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It’s been simply over seven days since Trump was re-elected as president of the US, and bitcoin is up over $18,800 (25.3%) on the time of writing. And it’s at the moment steamrolling its manner in the direction of $100,000.
I can’t lie, that is all taking place manner sooner than even I anticipated.
$100,000 has, for the final 4 years, been the magic quantity Bitcoiners have been laser-focused hitting. It felt like there was consensus amongst Bitcoiners through the 2021 bull run that we have been assured to hit this goal. However alas, the 2021 bull run underperformed most individuals’s expectations, with bitcoin’s value solely reaching a excessive of $69,000 (which looking back, was an ideal run contemplating the low of the earlier bear market was ~$3,000), $100,000 bitcoin was placed on maintain. However now, we’re nearly there.
I really feel like the worth of BTC likes to do the alternative of what the whole lot thinks it’s going to do. Simply when everybody thinks bitcoin goes to tear perpetually, bitcoin’s value falls or stagnates and vice versa (which is why it may not be so protected to imagine we’re going straight to $100,000 from right here).
Even I’m responsible of this, as I’ve been telling myself for a very long time that the battle for $100k goes to be extraordinarily powerful with the quantity of promote strain I used to be predicting there to be. I believe $100k is a quantity at which merchants, ETF consumers, and OG whales might take some revenue and that it might be an uphill battle to get there. And it nonetheless very might be, contemplating we’re solely at $93,000 at the moment. However since Trump received the election, there was virtually no promote strain, and we’re slicing via new all time highs like a heat knife via butter.
Bitcoin is now up over $5,500 (6.22%) right this moment alone. If Bitcoin continues this momentum, we may see $100,000 BTC actually any day now — together with even right this moment. Nothing is off the desk. Throw all of your fashions out the window, they’re all being damaged by the shopping for strain from these ETFs and people attempting to front-run the U.S. authorities’s implementing a Strategic Bitcoin Reserve.
Bitcoin is on its path to taking up gold as a legit reserve asset. $100k is the following large milestone for bitcoin to hit alongside this journey, and it might simply come sooner than anticipated.
This text is a Take. Opinions expressed are fully the creator’s and don’t essentially replicate these of BTC Inc or Bitcoin Journal.