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According to news sources, Bitcoin price hit a record breaking peak on Tuesday Nov. 12, 12:56 PST on Coinbase, rising above $90,000 as it is getting more momentum from what market analysts are calling the ‘Trump Trade’. With this new bullish pumping, Bitcoin being reaffirmed as a high value asset, industry experts foresee continuous growth, they say this could be just the beginning for the crypto market.
A Record-Breaking Milestone for Bitcoin
According to Coinbase, Bitcoin hit $90,000 on Tuesday afternoon, the biggest single day gain in US dollar terms. This is 115% from the beginning of the year when Bitcoin price was at $42,000, it’s been a wild ride in 2023. The crypto market cap also hit an all time high above $3.1 trillion, breaking the previous record of $3.07 trillion set in November 2021.
The surge is happening after a wave of optimism following President-elect Donald Trump’s election. Industry sources, including Auros Ventures’ head Julien Auchecorne, said Bitcoin’s rally is sustainable. “With the election overhang now behind us, the rally in crypto markets appears sustainable, buoyed by positive forward signals from the U.S,” Auchecorne told news sources on Tuesday.
This is known as the “Trump Trade” where both digital assets and broader equities are going up, the S&P 500 just hit 6,000 for the first time, a trend analysts attribute to an easing interest rate environment and dovish policies from the US Federal Reserve.
Expert Predictions: Bitcoin’s Future
Looking ahead, Bitwise Chief Investment Officer Matt Hougan said Bitcoin price will go to $100,000 by year end and $200,000 by 2025. This is in line with other market expectations, such as Bernstein, a global investment and research firm based in New York which has the same price targets.
Bitwise’s European Head, Bradley Duke is also optimistic about the political climate for crypto. With Trump’s administration expected to be pro-digital assets, Duke said it will be a “golden age” for crypto. “We see a changing political landscape that will be good for crypto”, he told sources, “we expect the industry to thrive under a pro-business administration”.
Regulatory and Market View
As Trump’s administration takes over, expectations are high that it will create a crypto friendly regulatory environment. Analysts expect policy changes that will drive adoption, such as a Bitcoin reserve, protecting crypto mining and reducing regulatory hurdles. This will provide a clear path for growth, attract new investors and boost market confidence.
But experts warn that risks are still present. Geopolitical tensions in the Middle East and Eastern Europe, as well as US debt and climate events, could be disruptors. But for now, Bitcoin’s up trend seems to be intact, this is the “sweet spot” as analysts call it.
Conclusion
Bitcoin price going above $90,000 is more than just a market rally, it’s a sign of investor confidence in crypto as an asset class. As the “Trump Trade” effect continues to spill over to digital assets, industry leaders are expecting more milestones by year end. With pro-digital assets policies on the horizon and a changing political landscape, Bitcoin and the crypto market is looking at a big year ahead.
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