As excitement grows over pro-crypto policies anticipated under President-elect Donald Trump and amid rumors of additional US Federal Reserve interest rate reduction, Bitcoin hit an all-time high on Thursday, breaking $93,000. The cryptocurrency eased back to about $90,000 after briefly reaching a top of $93,400. Bitcoin had a nearly 6% increase in early US trading, reaching a new high of $93,462 before dipping slightly to around $
Technical indications and a resurgence of market optimism are cited by analysts as evidence of the world's top cryptocurrency's sustained momentum. A common indicator of market sentiment, the Fear and Greed Index, currently indicates "Extreme Greed," indicating that investors are highly confident and expecting more gains. Trump's pro-crypto rhetoric has been widely blamed for the increase, with the president-elect hinting at a possible change toward a more benevolent regulatory environment for digital assets. Proponents of cryptocurrencies are very excited about this, and some now think that Bitcoin may hit the much-anticipated $100,000 milestone.
According to recent estimates, between 30% and 40% of Americans own some kind of cryptocurrency, demonstrating the strong demand for digital currencies in the US. Analysts predict that this number might rise with laws that are more supportive of cryptocurrencies.
Despite the excitement, some analysts advise exercising prudence, speculating that profit-taking may restrain Bitcoin's increase after it surged 33% since the US election on November 5. Others think that more gains might be forthcoming, especially given the impending release of US Consumer Price Index (CPI) data. Inflation that is lower than anticipated could give Bitcoin's upward trajectory more impetus.
Recent highs for Bitcoin highlight the cryptocurrency's comeback and a powerful rush of excitement that has fueled a more general optimistic trend. Analysts and investors will be keenly monitoring any indications of a breakthrough to $100,000, a milestone that many believe is achievable if the pace keeps up.
