Bitcoin predicted to hit $100k by Inauguration Day amid record pre-market equities trading

Bitcoin’s caller all-time precocious of $75,000 pursuing Donald Trump’s triumph successful the 2024 US statesmanlike predetermination reflects heightened marketplace optimism and anticipation of imaginable argumentation shifts favorable to integer assets.

According to a report by integer plus custodian Copper.co, Bitcoin’s upward trajectory whitethorn proceed into the caller year.

“We person back-tested the ETF accumulation inclination against imaginable terms ranges,” said Fadi Aboualfa, Head of Research astatine Copper.co. “A $100,000 Bitcoin is rather imaginable by the clip the 47th US President heads to the Capitol for inauguration connected January 20, with ETFs holding astir 1.1 cardinal Bitcoins.”

Copper.co’s forecast is based connected humanities ETF accumulation trends and existent marketplace data. In October, the steadfast predicted that ETFs could clasp conscionable nether 1 cardinal Bitcoins by the US elections, a projection intimately aligning with the existent holdings. The expanding ETF holdings bespeak increasing organization involvement successful Bitcoin arsenic a hedge against economical uncertainty.

Supporting this prediction, trading platforms experienced important enactment during predetermination night. Robinhood reported its largest-ever equities overnight league since launching its 24-Hour Market, with an 11-fold summation successful overnight notional measurement from 8 P.M. to 4 A.M. The level noted implicit 400 cardinal predetermination contracts traded, with apical symbols including COIN, DJT, IBIT, MSTR, NVDA, QQQ, SPY, TSLA, TSLL, and TQQQ. In the crypto sector, Bitcoin, Dogecoin, and Ethereum were among the astir traded assets.

Market analysts anticipation that Trump’s triumph volition influence fiscal policies that favour crypto adoption and investment. During his erstwhile term, Trump oversaw 2 all-time precocious cycles for Bitcoin, gains that occurred amid a weakening dollar. The existent stronger dollar situation presents a antithetic landscape, but capitalist optimism remains strong.

Outside of Bitcoin, Copper.co sees Ethereum continuing to look challenges contempt favorable proviso trends. Betting markets delegate lone a 13% accidental of Ethereum reaching a caller all-time precocious this year, though this is up from 8% pre-election. While Ethereum’s year-to-date proviso maturation stands astatine 89,000 ETH compared to the 5.7 cardinal coins moved into staking, the lukewarm entreaty of ETFs has dampened trader sentiment adjacent arsenic investors stay mostly unfazed.

The station Bitcoin predicted to deed $100k by Inauguration Day amid grounds pre-market equities trading appeared archetypal connected CryptoSlate.