Bitcoin Hits $97K, 83% Chance of Reaching $100K This Month

Bitcoin (BTC) has continued its record-breaking run, reaching an all-time high of $97,750, with a strong 5.8% increase in just the past 24 hours. With its market capitalization now sitting at a staggering $1.93 trillion, Bitcoin commands 57.9% of the entire crypto market’s dominance. Furthermore, Bitcoin’s daily trading volume has shattered expectations, surpassing $85 billion, underscoring the massive momentum behind its price surge.

According to a poll on the market prediction platform Polymarket, there is an 83% probability that Bitcoin will reach the $100,000 mark before the end of November. If this happens, it would mark a historic milestone in Bitcoin’s journey, and the broader cryptocurrency market would continue its upward trajectory. In line with Bitcoin’s surge, the global crypto market capitalization also reached a new all-time high of $3.33 trillion, according to CoinGecko data, signaling a broader recovery in the space.

What’s Driving the Bullish Trend?

Several key factors are fueling Bitcoin’s rapid price rise. A significant catalyst for the bullish momentum came after Donald Trump’s unexpected victory in the U.S. presidential election on November 6. His win has sparked widespread optimism within the crypto community, as Trump’s pro-crypto stance and potential crypto-friendly policies in his second term have raised expectations for a regulatory environment that could be more favorable to digital assets.

Beyond the political landscape, another contributing factor to Bitcoin’s bullish price action has been strong whale accumulation. Ki Young Ju, CEO of the market analysis platform CryptoQuant, pointed out that the market structure this year mirrors the 2020 bull run. According to Ju, large institutional investors, rather than individual retail traders, have been responsible for a significant amount of the recent upward pressure. Over-the-counter (OTC) deals and institutional-level purchases have been pushing Bitcoin’s price higher, ensuring a continued surge in demand.

The Bitcoin halving event that took place on April 20 has also played a key role in this rally. With the block reward for miners now halved, the reduced supply of Bitcoin has made it more scarce and valuable. As a result, Bitcoin’s price has had to rise to maintain miner profitability, which has further amplified the current price surge.

In addition to these factors, a major development that is driving Bitcoin’s price is the launch of Bitcoin spot ETFs in the U.S. The approval of BlackRock’s iShares Bitcoin Trust by the U.S. Securities and Exchange Commission (SEC) has been seen as a game-changer. Spot Bitcoin ETFs allow institutional investors to gain exposure to Bitcoin in a regulated environment, increasing demand for the digital asset. This new financial product is expected to open the floodgates for more investment from traditional financial institutions, giving Bitcoin even more legitimacy as a store of value and a hedge against inflation.

As the combination of these factors continue to propel Bitcoin’s price, the potential for it to break the $100,000 barrier seems increasingly likely. With strong institutional backing, favorable regulations, and a rising global acceptance of Bitcoin, the cryptocurrency market is poised for continued growth in the coming months.