Original Title: "BTC Nears $90,000, $100,000 Milestone Within Reach"

Original Source: Bitpush News

The trading frenzy triggered by Trump's victory continues to heat up.

On Monday, Bitcoin surged ahead with an astonishing increase of over 10%, firmly reaching $89,000, hitting a high of $89,575.96. Ethereum rose by 6.4% to over $3,300, Solana (SOL) surged by 6.7%, surpassing $220. Investor enthusiasm is at an all-time high, with Bitpush data showing that the total cryptocurrency market value has surpassed $3.1 trillion for the first time since November 2021 (the peak of the last bull market).

On the U.S. stock market side, cryptocurrency-related stocks soared, with Canaan Inc. (CAN) rising by 41%, MicroStrategy (MSTR) rising by 25%, closing at a historic high of $340, as the company announced on Monday that it had increased its Bitcoin holdings by 27,200 coins, bringing the total to 279,420 coins valued at approximately $24.5 billion at current prices. Coinbase (COIN) rose by 19%, Robinhood (HOOD) saw a price increase of over 7%, with a gain of over 35% in five days. Previously, Bloomberg had reported that Dan Gallagher, Robinhood's Chief Legal Officer, is one of the candidates considered by the Trump team to lead the U.S. SEC.

ETF Trading Volume Continues to Hit New Highs

Since the election, the inflow of funds into spot cryptocurrency ETFs has continued to rise.

With Bitcoin soaring above $88,000 for the first time, BlackRock's spot Bitcoin ETF also set a new daily trading volume record, with Bloomberg data showing that BlackRock's spot Bitcoin ETF's daily trading volume reached $4.5 billion.

In a research report, Citigroup strategists emphasized that cryptocurrency is one of the "few Trump trades that have not retreated."

The strategist team stated: "Part of the reason is the expectation that the Trump administration will take a friendly stance towards cryptocurrency, with investors hoping this will translate into regulatory clarity in the U.S. Specifically, the net inflows into BTC and ETH ETFs within two days after the election were $20.1 billion and $1.32 billion, respectively. We continue to view ETF inflows as a key driver of Bitcoin's surge."

Trump Scouting Crypto-Friendly Team, Regulatory Storm Could Subside

John Reed Stark, former head of the SEC Internet Enforcement Office, recently revealed that with Trump winning the U.S. presidential election, the SEC's strict regulation of cryptocurrency could experience a turning point.

Stark predicted in a Twitter Space session: "In the coming years, the SEC is unlikely to launch large-scale fraud lawsuits against the cryptocurrency industry." This statement undoubtedly injected a strong boost into the crypto industry, which has been plagued by regulation.

Stark believes that with Trump's election, excessive regulation of cryptocurrency will become a thing of the past, and the new SEC chairman will be more friendly. He also predicted that Gensler may proactively resign before Trump takes office to avoid the awkward situation of being fired.

Coinbase CEO Brian Armstrong also believes this will be the "most crypto-supportive Congress in history."

Overall, with the Republican Party set to control the House after already holding the Senate, the crypto industry will see a more friendly regulatory environment. However, the specific policy direction will still need to wait for the new SEC chairman to take office to be finally determined.

Sean Farrell, Managing Director of Digital Asset Strategy at Fundstrat, stated on Monday in an X post: "The market may seem bubbly to some, but please understand, we have literally moved overnight from an oppressively regulatory environment into an overly friendly regulatory environment. The chart has every reason to prove BTC's exponential returns."

Bitcoin Price Could Reach $125,000 by End of Year

Legendary trader Peter Brandt suggests that Bitcoin could reach $125,000 by New Year's Eve.

Brandt pointed out on X platform that Bitcoin tends to repeat its strong market performance pattern during price surges. He analyzed Bitcoin's current breakout from its all-time high and predicted based on Bayesian probability theory that its price could reach $125,000.

Simply put, Bayesian probability (also known as Bayesian theorem) is a method of calculating the probability of future events based on existing data. For traders, it can help them set price targets and manage uncertain price fluctuations by comparing the asset's performance in similar past situations.

Brandt analyzed the price trend of Bitcoin in the first quarter of 2024 based on Bayes' theorem, believing that it may replicate this pattern in the fourth quarter of 2024 and reach a high of $125,000 before New Year's Eve 2024.

Another trader, Titan of Crypto, predicted a bullish triangle target price for Bitcoin of $158,000. He believes that the appearance of a golden cross on the Bitcoin weekly chart is a key factor for the continuation of the bullish trend and pointed out that $100,000 is the first target price of the second wave of the 2024 bull market.

As of the time of writing, on the Polymarket platform that successfully predicted Trump's election victory, the probability of users betting on "Bitcoin breaking $100,000 by the end of the year" has risen to 56%. Based on a price of $89,000, Bitcoin is currently only 11% away from the $100,000 target.

Original Article Link

欢迎加入律动 BlockBeats 官方社群：

Telegram 订阅群：https://t.me/theblockbeats

Telegram 交流群：https://t.me/BlockBeats_App

Twitter 官方账号：https://twitter.com/BlockBeatsAsia