Bitcoin (BTC) Bull Market Is Starting, with Data Resembling 2020

Bitcoin (BTC) is up 5.8% in the past 24 hours and is trading at an ATH of $97,750 at the time of writing.

Bitcoin price has seen a 5.8% прирост in the past 24 hours and is trading at an all-time high of $97,750 at the time of writing. Bitcoin’s gains also helped the global crypto market cap reach a new ATH of $3.33 trillion, according to CoinGecko.

Bitcoin price بالا رفت as traders anticipate a “pro-crypto” government following the U.S. presidential election and the market giriş of spot Bitcoin exchange-traded fund options.

Bitcoin price hits a new all-time high again

Bitcoin price is up 5.8% in the past 24 hours and is trading at an all-time high of $97,750 at the time of writing.

The digital gold’s market cap is currently sitting at $1.93 trillion with a 57.9% dominance over the crypto market. Its daily trading volume also broke the $85 billion mark.

Thanks to the strong bullish momentum, a poll on the market prediction platform Polymarket shows that Bitcoin has an 83% chance of reaching the $100,000 mark before December.

Bitcoin price chart on FTX, 15-minute candles. Source: TradingView

Bitcoin price rose to a new all-time high on Nov. 23 after U.S. President Donald Trump took an early lead in the presidential election.

Meanwhile, pro-crypto candidates also won seats in the U.S. House of Representatives and the Senate, raising traders’ expectations for crypto-friendly regulations with Trump’s second term.

Related: Bitcoin price hits $95K as Trump gains ground in U.S. election, crypto community reacts

Several market analysts anticipated that Bitcoin price would rally following the U.S. presidential election.

Ki Young Ju, the CEO of market analysis platform CryptoQuant, also believes this year’s bullish momentum “resembles” the 2020 bull run.

“Bitcoin bull market is starting, with data resembling 2020.

One of the main factors is the strong whale accumulation, per Young Ju. Large over-the-counter deals, most likely by institutions rather than individuals, brought a steady surge to the Bitcoin price.

“This year's bull market resembles 2020, and one of the key factors is strong鲸鱼 accumulation, which is evident in the large over-the-counter deals that are likely being made by institutions.”

On April 20, the Bitcoin halving took place, slashing the block reward in half for miners and demanding a price rally to keep the miners profitable, the CEO of CryptoQuant added in the thread.

“The halving on April 20, which slashed the block reward in half and put pressure on the market to rally in order to keep miners profitable, also played a role.”

The latest catalyst for the Bitcoin price is also the launch of spot BTC exchange-traded fund options in the U.S. — the first investment product to get the green light from the U.S. Securities and Exchange Commission was BlackRock’s iShares Bitcoin Trust.

Notably, spot BTC ETF options are expected to increase the demand for the digital gold as investors could manage their investment risks.