$BTC Bitcoin Bulls Eye $100K Year-End Target as BTC Surges Above $62K Amid Market Rally

Bitcoin bulls are once again setting their sights on a $100,000 year-end target as BTC briefly surged over $62,000 before pulling back. The cryptocurrency's spike was part of a broader market rally, reversing significant losses from earlier in the week.

A bull market, characterized by rising asset prices and a strong economy, is in stark contrast to a bear market, where declining stocks reflect a receding economy. One trader remarked, “Regardless of the next 60 days, the bull market will continue along traditional four-year cycle lines with solid gains in October and November.”

Bitcoin's brief rise to $62,000 during the Asian morning hours on Friday was driven by favorable sentiment in the stock market and expectations of BTC following its historical market cycles. The surge liquidated nearly $100 million in short positions on bitcoin futures, marking the fourth-largest bearish bet liquidation of the year.

U.S. markets saw a robust rally on Thursday, with the S&P 500 experiencing its best day since November 2022, and the tech-heavy Nasdaq 100 rising by 3.1%. This recovery reversed losses from earlier in the week, which had seen significant declines across both stock indexes and cryptocurrencies.

Some analysts believe that Bitcoin's upward momentum is supported by broader market trends and BTC’s historical cycles. Michael Terpin, founder of Transform Ventures, commented, “With the Bank of Japan holding off on further interest rate hikes and the diminishing supply from major sellers, I don’t see BTC falling much below $50,000 again.”

Terpin also noted that if Donald Trump wins the upcoming election, it could trigger a rush of new buyers, potentially pushing Bitcoin's price over $100,000. He highlighted that October and November are typically strong months for Bitcoin, especially in the year following its halving event.

The recent BTC rally has also lifted other major tokens, with ETH and TON gaining 10%, and SOL and ADA rising by 5%.