Bitcoin hit an all-time high of $93,477 this week.
Despite a pullback late in the week, analysts remain bullish on BTC.
PNUT, PEPE, and DOGE led the gains this week.
Bitcoin broke records last week, surging to an all-time high of $93,477 on Nov. 13. After a meteoric rise, the cryptocurrency fell 3% and finally stabilized around $88,500.
Several bullish factors have driven BTC higher this week, with Donald Trump’s victory in the US election being a key one.
Trump’s reelection is expected to bring a more favorable regulatory environment for the cryptocurrency industry.
He pledged to make the United States the "crypto capital of the earth" and establish a national Bitcoin reserve.
In a recent X post, Senator Cynthia Loomis, a close ally of Donald Trump, said that with bipartisan support, such a move could be implemented within the first 100 days of the Trump administration.
Many experts speculate that if the U.S. moves forward with the plan, other major countries might follow suit, sparking a surge in demand for Bitcoin and potentially pushing its price to new highs.
Other factors driving BTC’s momentum this week include Trump’s appointment of Tesla CEO Elon Musk and Republican candidate Vivek Ramaswamy to lead the newly formed Ministry of Government Efficiency.
The cryptocurrency industry believes this could strengthen advocacy for cryptocurrencies within the Trump administration.
Bitcoin also experienced a surge in institutional demand this week, with net inflows exceeding $2.3 billion and only one day of negative outflows.
Speculation surrounding the resignation of SEC Chairman Gary Gensler also provided some fresh optimism to the markets over the weekend, which added fuel to the market.
However, oil price gains encountered resistance as the U.S. Federal Reserve hinted that it might not cut interest rates further, contrary to market expectations.
Additionally, the Royal Government of Bhutan, which reportedly holds over $1 billion in BTC, sold 367 Bitcoins for approximately $33.5 million.
These developments dampened market sentiment, halting Bitcoin’s upward momentum and pushing prices lower, settling at $88,500.
However, experts believe this is just one of many minor corrections expected on the road to reaching the $100,000 milestone.
MicroStrategy CEO Michael Saylor still believes BTC is on track to hit six figures and dismissed speculation of a retracement to the $60,000 range.
Just days ago, CryptoQuant CEO Ki Young Ju warned that Bitcoin’s price could fall below $59,000 this year, citing an overheated futures market as a key factor in his bearish outlook.
However, Saylor sees no "threat" in the short term that could cause oil prices to fall that low.
He expects the price of Bitcoin to exceed $100,000 by December.
According to cryptocurrency analyst Bluntz, the pullback late this week bottomed out at around $87,256.
He expects BTC to target the important resistance level of $100,000 after a brief consolidation period in the coming days.
Likewise, Matthew Sigel, head of digital assets at VanEck, said BTC is on its way to $180,000, with periodic corrections expected along the way.
Meanwhile, anonymous analyst Chimp of the North predicts a price target of $140,000 by the end of 2024, with a cycle high of $210,00 by May 2025.
The overall cryptocurrency market capitalization hit a weekly high of over $3.1 trillion, but has fallen back to around $3 trillion at the time of writing.
In the altcoin market, memecoins initially took the lead throughout the week.
The biggest gainers this week were:
Peanut Squirrel
Peanut Squirrel took the top spot with a staggering gain of 1,688% over the past seven days.
Despite only launching last month, the meme coin has already surpassed a number of established tokens in its short time, including Brett, Popcat, and MEW.
The meme coin received its biggest boost after it was listed on Binance, along with several other well-known centralized exchanges.
Polyethyleneimine
Pepe (PEPE) is up more than 95% this week, becoming one of the most watched meme coins on the social media platform this week.
The coin has a market cap of over $8.8 billion and is backed by some big names like Authur Hayes.
While PEPE has enjoyed the market enthusiasm sparked by Bitcoin’s recent rally, the token’s listing on Coinbase and Robinhood helped it hit an all-time high on November 14.
Meanwhile, whales also accumulated a large amount of tokens during the week.
Dogecoin
DOGE, the industry’s largest and first meme coin with a market cap of over $53 billion, is up a little over 82% this week.
Enthusiasm for Dogecoin has been driven by broad market sentiment, but prices surged after Musk confirmed he would lead the Department of Government Efficiency (abbreviated as DOGE, despite not being related to cryptocurrency). Musk is an avid supporter of the meme
