It’s been just over seven days since Trump was re-elected as President of the United States, and bitcoin is up over $18,800 (25.3%) at the time of writing. And currently it’s making its way towards $100,000.
I can’t lie, this is all happening much faster than I even expected.
$100,000 has been the magic number Bitcoiners have been for the past four years laser focused hit. It felt like during the 2021 bull run, there was a consensus among Bitcoiners that we were guaranteed to hit this goal. But alas, the 2021 bull run exceeded most people’s expectations, with the price of bitcoin only peaking at $69,000 (which in retrospect was a great run considering the previous bear market’s low was ~$3,000), and $100,000 bitcoin was put on hold. But now we’re almost there.
I feel like the price of BTC likes to do the opposite of what everyone thinks it will do. Just when everyone thinks Bitcoin will rip forever, the price of Bitcoin drops or stagnates and vice versa (which is why it might not be so safe to assume we’ll go straight to $100,000 from here).
Even I’m guilty of this, as I’ve been telling myself for a long time that the battle for $100,000 is going to be extremely tough given the amount of selling pressure I predicted. I think $100,000 is a number at which traders, ETF buyers and OG whales can make some profit and it will be an uphill battle to get there. And that may still very well be the case, as we are currently only at $93,000. But since Trump won the election, there has been virtually no selling pressure and we are cutting through new all-time highs like a hot knife through butter.
Today alone, Bitcoin is now up over $5,500 (6.22%). If Bitcoin continues this momentum, we could now literally see $100,000 BTC every day – even today. Nothing is off the table. Throw all your models out the window, they are all being broken by the buying pressure of these ETFs and those who try to do so is at the forefront of the US government‘s implements a strategic Bitcoin reserve.
Bitcoin is on its way to overtaking gold as a legitimate reserve asset. $100,000 is the next big milestone Bitcoin will reach on this journey, and it could come sooner than expected.
This article is a To take. The opinions expressed are solely those of the author and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.