Bitcoin soared past the $100,000 milestone on Thursday, December 5, marking a historic moment for the cryptocurrency. This surge follows the election of Republican Donald Trump as US president, sparking optimism about a pro-crypto regulatory environment under his administration.
Analysts Anticipate Bitcoin’s Next Move
Justin D’Anethan, an independent cryptocurrency analyst, expressed optimism about Bitcoin’s current performance. He noted that while the trend looks promising, Bitcoin’s future trajectory remains uncertain. “Will it sustain this level, continue to rise, or face a sharp pullback? Nobody knows for sure,” he explained.
D’Anethan highlighted Bitcoin’s limited historical data as a challenge in predicting its behaviour, even as it shows signs of further growth.
A Year of Gains for Bitcoin
Bitcoin’s value has more than doubled this year, climbing approximately 45% in the four weeks since Trump’s decisive election victory. The win also brought several pro-crypto lawmakers into Congress, further boosting market confidence.
Trump, a vocal supporter of digital assets during his campaign, pledged to position the United States as a global leader in cryptocurrency. His promise to build a national Bitcoin reserve added to investor enthusiasm, contributing to the cryptocurrency’s rapid ascent.