Bitcoin Rekindles Optimism of Reaching $100,000: Bitcoin surged by up to 5% on Wednesday, hitting $96,616.
This, in turn, fuelled hopes of reaching the $100,000 milestone after its longest downturn
since the cryptocurrency’s record high following Donald Trump’s presidential victory.

Content
The Impact of Elections
Healthy Correction
Short-Term Challenges

The Impact of Elections

Since the November 5 elections, Bitcoin has jumped nearly 40%,
driven by expectations of a more crypto-friendly regulatory environment under a president who supports the industry.
Last Friday, the cryptocurrency hit an all-time high of $98,943 before retreating over the past four days.
However, Wednesday saw a renewed rise of 5% to $96,616, doubling its value this year.

Healthy Correction

Jake Ostrovskis, a trader at Wintermute, described the recent dip
as a healthy market correction following a surge of over 45% compared to pre-election lows.
He attributed the pullback to profit-taking, suggesting that the $100,000 level could soon be within reach.

Similarly, Nikolai Karpenko, a director at B2C2,
said the recent decline was part of a profit-taking strategy as the price approached a significant psychological barrier.
He viewed the pullback as temporary and tactical and predicted
that Bitcoin would soon surpass the $100,000 mark.

Karpenko also noted that nearing the six-figure milestone could
prompt institutions and retail investors who purchased before the election to cash in on their holdings.

Short-Term Challenges

Markets experienced some volatility earlier this week following
Trump’s remarks about potential additional tariffs on China, Mexico, and Canada.

Alex Thorn, head of research at Galaxy Digital,
suggested in a client note that once leverage is reduced and short-term profit-taking subsides,
Bitcoin could establish a solid support base, enabling it to challenge the $100,000 resistance level soon.

Bitcoin Rekindles Optimism of Reaching $100,000

Bitcoin Rekindles Optimism of Reaching $100,000

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