- Bitcoin surges to $98,370, a new all-time high, as investors set sights on $100,000.
- The flagship cryptocurrency has climbed sharply since Donald Trump’s re-election on November 5.
The push of Bitcoin toward $100,000 continued on Thursday as the benchmark crypto broke past $98,000 for the first time. After reaching $97,000 the day before, BTC showed little mercy for skeptics and rallied to a record high of $98,370 on Coinbase.
At the time of writing, the cryptocurrency was trading up around 5.5% over 24 hours, driving its market capitalization above $1.94 trillion.
Analysts: a “parabolic” phase begins after Bitcoin tops $100K
Market conditions, helped by demand for spot Bitcoin ETFs and recently launched ETF options, suggest the digital asset is poised for a major breakout above $100,000. Analyst Ali Martinez shared a chart indicating a bullish breakout from a bull-flag pattern on shorter timeframes.
#Bitcoin $BTC could reach $100,000 today as it appears to be breaking out of a bull flag on the lower timeframes. pic.twitter.com/UKKcXilHO4
— Ali (@ali_charts) November 21, 2024
Overall, Bitcoin’s price has jumped more than 30% in two weeks and over 46% in the past month. Notably, the world’s largest cryptocurrency began its sharp ascent in early November as the U.S. election approached. On November 5, BTC rallied past $69,000 amid projections of a Trump victory.
That decisive result further fueled the rally, with the incoming president’s pro-crypto stance adding to market optimism. In recent days, Trump’s cabinet picks have reinforced expectations that U.S. crypto policy could shift dramatically compared with the previous four years.
With renewed mainstream interest in BTC, analysts say a wave of FOMO (fear of missing out) is likely to accelerate once Bitcoin clears the $100,000 mark.
Bitcoin has a parabolic phase once every 4 years. The parabolic phase starts after $100K. pic.twitter.com/YJUcvVo6Gh
— Charles Edwards (@caprioleio) November 21, 2024
Read more: Donald Trump transition team considers first-ever crypto office at the White House