A monumental Bitcoin’s post-election surge has the coin shattering all previous all-time-high moments and breaking every imaginable record. Market prediction experts now believe BTC is on the path to $100K by the end of 2024.
The cryptocurrency market has recently experienced a continued uptrend, which saw asset manager Bernstein urge investors to add Bitcoin to their investment portfolios. Bernstein and other prediction market players have speculated that the leading cryptocurrency by market cap is on the path to $100k by the end of 2024.
Bitcoin’s Post-Election Surge Brings Renewed Investor Confidence
Buoyed by Bitcoin’s post-election surge, the entire cryptocurrency market is experiencing remarkable interest and renewed investor confidence. President-elect Donald Trump openly campaigned on a crypto platform and has lately displayed a pro-digital asset stance that is suspected to be the catalyst behind the ongoing upward momentum. Trump and a mostly pro-crypto Congress promise to transform the USA into the “Bitcoin and cryptocurrency capital of the world” seem to resonate with the crypto market strongly.
Bitcoin’s latest meteoric rise comes hot on the heels of the formation of an incoming supportive government where over 280 officials are expected to support the creation of crypto-friendly legislation. During the campaign period, the incoming President pledged to promote the growth of digital asset innovation with initiatives like the anticipated bill from Senator Lummis to have the US government have at least 200,000 Bitcoin as a national reserve, adding to the already existing anticipation.
Polymarket Has Recorded an Increased Positive Sentiment
Bitcoin’s post-election surge now seems poised to continue, beginning from the September levels of $58,000 to $67,700 and now past $81,000 at the beginning of the week to $89,000 current level and now on the path to $100K by the end of 2024. All experts believe Bitcoin’s latest rally, which saw its price shoot over 10% within 24 hours, is largely the result of Donald Trump’s election victory on November 5. As Bitcoin’s post-election surge continues, the crypto-based prediction market Polymarket has recorded an increased positive sentiment among crypto enthusiasts and investors.
Among the experts who have put in a positive word about Bitcoin’s path to $100K by the end of 2024 is Matt Hougan, the Chief Investment Officer at Bitwise, who is tempting investors to join the rally. Commenting through his official X handle, Hougan opined that part of the reason the rally is ongoing was that “people have stopped selling. Long-term owners are no longer willing to part with bitcoin below $100k.” He further suggested that “short-sellers don’t want to step in front of a freight train.”
Results of Market Momentum and Political Goodwill
There is also evidence that many other asset managers have seemingly been reacting to Bitcoin’s post-election surge by amassing record volumes of Bitcoin ETFs during the past week. The increased ETF inflows started as soon as Bernstein urged market players to consider adding BTC to their portfolios after hinting that a price rally that would place BTC on the path to $100K by the end of 2024 was imminent. According to the expert, Bitcoin ETF inflows exceeded $38 billion yesterday, with “lifetime records being set all over the place, including $IBIT, which did $4.5b, which points to a robust week of inflows.”
Bitcoin’s post-election surge provides a dramatic moment not only for BTC but the entire cryptocurrency market, as it could signal a paradigm shift to the entire financial landscape. As BTC begins on its path toward $100K by the end of 2024, the convergence of institutional adoption from ETFs, market momentum, and political goodwill could herald a new era for cryptocurrencies. Activities during the first few months of 2024 will play a significant role in determining whether the current surge remains temporary or becomes permanent.
Conclusion
The election of a pro-crypto government that is likely to introduce crypto-friendly regulation and continued institutional adoption has placed Bitcoin on a path of greater growth and evolution. With this in mind, some experts believe that based on Trump’s big promises for the crypto space, the target of $110K within the first few months of 2025 should be the market’s next target. Bitcoin’s post-election surge has triggered a growth wave with great potential in the coming days.
