Bitcoin surged past the $85,000 milestone this week, fueled by bullish market sentiment and geopolitical developments following the U.S. presidential election. The cryptocurrency’s price climbed to $85,101 on November 11, 2024, marking a historic high days after Donald Trump’s electoral victory. Analysts attribute this rally to renewed institutional confidence and expectations of favorable regulatory policies under the Trump administration.
Market observers note Bitcoin’s upward trajectory aligns with predictions made by prominent analysts, who identified $85,000 as a critical psychological threshold. Bernstein analysts now project Bitcoin could reach $90,000 by early 2025, while others speculate a $100,000 breakthrough is imminent. Technical indicators show strong support near $93,000, with resistance levels at $104,268 and $108,311 poised as the next targets if bullish momentum continues.
The post-election rally extended beyond Bitcoin, with memecoins like Dogecoin and altcoins such as Cardano and Shiba Inu outperforming the broader market. Analysts highlight that Bitcoin’s 9.5% weekly gain reflects growing investor enthusiasm, bolstered by hedge fund inflows and a stabilizing macroeconomic climate. Institutional participation has intensified since mid-2024, with Morgan Creek Capital describing blockchain adoption as being in its “pre-game warm-up” phase.
While optimism dominates the market, caution remains about potential volatility. Some analysts warn that failure to breach the $100,000 resistance could trigger a pullback to $93,000, though many view this as a temporary consolidation opportunity. Long-term forecasts remain bullish, with Fundstrat’s Tom Lee predicting $250,000 by late 2025, citing historical cycles and monetary policy trends.
Sources:
https://www.tradingview.com/news/newsbtc:214dd7a5b094b:0-bitcoin-path-to-85k-analysts-say-it-s-behaving-as-predicted/
https://www.tradingview.com/news/newsbtc:a78859e5c094b:0-bitcoin-gains-momentum-approaching-the-100-000-benchmark-with-strong-support/
https://www.theblock.co/post/325510/bitcoin-price-hits-85000-amid-massive-rally-following-trump-victory
https://www.euronews.com/business/2025/01/02/the-rise-of-cryptocurrency-how-high-could-bitcoin-go-in-2025
