry is expected to welcome a more friendly regulatory environment. However, the specific policy direction will need to wait until the new SEC chairman takes office to be determined.
Sean Farrell, head of digital asset strategy at Fundstrat, stated in a post on X on Monday: "The market may seem to some to be in a bubble, but please understand, we are merely transitioning overnight from an objectively oppressive regulatory regime to an excessively friendly regulatory regime. The charts fully justify BTC's stepwise returns."
Bitcoin prices could reach $125,000 by the end of the year.
Legendary trader Peter Brandt stated that Bitcoin could reach $125,000 before New Year's Eve.
Brandt pointed out on the X platform that Bitcoin tends to repeat its strong market performance patterns when prices rise. He analyzed the current trend of Bitcoin breaking through historical highs and predicted based on Bayesian probability theory that its price could reach $125,000.
In simple terms, Bayesian probability (also known as Bayes' theorem) is a method of calculating the probability of future events based on existing data. For traders, it can help them set price targets by comparing the performance of assets in similar past situations to cope with uncertain price fluctuations.
Brandt analyzed the price trend of Bitcoin in the first quarter of 2024 based on Bayes' theorem, believing that it may replicate this pattern in the fourth quarter of 2024 and reach a high of $125,000 before New Year's Eve 2024.
Another trader, Titan of Crypto, predicts that Bitcoin's bullish triangle target price is $158,000. He believes that the appearance of a golden cross on the weekly chart is a key factor for the continuation of the bullish trend and noted that $100,000 is the first target price for the second wave bull market in 2024.
As of the time of publication, on the Polymarket market, which successfully predicted Trump's victory, the probability of users betting on "Bitcoin breaking $100,000 by the end of the year" has risen to 56%. Based on a price of $89,000, BTC is only 11% away from the $100,000 target.
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