Bitcoin reached an all-time high of $95,000, following the launch of trading for spot Bitcoin ETF options by BlackRock. This price surge has been fueled by significant market activity and positive sentiments from recent political events. Analysts believe Bitcoin may surpass $100,000 this year, with potential projections of $120,000 in the coming years.

On Wednesday, Bitcoin achieved yet another remarkable milestone, reaching an all-time high of $95,000 just one day after previously breaking the $93,500 mark. This surge corresponds with approximately $78 billion worth of Bitcoin exchanged in the past 24 hours, as per CoinGecko data. The increase in price is largely attributed to the initiation of trading for spot Bitcoin ETF options by BlackRock’s iShares Bitcoin Trust (IBIT). This allows investors innovative opportunities to speculate on the projected price movements of this new fund, with traders engaging in $1.9 billion worth of trades on its debut day on the Nasdaq.

Additionally, the bullish momentum surrounding Bitcoin aligns with earlier developments this year, including the approval of a U.S. spot exchange-traded fund by the Securities and Exchange Commission and a Republican victory in the presidential election. President-elect Donald Trump has expressed his plans to foster industry growth, including the establishment of a U.S. Bitcoin reserve.

Analyst Valentin Fournier from trading firm BRN has expressed optimism regarding Bitcoin’s trajectory, predicting that the asset is likely to reach and potentially exceed the $100,000 threshold by year-end. “This confirms our thesis of an accumulation phase before a year-end breakout,” he commented, indicating the strong market sentiment could drive prices up to $120,000 before the close of 2024.

The article discusses the recent surge in Bitcoin’s price, which has reached a record high of $95,000. This surge follows the introduction of options trading for a spot Bitcoin ETF by BlackRock, which has garnered significant trading activity. The context also includes political developments in the United States, notably the recent presidential election, which may have contributed to this bullish sentiment in the cryptocurrency market. Analysts discuss the implications of these changes and potential future price trajectories for Bitcoin.

In summary, Bitcoin’s climb to $95,000 represents not only a record high but also reflects a broader bullish sentiment fueled by recent trading developments and political factors. Analyst insights suggest that the momentum is set to continue, with projections indicating that Bitcoin prices could possibly exceed $120,000 by the year 2025. This situation underlines a growing interest in Bitcoin as both an investment asset and a potential store of value.

Original Source: decrypt.co

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