Crypto king Bitcoin is showing no signs of stopping. This time, the bullish wave is adamant on pulling Bitcoin (BTC) above the $100,000 mark. In the morning hours of trade on Thursday, BTC is trading 6.10% up in the last 24 hours at $97,760.59, just 3% shy of hitting the golden $100,000 mark, which will take its m-cap to an all-time high of $2 trillion.
Vikram Subburaj, CEO, Giottus Crypto Platform, says Bitcoin’s journey toward $100,000, once considered ambitious, now appears increasingly within reach. "Just two months ago, Bitcoin was trading around $65,000, but the landscape has shifted dramatically."
He says the pro-crypto stance of US President-elect Donald Trump and changing political dynamics have reinvigorated investor sentiment across the crypto sector. "The reversal of ETF outflows, with $850 million in net inflows over two days, reflects growing confidence in Bitcoin," he adds.
Sumit Gupta, co-founder, CoinDCX, agrees that Bitcoin’s ascent seems to show no signs of slowing down. "Trump has long expressed strong support for digital currencies, promising to position the United States as the “crypto capital of the world.”
Since the recent U.S. election, Bitcoin has consistently been setting new records, encouraged by expectations of a more supportive regulatory framework and a potential national Bitcoin reserve. "That can legitimise Bitcoin as a government-backed asset," says Balaji Srihari, business head, CoinSwitch.
BlackRock's Bitcoin ETF debuting options trading on NASDAQ is also a big sign of increasing crypto adoption. The options market for BlackRock’s BTC spot ETF (IBIT) made a strong debut, trading an astounding 73,000 contracts within the first hour on Tuesday with a bullish call-to-put ratio of 4.4:1. "This activity places IBIT among the top 20 most active non-index options, underscoring the growing institutional confidence in Bitcoin as a mainstream asset class," says Singapore-based QCP Capital in its Asia analysis.
Gupta of CoinDCX, speaking about BlackRock’s iShares Bitcoin Trust ETF (IBIT) seeing a strong debut, says additional options for Grayscale and Bitwise Bitcoin ETFs are set to launch in the coming days, signalling further expansion.
Srihari of CoinSwitch says the speculations that Microsoft might incorporate Bitcoin into its treasury — a move that would further solidify institutional confidence has also helped the rally. He, however, advised traders to remain cautious. "Big price jumps often lead to sharp corrections, and using too much leverage could amplify risks during volatile periods.'
Subburaj of Giottus also advised investors to remain prepared for potential drawdowns. "As the easier part of this rally concludes, harsher price tests and corrections may lie ahead. However, this phase also presents a season of opportunity. Long-term holders and new entrants alike should view temporary corrections as part of a natural progression rather than a cause for panic."
Notably, since Trump’s victory, the broader crypto market has added over $800 billion in value, surging 30% in the past two weeks alone, signalling a bullish outlook for Bitcoin and digital assets in general.
"This market response is likely to attract new investor cohorts and enable diversified trading strategies, which could help reduce both volatility and downside risk, solidifying Bitcoin’s place in mainstream markets. Other BTC spot ETFs such as the Grayscale BTC Trust (GBTC) and Fidelity Wise Origin Bitcoin Fund (FBTC) are expected to have options listed soon," says QCP Capital.
