Bitcoin breaks $97k, analyst predicts $100k is imminent
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Bitcoin nears $100K, rising 4.86% in 24 hours, as investors eye regulatory optimism under President-elect Donald Trump.
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Bitcoin’s march toward $100K gained ground on Thursday as investors bet on a friendlier regulatory environment once President-elect Donald Trump takes office.
At press time, BTC is trading at $97.2K, having risen by 4.86% in the past 24 hours. The market-leading crypto asset also trades at a 7.88% weekly and 43.77% monthly premium.
Trump trade bolsters BTC, analyst targets $100k
Donald Trump’s entrance to the Oval Office is expected to bring with it a more favorable regulatory environment.
This aligns with his promise during the election run-in to “Make America the crypto capital of the planet,” which also involves building a US government stockpile of BTC.
Bitcoin is just one strong daily candle away from hitting the $100K milestone, which was nothing but a dream for over a decade after its creation.
“While it’s now firmly into overbought territory, it is being drawn toward the $100k level,” IG Markets analyst Tony Sycamore told Reuters.
Trump has continued to probe the crypto industry since his election victory, with the most recent development being that he’s expected to meet with Coinbase CEO Briand Amstrong, underlining crypto’s new political clout.
IBIT Bitcoin ETF options and Salyor Microsoft talks
The Trump Trade isn’t the only thing pushing Bitcoin toward $100k.
On Wednesday, options trading launched for BlackRock’s Bitcoin spot ETF – and booked a record volume of $1.9 billion on the opening day.
Most activity on the options trading platform Deribit was geared around calls, indicating a bullish bias among institutional traders.
In line with Tony Sycamore’s observation, the most active strike price was $100K, with over $2 billion of notional value locked in calls at that price point.
Meanwhile, MicroStrategy CEO Michael Saylor is expected to meet with the Microsoft board in December to discuss Bitcoin adoption.
Also, Sławomir Mentzen, a Polish presidential candidate, has promised a strategic Bitcoin reserve akin to what is proposed in the US.
There’s an ongoing rush for Bitcoin among institutions and nation-states, driving up its price. But as Bitcoin teeters on $100K, retail investors are positioning in altcoins to maximize their returns.
Which altcoins are poised for the highest gains?
The lower market caps of altcoins often allow them to grow at an expedited rate to Bitcoin.
Bitcoin’s higher liquidity and relative price stability make it more attractive to high-value players who seek those qualities, but retail traders aiming to get rich will favor altcoins.
These tokens provide higher returns, albeit they come with more risk. What altcoins have the best chance of big gains in the coming months?
Crypto All-Stars ticks many boxes. The project is undergoing a presale and showing huge demand. Yesterday, it had a record-breaking day, raising over $400K, bringing its total raise to $4.8 million.
The project is building a staking application for meme coins, allowing users to generate passive income on Dogecoin, Shiba Inu, Pepe, Floki, Bonk, and more.
While tapping into the viral meme coin sector, Crypto All-Stars’ utility sets it apart and appeals to more conservative investor types.
All of this is drawing massive attention, with ClayBro recently telling investors it’s the best way to “take full advantage of the meme coin supercycle.”
Kaspa is another cryptocurrency that could make strong gains in the coming weeks. It’s a layer 1 blockchain that tackles the “blockchain trilemma” by being fast, secure, and decentralized.
The project boasts a market cap of $3.8 billion and has yet to be listed on Coinbase and Binance. This shows the massive demand for the token, laying the way for more growth once these listings finally come.
For risk-tolerant traders, Bonk is a cryptocurrency to consider. It has just flipped Dogwifhat to become Solana’s largest meme coin, underlining its significant demand among investors.
As Solana’s largest meme coin, it will now attract a sizeable portion of incoming liquidity to the ecosystem as traders seek to outperform the native SOL coin.
Bonk is already listed on major exchanges such as Coinbase and Binance, providing a gateway for “Normie Capital” as retail users return amid the bull market.
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