Bitcoin went up to over $100,000 this week from a big increase in demand after Donald Trump’s election as president. It traded at $69,374 on Election Day then went up by 45% in the weeks since, hitting a peak of $103,000. Trump’s victory has brought optimism among crypto investors, especially with his plan to appoint Paul Atkins as the new SEC chair.
Atkins, known for opposing strict financial regulation, is a change from the current administration’s more critical stance on digital currencies. Trump’s pledge to fire Gary Gensler, the outgoing SEC chair, also played a role in increasing market confidence. Bitcoin’s value has soared alongside growing support for cryptocurrencies within the political and finance spaces.
What Do Experts Predict?
Experts predict Bitcoin’s price could double again by 2026, reaching $200,000. While short-term dips are expected, analysts view them as buying opportunities. Predictions for the end of 2024 hover around $115,000, with further gains likely as institutional interest grows. Our experts have also shared their thoughts on this rise…
Our Experts:
- Anthony Yeung, Global Head of Strategic Development, CoinCover
- Jean-Baptiste Graftieaux, Global CEO, Bitstamp
- Lukman Otunuga, Senior Market Analyst, FXTM
- Anton Chashchin, Founder and CEO, N7 Capital
- Alexandr Sharilov, CEO, CoinDataFlow
Anthony Yeung, Global Head of Strategic Development, CoinCover
“Bitcoin’s volatility makes it attractive to new investors, but people should take the time to educate themselves around the risks of any bull market. One of the most important trends that investors should be aware of is the correlation between new market entrants and a rise in malicious activity.
“People may want to dip their toes into Bitcoin for the first time, but it’s these less experienced investors who are the prime targets for traditional phishing scams. With Bitcoin expected to rise even further, new investors should be particularly wary of these threats.”
“It’s in the interest of the industry that the US moves sooner rather than later when it comes to crafting a regulatory framework. To date, US regulators have largely governed by enforcement action which most crypto firms would agree isn’t sustainable in the long run.
“The country has one of the largest crypto ecosystems in the world, and what it needs is targeted and proportionate regulation that prioritises consumer protection and encourages innovation. Striking this balance will require close collaboration between regulators, policy makers and industry participants.”
Jean-Baptiste Graftieaux, Global CEO, Bitstamp
“Bitcoin reaching $100,000 is a watershed moment, highlighting its resilience after a challenging few years. Despite shifts in the political and regulatory landscape, Bitcoin has proven its staying power. This milestone reflects the growing maturity of the crypto market, as traditional financial institutions and retail customers increasingly embrace digital assets.
“Looking ahead, we anticipate broader integration of crypto into retail, professional and institutional holdings and pensions, coupled with a more diverse range of trading services and instruments, mirroring the evolution of traditional finance.”
Lukman Otunuga, Senior Market Analyst, FXTM
“Bitcoin’s $100k dream became a reality on Thursday as prices sprinted past this key milestone.
“Prices jumped as much as 6.1% as crypto enthusiasts cheered Trump’s nomination of the next US securities regulator. With crypto advocate Paul Atkins set to replace Chair Gary Gensler, the prospect of relaxed regulations is a welcome development for the crypto space.
“Hitting $100,000 is a major milestone and something that could fuel upside gains for the remainder of 2024.
“The next major event that could rock Bitcoin will be Friday’s NFP report which is likely to influence Fed cut bets. Traders are currently pricing in a 74% probability of a 25-basis point Fed cut in December. Any changes to these bets may influence cryptocurrencies which have shown sensitivity to US interest rates.
“Looking at the charts, Bitcoin is firmly bullish – boasting a year-to-date gain of over 140%. A strong weekly close above $100,000 may signal further upside. However, should prices slip below this key level – bears could target $95,000.”
Anton Chashchin, Founder and CEO, N7 Capital
“Since Trump’s victory in the presidential elections, the whole crypto market has been thriving. Yesterday, Bitcoin finally managed to break the psychological level of $100,000 following the announcement of pro-crypto Paul Atkins as SEC Chairman.
“Given the increasing support Bitcoin is receiving from both governments and investors, it is very likely to be adopted as a national reserve currency. Strategic reserves provide a safety net for countries; while gold reserves protect against currency risks and oil reserves ensure energy security, a Bitcoin reserve could diversify assets and serve as a hedge, especially amid concerns over the dollar’s declining value. Also, Bitcoin’s decentralised, digital nature could offer unique advantages, particularly in managing geopolitical risks or currency manipulation.
“If Bitcoin were adopted as a national reserve in the US, it could accelerate cryptocurrency adoption within the economy. Businesses might integrate crypto payments more actively, leading to innovations in cross-border transactions, with cryptocurrencies taking on a role similar to gold in the past.”
Alexandr Sharilov, CEO, CoinDataFlow
“On December 5, the price of bitcoin was recorded at more than $100,000, which has already shaken the entire crypto community. Therefore, in my opinion, if bitcoin reaches $100,000, it will mean a turning point for the entire sphere and a complete change in the way digital assets are used around the world.
“Firstly, it will contribute to increased interest from institutional investors, as bitcoin’s status as an alternative for storing assets will only strengthen. We will also see an increase in the price of altcoins, especially those directly related to DeFi and blockchain infrastructure.
“Taking a broader view of the issue, bitcoin hitting £100,000 will contribute to regulatory clarity in crypto regulation. Governments will start to feel pressure due to the increased attention and demand for the coin, and there will be an urgent need to establish a clear framework, as this space is becoming too big to continue to ignore. In the long run, this could lead to global changes in the financial system as bitcoin begins to act as a hedge against inflation.”
