Following the election of Donald Trump, Bitcoin has raced up from around $67,000 to $89,000 and is currently looking at passing $90,000 for the first time in its 16-year history. According to the prediction market, Polymarket, 94% of users who placed their bet believe it will hit $90,000 this month.
While the price rising by another $1,000 may seem a lot, it's important to realize that it rose by $10,000 in a single day. If it does that again it could easily reach $100,000. According to the same Polymarket poll, 35% believe Bitcoin will hit $105,000 and 73% think we will see it $95,000 this month.
President Trump's recent win at the election sent the price flying high because during his campaign he was bullish on the technology and even told the Bitcoin 2024 conference that he wanted America to become the crypto capital of the planet.
Bitcoin reached $73,000 back in March but has slowly fallen in the months since then. It also fell between the 50 and 150-day moving averages which cast doubts that the crypto could maintain those levels. For now, it seems that Trump's election has kept the momentum alive and then some.
Bitcoin is well above those two moving averages now so the coin is in a strong place. This could help it to continue rising to those higher predicted targets.
It's worth noting that cryptocurrencies are extremely volatile and prices can easily drop as much as they have just risen. If you are thinking about buying a cryptocurrency, it is vital to spend only as much as you can afford to lose as the price could fall dramatically.
15 Comments - Add comment