Bitcoin has broken past $80,000 for the first time in history, with strong momentum following Donald Trump’s reelection. Analysts are now predicting a potential rally toward $100,000 as institutional investments and market demand surge.
For the first time ever, Bitcoin’s price crossed the $80,000 threshold, reaching an inflation-adjusted peak of $80,116 on November 10. This milestone also pushed Bitcoin’s market capitalization above $1.5 trillion, reinforcing its position as a key asset class. This significant rise follows a week of price growth attributed to renewed confidence in the crypto market after Donald Trump’s reelection in the U.S. presidential race.
Trump’s Pro-Crypto Stance Boosts Market Optimism
During his campaign, Trump vowed to make the U.S. a global leader in cryptocurrency, promising regulatory support and even proposing the creation of a strategic Bitcoin reserve. Since his victory on November 6, Bitcoin has gained approximately 15.65%, setting the stage for its strongest weekly performance since February. Smaller cryptocurrencies, including Ethereum, have also rallied alongside Bitcoin’s gains.
Bitcoin Outperforms Traditional Investments in 2024
Bitcoin has surged about 80% in 2024, outperforming traditional investments like stocks and gold. This growth is largely driven by increased demand for U.S.-based Bitcoin ETFs and recent Federal Reserve rate cuts. BlackRock’s $35 billion iShares Bitcoin Trust (IBIT) has been a notable player in this rally, with record inflows boosting Bitcoin’s price. Data from Farside Investors revealed that IBIT saw daily net inflows of $1.4 billion on November 8, while trading volume for the ETF hit an all-time high just a day earlier. This trend signals increased institutional interest in Bitcoin, a sentiment intensified by Trump’s pro-crypto policy stance.
Analysts Set Sights on $100K Milestone
Bitcoin’s rise to $80,000 has sparked predictions of a sustained bull run, with analysts forecasting a potential path to $100,000 by early 2025. Popular analyst Crypto Rover observed that Bitcoin often reaches new highs 50-60 days after U.S. elections, suggesting Bitcoin could approach the $100,000 mark by January if historical patterns hold.
Analyst Doctor Profit highlighted the significant buying activity fueling Bitcoin’s climb. In recent days, retail investors bought up 60,000 BTC, while BlackRock acquired 1,800 BTC. With only 450 new BTC mined daily and limited availability on exchanges, demand continues to outstrip supply. “If we continue at this pace, we’ll likely see Bitcoin reach $100,000 by year’s end,” Doctor Profit projected.
