In the early hours of Thursday, Bitcoin crossed the much anticipated $100,000 price mark hitting a new all-time high.
The development marked the peak of the current bull run which started on the United States election week.
Donald Trump’s victory in the polls kickstarted a bull run that saw several crypto assets surpass their all-time high including Bitcoin.
Bitcoin crossed its all-time high of $73,737 days after the election and several altcoins surged in price as well. Yesterday, Bitcoin recorded a new all-time high hitting $103,607.
The new all-time indicates that the Bull run has continued despite BTC retracing a few years ago and dropping down to as low as $90,000.
At the time of this report, the asset is exchanging hands for $98,149 dropping by 4.4% in the last 24 hours. Bitcoin’s new all-time high was celebrated as a major milestone for the crypto industry. Several Analysts have weighed in on what is next for the markets as Bitcoin hit a new peak.
Analysts on the future of the crypto market
Several Analysts have weighed in on what Bitcoin crossing the $100,000 milestone means for the industry.
Crypto Market Intelligence platform IntotheBlock analyzed the situation giving insights on Bitcoin’s potential trajectory going forward. They explained that Bitcoin’s capped supply and growing interest by institutional investors create a significant upward potential.
“Bitcoin breaks $100.000! A major milestone, but what’s next? With a limited supply and substantial interest from large investors (and even countries), the potential seems limitless.
However, we recommend taking a look at prior cycles to evaluate potential. This chart shows returns from each halving. Note that each cycle clearly has diminished returns, as it takes more and more capital to move the market each cycle.
2013–7900%
2017–2560%
2021–594%
So while some are calling for a million dollars per Bitcoin, a more reasonable expectation would be a 100%-200% return from the halving price, placing the top between 130k and 190k. That is, unless Bitcoin becomes a global reserve asset of course.” Intotheblock tweeted.
IntotheBlock’s analysis presents a more realistic price tag for Bitcoin in the coming years as against the millions of dollars projected by other Analysts.
What to Know
- Bitcoin is the flagship crypto asset and a surge in its price always has a ripple effect on other Altcoins. Altcoins search has exploded on Google since Bitcoin crossed the $100,000 mark as users screen for altcoins with a potential to do 10x or 100x.
- The crypto market added over $1 trillion in November following the Donald Trump-induced bull run.
