Bitcoin's Price Soared above $81,000, Hitting a Record High amid a Bullish Sentiment

Bitcoin once rose above $81,000 per coin. According to Coinglass data, in the last 24 hours, nearly 220,000 people have liquidated cryptocurrencies, with a total of $690 million in forced liquidations. As of the press time, Bitcoin rises 1.46% at $80825.62 per coin. Ethereum which once rose nearly 3% dips 2.51%. Dogecoin once soared but then had a slide. However, it rebounds and surges 24.12%.

 

 

As the price of Bitcoin continues to soar, several institutions and analysts have expressed bullishness on Bitcoin, predicting that the cryptocurrency is about to exceed $100,000 per coin in 2024. Geoff Kendrick, global head of digital asset research at Standard Chartered Bank, recently said that after Trump's victory, the price of bitcoin would reach $125,000 per coin by the end of 2024 and $200,000 per coin by the end of 2025. The prediction echoes estimates made earlier this month by analysts from the brokerage firm Bernstein. Standard Chartered also made a similar forecast in October.

 

Kendrick believed that many of Trump's pro-cryptocurrency promises such as building a national strategic bitcoin reserve and reshaping the US into a “bitcoin superpower” would drive bitcoin prices higher. Recalling Trump's promises during his campaign, he said he planned to support cryptocurrencies in the form of policies, enabling the US to take a leadership position in global Bitcoin and blockchain technology before other countries could. Otherwise, regarding the bitcoin options trading, Standard Chartered has found that many investors have an interest in prices around $80,000, suggesting that the cryptocurrency will reach that level “in the next week or two”.

 

In terms of regulatory policies of cryptocurrencies, Kendrick expected Trump to override Biden's veto of SAB 121, a controversial SEC accounting guideline because SAB 121 prevented investment banks from offering cryptocurrency custody services on a large scale. Kendrick deemed that Trump would make this happen soon after he took office on January 20, 20255, and believed this move would push more institutions to adopt cryptocurrencies.

 

Nick Philpott, the co-founder of digital asset brokerage Zodia Markets, said that their target range for bitcoin after Trump’s victory is $75,000 to $80,000, expecting that ETF funds and broad-based cryptocurrency inflows would push bitcoin to reach $100,000 early in the first quarter of 2025. This expectation may be achieved sooner. On the options front, there are plenty of call option strikes in the $80,000 to $100,000 range, which should add further momentum.