With the 2024 election results boosting the leading cryptocurrency, there are expectations it could only surge higher. Indeed, a new report says Bitcoin could target an increase to $100,000 before inauguration day after Donald Trump was reelected to the Presidency this month.
Trump had driven Bitcoin to an all-time high a day after the results were counted. The token surged above the $76,000 level on November 6th, as it has increased more than 6% in the last seven days, according to CoinMarketCap. The results indicate that the US will have its first pro-crypto president in history, and that could mean its recent surge is just the start.
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Bitcoin to $100,000? Experts Project the All-Time High Before Inauguration Day
At the start of the year, the cryptocurrency sector had high hopes for Bitcoin. In January, the US Securities and Exchange Commission (SEC) approved it as the first crypto-based ETF in the United States. Just three months later, it would break through to a $73,000 all-time high.
That mark would be broken, however, by the election of the first Bitcoin advocate to enter the Oval Office. Moreover, that surge in value is just the beginning. One report notes that Bitcoin could target a $100k price before Trump’s inauguration after his election earlier this week.
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Cryptocurrency custodian Copper Research recently released a report on the topic. They note that the leading crypto is set to continue its momentum into the next year. The firm’s head of research, Fadi Abualfa, wrote that the record increase is a potential outcome considering its recent developments and success this year.
“We have back-tested the ETF accumulation trend against potential price ranges. A $100,000 Bitcoin is quite possible by the time the 47th US President heads to the Capitol for inauguration on January 20, with ETFs holding approximately 1.1 million Bitcoin.”
The sentiment aligns with the overall path Bitcoin has taken this year. The Trump election was huge for Bitcoin ETFs as well. The investment vehicle recorded its biggest volume day ever after his victory. Specifically, more than $4.1 billion was traded after the Associated Press called the race.