BTC breaks through the $90,000 mark, is $100,000 far away?

First, let’s understand the recent factors that boost the crypto market

1. Trump’s victory;

2. USDT issuance. Previously, from November 8 to 10, Tether issued a total of 4 billion USDT;

3. Institutions rushed into the market;

4. Crypto U.S. stocks soared;

5. Investors are enthusiastic

Is BTC still far from the $100,000 mark?

Jag Kooner, head of derivatives at cryptocurrency exchange Bitfinex, said that although it is difficult to predict the price of Bitcoin, the target of $100,000 in a few months "doesn't seem too far-fetched", adding: "Given the bullish momentum, coupled with the fact that the economy has avoided a recession, we expect Bitcoin to have limited downside now. This (the $100,000 target) looks very reasonable." 

James Butterfill, head of research at CoinShares, also said that Bitcoin's rise to $100,000 - which means there is still 33% room to rise - "is now possible" because Trump's victory and Republican control of the Senate may make it easier to promote "the expected relaxed regulatory framework", and $100,000 Bitcoin "doesn't sound so unreasonable" because its market value is equivalent to "only 10% of the gold market share". He believes that the main catalysts for Bitcoin's future are changes in SEC leadership, cryptocurrency-friendly regulation and further adoption of cryptocurrencies by large companies. He added that another catalyst could be the Federal Reserve's interest rate cuts.

Fadi Aboualfa, head of research at Copper.co, said that Bitcoin's price is likely to reach $100,000 by the time Trump takes office as president on January 20, 2025. After the news of Trump's victory, Aboualfa said in written comments to CNBC: "For Bitcoin, it is worth remembering that Trump's presidency from 2016 to 2020 witnessed two historical high cycles. Although these gains came against the backdrop of a weaker dollar, which is different from today's environment of a stronger dollar. However, given that the Bitcoin spot ETF currently holds about 1.1 million Bitcoins, the momentum in the coming months may remain positive."

CNBC said that the price of Bitcoin may reach $100,000 before the presidential inauguration.

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