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Analysts predict bitcoin growth to $100,000

November, 07 2024
watermark Economic news

After the announcement of Donald Trump's victory in the presidential election, the price of bitcoin skyrocketed, setting a new historical high. Vice President Kamala Harris admitted defeat, which further spurred the growth of the cryptocurrency.


Investors, expecting a crypto-friendly policy from the new administration, are betting on the further growth of bitcoin. Trump had previously hinted at the possibility of creating a national bitcoin reserve, which caused increased interest in the cryptocurrency.


Senator Cynthia Lummis's proposed plan for the government to buy 200,000 bitcoins over five years also contributes to the price increase. Expectations of a Fed interest rate cut also play a role in the rise in the value of bitcoin.


Analysts predict that bitcoin could reach $100,000 before the inauguration of the new president on January 20, given Trump's campaign promises and potential legislative changes.


The first news of Trump's victory led to an increase in bitcoin to $75,000. A further increase, to a historic high of $76,179, occurred after Kamala Harris' declaration of defeat. On Thursday, the price of bitcoin dropped slightly to $75,000.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.