On Thursday, November 21, Bitcoin prices soared above $99,000, edging closer to the significant $100,000 mark. According to Coinbase data from TradingView, the world’s most popular cryptocurrency reached nearly $99,400.
Bitcoin, which has consistently garnered substantial visibility, has recently attracted even more attention as favorable market conditions drive it to a series of fresh, all-time highs.
“The sentiment for Bitcoin is extremely bullish right now: From traders, media, retail investors, and big institutions: Everybody wants to be part of the actual bull run which might be still in the beginning in my view,” commented Marc P. Bernegger, cofounder of crypto fund of funds AltAlpha Digital.
Currently, Bitcoin is fluctuating close to the key psychological level of $100,000. Surpassing this price point could have significant implications for markets and trading.
“$100,000 will be an important milestone for Bitcoin,” said Patrick Liou, principal of institutional sales for Gemini. “Based on previous experiences, realized volatility to the upside tends to catch investor attention, which is still relatively low when examining historical Google search trends for ‘Bitcoin.’ This could potentially fuel a further run for Bitcoin above the $100,000 mark in the lead-up to the inauguration and in Q1 2025.”
Liou emphasized the importance of recent changes in the U.S. political landscape, noting that anticipation surrounding the “new regime” of government officials entering the White House, U.S. Department of the Treasury, and U.S. Securities and Exchange Commission has been a major factor bolstering digital currency markets in recent weeks.
Within a few months, Republicans will control the White House, the U.S. Senate, and the House of Representatives. Earlier this year, the GOP incorporated crypto into its platform, pledging a lighter regulatory approach.
The planned departure of SEC Chair Gary Gensler on January 20 could mark a significant shift in crypto regulatory policy, given his aggressive stance on policing the space. Gensler, who became the head of the SEC in April 2021, was nominated by President Joe Biden. Donald Trump, who recently won a second term, had stated he would fire Gensler on day one.
The former president has positioned himself as a strong supporter of digital currencies and the broader crypto industry, boosting sentiment among industry participants following his reelection.
“With the clear election of Trump as the 47th President of the United States, certainty now prevails,” said Eric Demuth, CEO and co-founder of Bitpanda. “The final element of uncertainty has been removed, and the world’s largest financial market is on the verge of embracing liberal, crypto-friendly regulation for our industry.”
“We are witnessing a breakthrough in the best sense of the word. The positive developments of recent years – such as increasing retail adoption, crypto market regulation in Europe, central bank interest rate cuts, and the integration of crypto into traditional financial systems and bank portfolios – are now coming into full effect,” Demuth added.
“The market is eager, prices are rising. Bitcoin hitting $100,000 is not just a number – this is a true turning point,” he concluded.
