- Bitcoin jumped to $98,370, its highest price ever as bulls target $100,000.
- The major cryptocurrency has surged higher since Donald Trump's re-election on November 5
BitcoinThe march towards $100,000 continued on Thursday as the benchmark cryptocurrency asset surpassed $98,000 for the first time ever.
After hitting $97,000 earlier in the day, BTC showed no mercy to the bears as its price reached a record high of $98,370 on Coinbase. At the time of writing, the cryptocurrency was trading 5.5% higher in 24 hours, pushing the asset's market capitalization past $1.94 trillion.
Analysts: The “parabolic” phase begins after Bitcoin breaks the $100,000 barrier
Market conditions, fueled by demand for the just-launched spot Bitcoin ETFs and options ETFs, suggest that the value of the digital asset is poised for a significant breakout beyond $100K. Analyst Ali Martinez subscriber The chart below indicates a breakout of the bull flag pattern.
#Bitcoin $ Bitcoin It could reach $100,000 today as it appears to break through the bull flag on lower time frames. pic.twitter.com/UKKcXilHO4
– Ali (@ali_charts) November 21, 2024
Overall, Bitcoin's price has jumped more than 30% in two weeks and more than 46% in the past month. It is worth noting that the world's largest cryptocurrency has been on a tear since early November, when it began to rise as the US elections approached.
On November 5, Bitcoin exceeded $69,000 amid expectations of Donald Trump's victory. The decisive results only fueled bulls further, with the president-elect's pro-crypto stance adding to the optimism.
In recent days, it has been Trump's Cabinet picks that have fueled a new belief that the US cryptocurrency space is poised for a complete turnaround from the expectations of the past four years.
As interest in BTC reaches the mainstream, analysts say the big case of FOMO begins when Bitcoin surpasses $100,000.
Bitcoin goes through a parabolic phase once every 4 years. The parabolic phase begins after $100,000. pic.twitter.com/YJUcvVo6Gh
– Charles Edwards (@Capriolio) November 21, 2024