Bitcoin May Reach $100,000 By US Presidential Inauguration Day, Report Says

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As a seasoned analyst with over two decades of experience in the financial markets, I’ve witnessed the rise and fall of numerous trends, from the dot-com bubble to the 2008 global financial crisis. Today, I find myself intrigued by the meteoric growth of Bitcoin (BTC) and the potential it holds for the future.

Even though Bitcoin‘s price reached a record peak today, it’s possible that we might see even higher prices in the coming path of Bitcoin.

Bitcoin To Hit $100k By Inauguration Day?

After Donald Trump’s win as the Republican president, the top digital currency experienced a significant jump in value, surpassing its prior all-time high of $73,737 set back in March of this year.

According to a recent analysis by digital asset custodian Copper.co, Bitcoin’s price increase could continue until the year 2025. Fadi Aboualfa, the Head of Research at Copper.co, expressed this viewpoint in his comments.

We’ve examined the pattern of an ETF amassing over different price brackets. By the date of the 47th U.S. President’s inauguration on January 20, it’s plausible that Bitcoin could reach a value of $100,000. Currently, these ETFs own about 1.1 million Bitcoins.

The company’s prediction takes into account past trends of Bitcoin Exchange-Traded Fund (ETF) accumulation and the recent surge in flows into these spot ETFs.

Currently, the combined worth of all Bitcoin Spot ETFs’ net assets is approximately $69.28 billion, representing over 5% of the overall market capitalization of the asset.

As a crypto investor looking back, I recall that a research firm forecasted last month approximately how much Bitcoin ETFs could hold by the election. Remarkably, these ETFs currently store around 986,000 BTC, which aligns pretty well with their prediction, making it seem like they were on the money!

The growing preference for Bitcoin ETFs indicates that more institutions are becoming increasingly invested in this digital asset. As per recent updates, the desire for a spot Bitcoin ETF has reached its peak level in the past six months.

According to data from crypto ETF tracker SoSoValue, October 2024 saw a significant surge in activity for Bitcoin ETFs, with these investment products collectively drawing approximately $3 billion in total net investments.

Betting Markets Still Not Bullish On Ethereum

Despite the leading cryptocurrency breaking new ground with its soaring price, Ethereum (ETH), the second-biggest player in the digital currency market, hasn’t quite managed to keep pace.

According to a report from Copper.co that references betting markets, they predict that Ethereum (ETH) has approximately a 12% probability of reaching a new all-time high (ATH) by the end of this year. In other words, the report suggests that there’s a relatively low likelihood (12%) of ETH setting a new record high price in the remaining months of 2022.

As a researcher examining market trends, I’ve noticed a subtle shift in trader sentiment towards Exchange-Traded Funds (ETFs), which appears somewhat lukewarm. Interestingly, however, investors seem relatively unperturbed by this trend. On the other hand, Ethereum’s current inflationary state might not be causing as much concern as one might expect, given that only approximately 89,000 Ether has been minted so far this year. This figure pales in comparison to the 5.7 million coins that have been staked during the same period.

It’s worth noting that despite some challenges, Ethereum ETFs aren’t entirely in the doldrums. In fact, the Michigan Retirement System has recently invested nearly $10 million in these ETFs, surpassing their overall investment in Bitcoin ETFs, showcasing a growing interest in Ethereum ETFs.

Although the surge in crypto ETF-related actions is heartening, it’s essential that investors remain vigilant, given the volatile nature of the digital asset sector, which can exhibit significant price fluctuations over a brief timeframe.

For example, on November 4th, Bitcoin ETFs experienced a single-day net withdrawal of approximately $541 million, which is the second largest since January. Currently, Bitcoin is trading at around $74,300 and has increased by about 6.4% over the past 24 hours.

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2024-11-07 12:12