Bitcoin reached $90,000 today

Bitcoin is approaching a groundbreaking $90,000, building on its momentum after surpassing $80,000 just days ago. Trading at around $89,100 on Monday night, the cryptocurrency hit a high of $89,623 earlier in the day. Many analysts anticipate this upward trend will continue, with Bitcoin potentially reaching $100,000 by year-end.

Analyst Mike Colonnese from H.C. Wainwright attributes this surge to Bitcoin’s “price discovery mode” after it reached new heights following President Trump’s re-election declaration. This political shift has spurred strong investor confidence, with many viewing the current atmosphere as a favorable turning point for crypto regulation. The Trump administration has signaled a friendlier approach to crypto businesses, especially those long mired in regulatory uncertainty.

Matt Hougan, CIO at Bitwise Asset Management, underscored this shift, noting that the change in Washington’s attitude now acts as a tailwind for the ongoing Bitcoin rally. “We’re now in a positive regulatory environment,” he explained, describing this development as a boon for a market that was already on an upward trajectory. Other major cryptocurrencies also experienced gains, with Ethereum rising by 5.8% and XRP by 4%. Dogecoin, closely linked to Trump supporter Elon Musk, gained an impressive 38%.

Stock market players tied to crypto, such as Coinbase and MicroStrategy, also enjoyed a boost. Coinbase soared to over $300 in Monday’s regular session, achieving its highest value since 2021, while MicroStrategy gained 5% in extended trading. This enthusiasm hints at growing confidence in the crypto market’s bullish outlook. Hougan even pointed out the potential “air gap” between previous highs near $72,000 and Bitcoin’s next target of $100,000, adding that current market momentum and favorable conditions make a major price breakthrough increasingly likely.

Investors, buoyed by recent gains and optimistic market projections, continue to push Bitcoin’s rally forward, with many seeing $100,000 as an achievable target before the close of 2024.

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