Bitcoin at $100k very possible before EOY, analysts say

The market is due for a breather, but analysts expect prices to continue moving up in the coming weeks

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Bitcoin at $90,000 is a reality. 

Right now, a lot of market signals point to a continued run-up for bitcoin, though it quickly backed down from $90,000 after initially breaking the new all-time high. 

One interesting data point to look at when we have this kind of price action is what’s happening over on CME.

For example, traders are clearly ecstatic about the current setup, with CME trading volumes surging to records after the election. This time last week, on Nov. 6, CME notched its highest notional volume day with over $16.4 billion transacted in over 316,000 contracts.

“As Trump’s win became clear, futures premiums began to soar and have since risen above 15% as BTC continued its rally towards $90,000. Despite aggressive positioning, we note that market tops rarely coincide with CME premiums in an uptrend, a promising indicator for now,” K33 analysts wrote. Open interest on CME grew by $2.4 billion.

Source: K33

$100,000 is clearly on the table, and it might even be a reality before the end of the year.

“While the market is due for a breather, we expect prices to head in this direction in the coming weeks. Round numbers tend to be extreme volatility triggers, exemplified by BTC’s $10k breakout in 2017,” analysts Vetle Lunde and David Zimmerman continued.

“The first $10k visit happened on November 29, 2017, a day seeing intraday highs of $11,465 and intraday lows of $8,579, a high-low spread of a massive 34%. A whipsaw of softer magnitude (19%) happened on November 30 before a firm breakout was established on December 1. An eventual $100,000 breakout is well-shaped up to face mirroring volatility.”

Galaxy’s Alex Thorn noted that Monday’s price action in bitcoin notched the “49th biggest gain in history,” though he was careful to highlight that there was a lot of dramatic price action in the early days of bitcoin. 

Anyway, we’re obviously not just watching bitcoin, so I wanted to take a look at how the rally could impact other parts of crypto. 

“BTC’s momentum has awoken the animal spirits within perp traders, as funding rates continue to soar above neutral levels for both BTC and altcoins, indicating heavy long positioning,” K33 said.

Tie the election outcome to lower interest rates and bam! You have a pretty favorable DeFi environment. 

It’s hard not to be a bull these days.


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With the recent election, it’s clear that there will be a meaningful shift in crypto regulations and legislation. Trump is likely as pro-crypto as a president can be. He launched (multiple) of his own NFT collections and is launching an Aave wrapper called World Liberty Fi. He has also spoken out and mentioned that he wants to make the United States "the crypto capital of the planet" and transform it into the "Bitcoin superpower of the world". He proposed creating a strategic national Bitcoin stockpile alongside support from Senator Cynthia Lummis, promising to retain 100% of all Bitcoin held by the U.S. government. More importantly, we’re likely to see deregulation across the board in a lot of industries, with crypto being one of them - as Trump has committed to keeping the crypto market largely unregulated. Crypto, DeFi in particular, has historically been knee-capped by overreaching and hostile governmental agencies and regulation by enforcement, as evidenced by the plethora of Wells notices and lawsuits over the past few years. With Donald Trump winning the presidency, Republicans taking control of the Senate, and being on the verge of securing the House, we think it’s likely that crypto realizes positive regulatory clarity. Below, you can find our analysts’ takes:

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