Bitcoin (BTC) Price Prediction: BTC to Hit $100k By Inauguration Day?

Following the victory of the Republican presidential candidate Donald Trump, the leading digital asset witnessed a steep surge in price, breaking through its previous ATH of $73737 posted earlier this year in March.

Bitcoin (BTC) price may hit $100,000 by Inauguration Day, according to a new report by cryptocurrency custodian Copper.co.

The report points to the recent surge in Bitcoin ETF inflows and the historical ETF accumulation trend, which suggests that BTC’s upward momentum could continue in the coming months.

At the time of writing, the total value of net assets held in spot BTC ETFs is $69.28 billion, which constitutes over 5% of the asset’s total market capitalization.

notably, last month, the research firm predicted that Bitcoin ETFs could hold slightly under a million BTC by Election Day. These ETFs currently hold about 986,000 BTC, indicating that the firm’s assessment was largely accurate.

The rising popularity of Bitcoin ETFs highlights the increasing institutional interest in the digital asset. Recent reports indicate that the demand for spot Bitcoin ETF is currently at a 6-month high.

According to data from crypto ETF tracker SoSoValue, October 2024 was one of the most active months for BTC ETFs, with the financial products attracting roughly $3 billion in total net inflows.

Betting Markets Still Not Bullish On Ethereum

While the top cryptocurrency by reported market cap has already entered uncharted territory in terms of price, the second-largest digital asset, Ethereum (ETH), continues to underperform.

Citing betting markets, the report by Copper.co suggests that there is only about a 12% chance of ETH hitting a new all-time high this year.

The report states:

“The lukewarm appeal of ETFs has dampened traders’ mood, though investors seem largely unfazed. While Ethereum is now inflationary, its year-to-date supply growth was just 89k Ether, compared to the 5.7 million coins that have moved into staking.”

However, not all is gloomy for Ethereum ETFs. Recently, the State of Michigan disclosed that the Michigan Retirement System has invested nearly $10 million in ETH ETFs, which is more than its total investment in Bitcoin ETFs.

As the digital asset market is known for exhibiting high volatility over short periods, investors should exercise caution when considering the recent surge in crypto ETF product activities.

For example, on November 4, spot BTC ETFs experienced $541 million in single-day net outflows, the second-largest since January. BTC trades at $74,300 at press time, up 6.4% in the past 24 hours.