Bitcoin hits $90,000! How high can it go?

• Bitcoin touches $90,000, up over 100% so far in 2024.
   
• Markets bet $780mil on seeing $100k Bitcoin by Dec. 27
   
• Ongoing bull run fuelled by hopes for incoming US President Trump's crypto-friendly policies
   
• Bitcoin's surge also sent other cryptos and crypto-linked US stocks climbing in tandem

Today (Tuesday, Nov. 12), Bitcoin briefly breached $90,000 for the first time in its history.

The world’s oldest cryptocurrency has skyrocketed as much as 30% since polling stations closed after the just-concluded US presidential elections on November 5th.

Why has Bitcoin skyrocketed?

President-elect Donald Trump has fuelled this latest bull run, given his pledge to make the US the “crypto capital of the world”.

Markets take this to mean that the incoming US administration should take a friendlier approach to the crypto sector.

This could mean any of the following:

• regulations that are less restrictive over crypto which fosters more innovation
   
• ambitions of making the US the central location for crypto mining
   
• US government building a strategic Bitcoin reserve.

It remains to be seen what actually transpires once Trump officially moves back into the White House on January 20th, 2024, and what crypto-specific policies are actually passed.

For the time being, it's a lot of hopes and expectations that are fuelling Bitcoin's current bull run.

How high could Bitcoin go?

As long as such expectations persist, the positive sentiment surrounding cryptos should persist throughout 2024, with Bitcoin possibly reaching six figures by year-end.

Markets have already placed bets worth US$780 million on Bitcoin reaching the US$100k mark by December 27th.

Bitcoin lifts other cryptos, crypto-linked stocks

Also, since voting for the US presidential elections concluded on November 5th:

• Ether rose by 36.5%
   
• Cardano has skyrocketed by 76.2%
   
• Dogecoin has surged by 133.5%

In the stock market, crypto linked stocks have also risen in tandem since Nov. 5th:

• Coinbase gained 19.76%
   
• MicroStrategy climbed 25.73%
   
• Even Tesla, despite not having direct links to cryptos but has ridden this post-elections surge on CEO Elon Musk’s close ties with the US president-elect, has advanced by 39.2%

While it remains to be seen how high Bitcoin could go before inauguration day on January 20, 2025 ...

The crypto world ultimately needs to see concrete crypto-friendly actions being passed by President Trump in order to sustain Bitcoin's gains for 2025 and beyond.