Bitcoin (BTC) has breached the $89k resistance level in a daily surge of 10% as it approaches the $90k zone. An analyst predicts massively for Bitcoin as he claims the distance from $75k to $100k is just an air gap.
The much anticipated post-election bull run may have been triggered by the sentiments surrounding Donald Trump’s re-election to the White House, as Bitcoin’s (BTC) price surged significantly since election day.
At press time, the asset was approaching the $90k zone as it successfully breached the $89k resistance level to set a new all-time high. Fascinatingly, this rally has significantly impacted the broad market as Dogecoin (DOGE) surges by 142% in the last seven days, and 41% in the last 24 hours.
Meanwhile, analysts are confident that this bullish run could continue for an extended period as long as Trump delivers on his promises to the industry.
Promises by Trump
In his campaign messages, Trump pledged to “fire” the current chairman of the US Securities and Exchange Commission (SEC) Gary Gensler, establish a strategic Bitcoin reserve, and support US-based Bitcoin mining. Not just that, he also promised to end regulatory pressure on the industry, establish a Bitcoin and crypto advisory Council, and commute the sentence of the Silk Road marketplace founder Ross Ulbricht. In September, Trump announced that he would be launching a crypto-related venture, World Liberty Financial.
According to the Chief Market analyst at ATFX Global in Sydney, Nick Twidale, Trump has proven his support for the industry and could drive more demand into the market.
Obviously [it’s] a clear Trump trade as he is so supportive of the industry, and this can only mean more demand both for crypto stocks as well as the currencies themselves. The fact that Bitcoin was trading near all-time highs when the election result came through meant that it had a clean sky above.
Analysts Bullish Prediction of Bitcoin
For the Chief Investment Officer of Bitwise Asset Management Matt Hougan, the market just made a “180 degrees” shift into a positive regulatory environment. According to him, this could be enough tailwind to push the “already bullish market” into a higher position. Commenting on the possibility of a pullback, Hougan explained that the market indicators point to the bullish side.
It does seem like there’s an air gap between the previous [bitcoin]all-time highs around $72,000 and $100,000. It’s hard exactly to see what would force sellers to come into this market and halt the momentum before we get to that level. Of course, there are no guarantees. You could see pullbacks, but we’re in a new crypto market cycle. … I do think that we are right to be bullish and the bias is still on the upside.
Meanwhile, an analyst at H.C. Wainwright, Mike Colonnese, believes that Bitcoin is now in a “price discovery” mode. Per his observation, the asset could “persist through the balance of 2024” and potentially reach a six-figure mark by December 31.
According to a prediction by renowned analyst PlanB, Bitcoin could reach between $250,000 and $1 million. As we reported, the analyst based his prediction on the original 2019 Stock-to-Flow model.
Fascinatingly, another prediction by analyst Alan Santana envisions the asset hitting $155,599 by May 2025. In a post published by CNF, this analyst rightly called Bitcoin’s $89k move.
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