The analyst’s predictions come shortly after Bitcoin staged the best weekly return since the 2023 US banking crisis.
Records news
The last time the Crypto Fear & Greed Index had a score of 80 was on April 9, just before Bitcoin saw an over 18% correction over the following three weeks.
In comparison, Bitcoin’s second-best daily gain occurred in August 2021, when the price rose over $7,576 in 24 hours, from $38,871 to $46,448.
The US banking crisis is what catalyzed the 2023 bull run, according to BitMEX’s Arthur Hayes.
Increasingly more analysts expect Bitcoin to breach the $100,000 mark before the end of 2024 as investor appetite was bolstered by Trump’s presidential victory.
Spot Bitcoin ETF recorded a new all-time high of over $1.37 billion in net inflows a day after Trump’s victory.
Bitcoin may strengthen its status as a hedge against monetary debasement due to China’s plans for over $1.4 trillion in new debt, raising interest among traders.
Bitcoin derivatives markets are setting up for a potential BTC rally above $80,000 before the end of 2025, fueled by excitement over a potential Trump victory.
Despite the record European inflows, Bitcoin price has been unable to recover above the $70,000 psychological level since July.
The growing Bitcoin hashrate and block reward reduction from the Bitcoin halving could lead to miner consolidation among smaller firms.