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

Binance Bitcoin Reserves Up 25%, Holding 40% of Global Market Share

The post Binance Bitcoin Reserves Up 25%, Holding 40% of Global Market Share appeared first on Coinpedia Fintech News Despite persistent fear, uncertainty, and doubt (FUD), Binance’s customer

India’s RBI Boosts Cross-Border Payments Platform with CBDC Integration

The post India’s RBI Boosts Cross-Border Payments Platform with CBDC Integration appeared first on Coinpedia Fintech News The Reserve Bank of India (RBI) is enhancing its cross-border payments

XRP Price Prediction For November 25

The post XRP Price Prediction For November 25 appeared first on Coinpedia Fintech News Ripple’s XRP is currently down by more than five percent and is trading near the $140 levels Majority of the

WBTC Flash Crash on Binance, Price Plunges to $5,200

The post WBTC Flash Crash on Binance, Price Plunges to $5,200 appeared first on Coinpedia Fintech News On November 23, 2024, Wrapped Bitcoin (WBTC) experienced a sudden flash crash on Binance,

Metaplanet Stock Soars After Securing Bitcoin Magazine Japan for Bitcoin Adoption

The post Metaplanet Stock Soars After Securing Bitcoin Magazine Japan for Bitcoin Adoption appeared first on Coinpedia Fintech News After signing a memorandum of understanding (MoU) with Bitcoin

Ethereum Price Poised for Gains: $3,600 Within Reach?

Ethereum price started a fresh increase above the $3,320 zone ETH is rising and aiming for more gains above the $3,500 resistance Ethereum started a fresh increase above the $3,300 and $3,320 levels