- Bitcoin has continued hitting new all-time highs as prediction markets price in high odds of a run to $100K.
- Ecoinometrics suggests that BTC's rally still falls short of its historic post-halving growth.
- Asset manager Bernstein appealed to investors to begin adding Bitcoin exposure.
Bitcoin is consistently setting new record highs on Monday after breaking above $89K. The continued uptrend has led asset managers like Bernstein to urge investors to consider adding Bitcoin exposure to their portfolios. Meanwhile, prediction market participants speculate that Bitcoin could reach $100K by the end of 2024.
Bitcoin surge above $89K as investors continue to hold
Bitcoin shot over 10% in the past 24 hours, crossing above the $89K level as its price is still largely influenced by Donald Trump's presidential election victory last week.
As the world's largest asset continues its rally, prediction market Polymarket has seen increased speculation that Bitcoin will hit $100K before the year ends. This could fuel the bullish momentum, with positive sentiment stirring among investors and crypto enthusiasts.
Bitwise Chief Investment Officer, Matt Hougan, stated that long-term Bitcoin holders have yet to sell below $100K, even as more investors seek to join the rally.
"An equal part of this rally is that people have stopped selling. Long-term owners are no longer willing to part with bitcoin below $100k, and short-sellers don't want to step in front of a freight train," he wrote in an X post on Monday.
Likewise, asset managers amassed record-breaking Bitcoin ETFs volume in the past week. This resulted in firms like Bernstein urging investors to consider gaining exposure to Bitcoin, hinting at a wild price rally.
Today, the Bitcoin ETFs saw record inflows, which, according to Eric Balchunas, suggest strong positive sentiment for the week.
"The Bitcoin Industrial Complex (ETFs + MSTR, COIN) saw $38b in trading volume today, lifetime records being set all over the place, including $IBIT which did $4.5b, which points to a robust week of inflows."
However, regardless of the massive energy behind the rally, the crypto data platform Ecoinometrics data suggests that Bitcoin's current rally is yet to match its price growth during the market rally in early March.
The data also highlights previous halving seasons and the growth trajectory that often followed them.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin reaches new highs near $90,000, on-chain data show chances of pullback
Bitcoin hit a new all-time high of $89,900 on Tuesday before easing to around $86,000, following a 30% surge since November 5. Technical indicators suggest the rally may be overstretched, with a potential corrective pullback ahead.
GIGA investor loses $6M to phishing scam via fake Zoom link
On Monday, a Gigachad (GIGA) investor lost $6.09 million due to a phishing attack involving a fake Zoom link. Crypto investigation firm Scam Sniffer declared the scam that led the victim to a malicious site, compromising their wallet.
Tron, Avalanche and Uniswap: Double-digit gains on the cards, technical indicators show
Tron is breaking above an ascending triangle formation on Tuesday, signaling a potential rally continuation. While AVAX and UNI are retesting their crucial support level — if supported, this suggests an upside move — all three altcoins look poised for double-digit gains as the crypto rally continues.
BNB: Bullish technical pattern validated, eyes all-time high
Binance Coin trades slightly down on Tuesday after breaking above an ascending triangle formation on the weekly chart, following a 12.5% rally last week. The technical outlook suggests a bullish breakout pattern and continuation of the rally, with a target set for a new all-time high of $825.
Bitcoin: Further upside likely after hitting new all-time high
Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.