Bitcoin at $100K Looking Like a Matter of ‘When’ and Not ‘If”

[Pelican Press 0]

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Bitcoin at $100K Looking Like a Matter of ‘When’ and Not ‘If”

The $100,000 milestone now looks to be a question of ‘when’, not ‘if’

In a continuation of November’s blistering rally, Bitcoin (BTC-USD) approached the key $100,000 level early Thursday morning.

Hovering around the $97,000 mark at the time of writing, this week’s Bitcoin rally follows directly on from the aftermath of November’s US Presidential election. Following a resounding victory by pro-crypto Donald Trump, the digital asset’s price promptly soared to fresh highs, surpassing $82,000 for the first time.

The latest price surge also occured just two days after BlackRock, Fidelity, ARK Invest and others launched trading on spot Bitcoin exchange-traded funds (ETFs).

Bitcoin has more than doubled in price since BlackRock (NYSE:), Fidelity and others launched spot Bitcoin ETFs in January. By October, BlackRock’s iShares Bitcoin Trust (NASDAQ:) ETF, the Fidelity Wise Origin Bitcoin Fund (NYSE:) and other spot Bitcoin ETFs collectively achieved nearly $2 billion of capital inflows from eager traders.

********** Magoon, CEO of Amplify ETFs, hailed the development as a “big day… for the Bitcoin community”. Magoon reported almost $1.9 billion of notional trading volume in IBIT ETF options just a day after the launch.

Magoon also argued that the regulated trading of spot Bitcoin ETF derivatives enables investors to “hedge their positions” or even “potentially magnify the upside of their positions”.

Analysis: A Watershed Moment for Bitcoin Bulls?

While the introduction of spot Bitcoin options trading is certainly noteworthy, it’s not the only issue on cryptocurrency investors’ minds in November.

Bitcoin’s surge toward $100,000 was already in progress prior to this week, largely due to investors’ anticipation of a pro-crypto Trump administration starting in 2025.

President-elect Donald Trump’s support for cryptocurrency is well-established. Reportedly, Trump’s transition team is considering establishing a White House post to focus on digital-asset policy.

Meanwhile, there may be a short squeeze in progress amid Bitcoin’s relentless November ascent toward $100,000. As IG Australia Pty Market Analyst Tony Sycamore put it, “Buyers are strangling the sellers”.

Irrespective of whether there’s squeezing and “strangling” going on, it’s now just a matter of when – not if – Bitcoin finally clears the closely watched $100,000 mark.

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#Bitcoin #100K #Matter

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