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Bitcoin nears $90,000 twice in one day! How close is $100,000?
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Bulls Are Eyeing Bitcoin's Next Target: $120K

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In One Chart joined discussion · Nov 11 08:48
Bitcoin has surged past $85,000, even touching a new high of $89,000. One of the main driving forces behind Bitcoin's price surge is Donald Trump's victory last week in the U.S. presidential election.
Throughout his campaign this year, Trump has favored the cryptocurrency industry. His win has led many bullish investors on Wall Street to believe that the "golden era" for cryptocurrencies is now upon us.
Bulls Are Eyeing Bitcoin's Next Target: $120K
Trump's Policy Impact
Trump's policies supported digital currencies and pledged to implement more lenient regulations, particularly in areas like SEC oversight and tax policy. This stance has injected new energy into the cryptocurrency market, especially as the expectation of relaxed regulation has reassured investors about the future of digital currencies.
For instance, Donald Trump's crypto policy promises include establishing a national Bitcoin reserve, blocking the development of a U.S. CBDC, and supporting domestic Bitcoin mining. He aims to replace SEC Chair Gary Gensler with a pro-crypto candidate, commute the sentence of Silk Road founder Ross Ulbricht, and position the U.S. as a global crypto leader. Trump also plans to reduce regulatory pressure, encourage crypto startups, protect private custody and mining rights, and create a Bitcoin advisory council to promote growth and innovation in the industry.
Last week, Bernstein analyst Gautam Chhugani and others wrote in a report that the election results would "have a short-term impact on market sentiment." He predicts that with Trump's victory, Bitcoin could rise to $80,000 to $90,000 in the next two months, surpassing the near $73,800 historical high set in March of this year.
Standard Chartered analyst Geoff Kendrick had already written in a report last month that he expected Bitcoin's price to reach $125,000 by the end of the year if Trump won.
At the same time, Jan Van Eck, CEO of leading asset management firm VanEck, provided an even bolder prediction. He forecasted that Bitcoin's price could reach $300,000. He called this target a "reasonable baseline assumption" and even suggested that this estimate might be conservative, with some extremists predicting Bitcoin could surge to even higher levels.
Future Outlook
In addition to spot markets, Bitcoin's futures market shows strong bull signals. Platforms like CME and Deribit have seen a significant rise in premiums, indicating a strong belief in Bitcoin's continued price growth. In the Bitcoin futures and options market, the demand for call options has notably increased, further corroborating investor optimism about Bitcoin's future.
Especially notable is the surge in open interest, with historical highs in open contracts at the $90,000 and $100,000 price levels. This reflects the market's expectations that Bitcoin may continue its upward trajectory in the coming months and reach even higher price ranges. Data from Deribit reveals that the open interest in these levels is setting records, providing strong support for further price increases.
The market is generally optimistic about Bitcoin's future performance, with many analysts and institutions making positive long-term price forecasts. Ned Davis Research upgraded Bitcoin's rating to "Buy," predicting that Bitcoin could surpass $120,000 by spring 2025. They believe Trump's victory has injected powerful upward momentum into the cryptocurrency market, a trend expected to continue with minimal resistance.
Technical analysts also suggest that Bitcoin's rally is getting started. Strategist Pat Tchossic noted that Bitcoin's previous surge began in June 2023 at $25,000 and rose to around $74,000, followed by seven months of consolidation. With the current breakout of that key resistance level, Bitcoin is expected to rise to around $120,000 in the coming months.
Standard Chartered analysts share a similarly bullish outlook, predicting that Bitcoin will reach $125,000 by spring 2025 and may exceed $200,000 by 2026. They attribute this growth to the policy shifts brought about by Trump's election, which would bolster market confidence in cryptocurrencies and further boost Bitcoin's price.
Crypto-Related Companies
As cryptocurrency policies become more favorable, related companies have also seen their stock prices rise. Coinbase's stock surged by 48%, marking its best performance since January 2023. Robinhood's stock also climbed 27%, strongly responding to growing market confidence. These companies have been advocating for pro-crypto policies during the election, which has helped fuel the cryptocurrency market's growth.
For companies like Coinbase, Trump'spledge to replace SEC Chairman Gary Gensler could have positive implications. Coinbase is currently engaged in legal battles with the SEC over cryptocurrency regulation, and a change in leadership at the SEC could provide greater support for these companies in their regulatory challenges.
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only. Read more
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