Bitcoin predicted to hit $100k by Inauguration Day amid record pre-market equities trading

Share This Post

Bitcoin’s new all-time high of $75,000 following Donald Trump’s 2024 US presidential election win reflects heightened market optimism and anticipation of potential policy shifts favorable to digital assets.

According to a report by digital asset custodian Copper.co, Bitcoin’s upward trajectory may continue into the new year. Fadi Aboualfa, Head of Research at Copper.co, said,

“We have back-tested the ETF accumulation trend against potential price ranges.

A $100,000 Bitcoin is quite possible by the time the 47th US President heads to the Capitol for inauguration on January 20, with ETFs holding approximately 1.1 million Bitcoins.”

Copper.co’s forecast is based on historical ETF accumulation trends and current market data. In October, the firm predicted that ETFs could hold just under one million Bitcoin by the US elections, a projection closely aligning with the current holdings. The increasing ETF holdings indicate growing institutional interest in Bitcoin as a hedge against economic uncertainty.

Supporting this prediction, trading platforms experienced significant activity during election night. Robinhood reported its largest-ever equities overnight session since launching its 24-Hour Market, with an 11-fold increase in overnight notional volume from 8 P.M. to 4 A.M. The platform noted over 400 million election contracts traded, with top symbols including COIN, DJT, IBIT, MSTR, NVDA, QQQ, SPY, TSLA, TSLL, and TQQQ. In the crypto sector, Bitcoin, Dogecoin, and Ethereum were among the most traded assets.

Market analysts hope that Trump’s victory will influence fiscal policies that favor crypto adoption and investment. During his previous term, Trump oversaw two all-time high cycles for Bitcoin, gains that occurred amid a weakening dollar. The current stronger dollar environment presents a different landscape, but investor optimism remains strong.

Outside of Bitcoin, Copper.co sees Ethereum continuing to face challenges despite favorable supply trends. Betting markets assign only a 13% chance of Ethereum reaching a new all-time high this year, although this is up from 8% pre-election. While Ethereum’s year-to-date supply growth stands at 89,000 ETH compared to the 5.7 million coins moved into staking, the lukewarm appeal of ETFs has dampened trader sentiment even as investors remain primarily unfazed.

The post Bitcoin predicted to hit $100k by Inauguration Day amid record pre-market equities trading appeared first on CryptoSlate.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Economist Predicts ‘Blow-Off Top’ For Bitcoin At $123,000 Post-Trump Win

The 2024 US presidential election is decided Donald Trump will get a second term, defeating Kamala Harris In the midst of election night, the Bitcoin price rose to a new all-time high of $75,407 on

PolitiFi Tokens Soar Amid Trump Victory as FreeDum Fighters ICO Nears $450K Milestone

Donald Trump has secured victory in the US election and the crypto market is pumping, with Bitcoin recording a new all time high and political tokens soaring One of biggest beneficiaries is FreeDum

$6.7B TVL surge marks Solana’s growing dominance in DeFi

Solana’s momentum has surged in the past 24 hours, with its price climbing 11% to reach $185, outpacing all other top 10 digital assets by market capitalization This price movement follows a

What’s Next for Bitcoin After Hitting New All-Time High

A new all-time high for bitcoin on US Election Day has sent the market into peak euphoria with speculators looking to ride the bullish momentum New All-Time High for Bitcoin Another bullish cycle for

Will Gary Gensler Resign by December? Here’s When We Could See a New SEC Chair

The post Will Gary Gensler Resign by December Here’s When We Could See a New SEC Chair appeared first on Coinpedia Fintech News Following Donald Trump’s 2024 election win, speculation is mounting

US Crypto Regulation at a Turning Point? Trump to Fire Gensler, Says Justin Sun

The post US Crypto Regulation at a Turning Point Trump to Fire Gensler, Says Justin Sun appeared first on Coinpedia Fintech News Donald Trump has declared victory as the 47th US president, and all