It has been just over seven days since Trump was re-elected as President of the United States, and the price of Bitcoin is up over $18,800 (25.3%) at the time of writing. It is currently heading towards $100,000.
I can’t lie, this is all happening faster than I expected.
For the past four years, $100,000 has been the magic number that Bitcoin users have focused on. There seems to be a consensus among Bitcoin users during the 2021 bull market to ensure this goal is achieved. But unfortunately, the 2021 uptrend underperformed most people’s expectations, with Bitcoin only reaching a high of $69,000 (which, in retrospect, was a remarkable rise considering the previous bear market low was around $3,000), $100,000 worth of Bitcoin was suspended. But now, we’re almost there.
I feel like BTC price likes to do the opposite of what everything thinks it will do. When everyone thinks that Bitcoin will collapse forever, the price of Bitcoin declines or stagnates and vice versa (which is why it may not be safe to assume that we are heading straight to $100,000 from here).
Even I’m guilty of this, as I’ve been telling myself for a long time that the fight for $100k was going to be very difficult with the amount of selling pressure I was anticipating. I think $100k is the number at which traders, ETF buyers, and OG whales might get some profits and it will be an uphill battle to get there. And that’s still the case, considering our price is only $93,000 currently. But since Trump won the election, there has been virtually no selling pressure, and we are cutting through all-time highs like a warm knife through butter.
The price of Bitcoin is now up over $5,500 (6.22%) today alone. If Bitcoin continues this momentum, we could see $100,000 worth of Bitcoin literally any day now – including even today. Nothing is off the table. Throw all your models out the window, they are all broken due to buying pressure from these ETFs and those trying to pre-empt the US government’s implementation of the Bitcoin Strategic Reserve.
Bitcoin is on its way to overtaking gold as a legitimate reserve asset. $100,000 is the next big milestone for Bitcoin on this journey, and it may come faster than expected.
This article is a takes. The opinions expressed are entirely those of the author and do not necessarily reflect the opinions of BTC Inc or Bitcoin Magazine.