Home > News list > Data >> Blockchain

Bitcoin Hits New All-Time High: Above $94,000, $100,000 Target in Sight?

Blockchain 2024-11-21 08:47:25 Source:

Bitcoin Hits New All-Time High: Above $94,000, $100,000 Target in Sight?On the evening of November 20th, Bitcoin's price continued its upward trajectory, surging past $94,000 per coin and setting a new all-time high. CoinGlass data shows that as of press time on November 21st, Bitcoin was trading at $94,075

Bitcoin Hits New All-Time High: Above $94,000, $100,000 Target in Sight?

On the evening of November 20th, Bitcoin's price continued its upward trajectory, surging past $94,000 per coin and setting a new all-time high. CoinGlass data shows that as of press time on November 21st, Bitcoin was trading at $94,075.20. This breakthrough represents a cumulative increase of over 30% since November 6th, soaring from approximately $69,353 and breaking through multiple integer milestones, demonstrating strong market momentum.

Bitcoin Hits New All-Time High: Above $94,000, $100,000 Target in Sight?

This significant price surge is interpreted by some market participants as part of the "Trump trade." During his campaign, Donald Trump repeatedly expressed a positive outlook on Bitcoin and cryptocurrencies, praising their innovation and decentralized nature as aligning with core American values. He also indicated plans to support cryptocurrency development through policy, aiming to establish US leadership in the global Bitcoin and blockchain technology landscape. Since Trump's win, Bitcoin has embarked on a strong upward trend, continuously attracting investor attention.

Benefitting from Bitcoin's price explosion, "Bitcoin shadow stock" MicroStrategy (MSTR) has also seen its share price skyrocket, rising consecutively in recent days. On November 20th, MSTR's stock price closed up 10%, exceeding the combined market capitalization of the world's two largest gold mining companies, Newmont Goldcorp and Barrick Gold. MSTR's recent acquisitions further fueled market expectations for Bitcoin. On November 16th, the company announced a roughly $4.6 billion purchase of 51,780 Bitcoins, bringing its total holdings to 331,200. Year-to-date, MSTR's Bitcoin holdings have yielded a 20.4% return, and a 41.8% return since the beginning of the year. Furthermore, MSTR announced plans for a $1.75 billion private placement of convertible senior notes, interpreted by the market as a signal for potential further Bitcoin acquisitions, boosting market confidence.

Meanwhile, rumors of Trump's social media company acquiring Bakkt, the cryptocurrency trading platform owned by Intercontinental Exchange (ICE), are circulating widely. Sources suggest that Trump Media & Technology Group is actively negotiating an all-stock acquisition of Bakkt, aiming to expand its business and solidify its presence in the digital asset space. If successful, this move would have a profound impact on the cryptocurrency market and potentially further drive up Bitcoin's price.

Optimism continues to prevail, with the market generally bullish on Bitcoin's future price trajectory. Options market data reveals $850 million worth of options contracts betting on Bitcoin exceeding $100,000 before the December 27th expiry date. Data from Deribit exchange also shows the highest concentration of call option volume at the $100,000 strike price, indicating strong market expectations for Bitcoin surpassing this significant psychological barrier.

Several analysts also express optimism about Bitcoin's long-term outlook. Pat Tschosik, a strategist at Ned Davis Research, believes the cryptocurrency market is exploding due to optimism surrounding Trump's win, and sees little resistance to Bitcoin's price increase at least until Trump's inauguration. He predicts Bitcoin could surge to over $120,000 next spring. Matt Hougan, CIO of Bitwise, suggests that Bitcoin breaking the $100,000 mark requires more demand from investors and the Federal Reserve. He believes that if Bitcoin can erode some of gold's market share and be adopted by governments as a reserve asset, its price could eventually reach $500,000.

The positive attitude of US politicians towards cryptocurrencies also fuels Bitcoin's future development. Republican Senator Cynthia Lummis of Wyoming plans to introduce a bill called the "BITCOIN Act" upon assuming office in the next Congress. This bill proposes that the US purchase 1 million Bitcoins, representing nearly 5% of the maximum circulating supply. At current market prices, this purchase would cost approximately $90 billion. Senator Lummis argues that this move would be neutral to the US balance sheet, as the US already holds financial assets in the form of gold certificates, which could be converted into Bitcoin.

In summary, Bitcoin's recent record highs are driven by multiple factors, including market expectations for the "Trump trade," continued institutional investment, and an increasingly friendly US government stance on cryptocurrencies. While a $100,000 price target is not guaranteed, market sentiment remains optimistic, and Bitcoin's future trajectory remains promising. However, it's crucial to remember that the cryptocurrency market is extremely volatile, and investment carries significant risk. The information provided is for reference only and does not constitute investment advice. This article is compiled from reports by 21st Century Business Herald (reporter: Wu Bin), Securities Times, China Fund News, Cailian Press, and publicly available information.

Tag: Bitcoin Hits New All-Time High Above Target in Sight


Disclaimer: The content of this article is sourced from the internet. The copyright of the text, images, and other materials belongs to the original author. The platform reprints the materials for the purpose of conveying more information. The content of the article is for reference and learning only, and should not be used for commercial purposes. If it infringes on your legitimate rights and interests, please contact us promptly and we will handle it as soon as possible! We respect copyright and are committed to protecting it. Thank you for sharing.

AdminSo

http://www.adminso.com

Copyright @ 2007~2024 All Rights Reserved.

Powered By AdminSo

Open your phone and scan the QR code on it to open the mobile version


Scan WeChat QR code

Follow us for more hot news

AdminSo Technical Support