Bitcoin surpasses $99,000, setting a new all-time high.
Continuing Bitcoin rally, will it surpass $100,000?
For the first time ever, Bitcoin has broken the $99,000 mark, setting a new record high.
According to Coin Metrics on the 22nd, Bitcoin is trading at $98,273, up over 4% from the previous day. It soared to $99,046 during the day, recording a 130% increase for the year so far.
Wolf Research analyst Rob Ginsberg told CNBC, “In the past, during an upward phase of this scale, Bitcoin typically either entered a correction period or investors continued their buying spree, ignoring overbought signals.” He analyzed, “Currently, we are just coming out of a long-term correction phase, and with all-time highs being recorded, follow-up buying is expected.”
There is an analysis in the market that Trump’s re-election could be a key driver of Bitcoin’s strength. This is due to the expectation that Trump will introduce favorable regulations for the cryptocurrency industry and push for national-level Bitcoin holdings. Additionally, expectations of increased fiscal deficits, rising inflationary pressures, and changes in the international status of the dollar during Trump’s re-election are also predicted to have a positive impact on Bitcoin prices.
In the short term, whether Bitcoin surpasses $100,000 is expected to be a critical turning point. CNBC explains, “According to CryptoQuant data, funding rates and open interest in the futures market have surged recently during Asian trading hours,” while “the premium in the spot market has shown a decline.”