Bitcoin Soars Close to $90,000, How High Could This Bull Market Go?

Bitcoin is on the cusp of reaching an impressive $90,000 milestone, fueled by renewed enthusiasm following the recent election of Donald Trump as U.S. president. This surge, based on expectations of a crypto-friendly administration, has pushed Bitcoin up by more than 25% since November 5, with its latest peak touching $89,637 in Asia.

Over the past week, Bitcoin has steadily broken past its previous records, starting from the anticipated $75,000 mark on November 6 and climbing to $87,000. This momentum has driven Bitcoin’s market cap to an all-time high of $1.7 trillion, signaling a robust bull market that could push BTC to the significant $100,000 mark by year’s end.

Steady Inflows into Bitcoin ETFs

Following the election, Bitcoin Spot ETFs have seen net inflows reaching nearly $2 billion in a week, as institutional and traditional investors increasingly seek exposure to Bitcoin without needing to directly hold it. This growing interest in ETFs has played a key role in supporting Bitcoin's price rally, and with further institutional investments expected, analysts anticipate another upward push toward $100,000.

Retail investor engagement is also on the rise. According to Google Trends data, searches for crypto-related topics are up, indicating renewed interest from individual investors. Currently, retail investors holding at least 0.001 BTC now account for about 55% of all Bitcoin addresses, reflecting widespread adoption among smaller investors. While search volume hasn’t yet reached the highs seen in previous bull markets, this trend suggests there’s still room for further growth in the months ahead.

Strong Technical Signals for Bitcoin’s Rally

Bitcoin's technical indicators also support its upward trend. In recent days, Bitcoin has set multiple new highs, with the Fear & Greed Index showing "Extreme Greed," a sign of strong market optimism. Additionally, Bitcoin’s trading activity is near the upper Bollinger Band, reinforcing the bullish outlook. Trading volumes have spiked, and long positions in Bitcoin futures have reached $2.8 billion, further reinforcing the buying momentum in both spot and futures markets.

At present, Bitcoin holds strong support around the $75,600 level. If its momentum continues, analysts predict Bitcoin may soon reach $90,000, with potential to break the coveted $100,000 mark by the end of the year.

Bitcoin Price Steady Near $75K as Trump's Election Boosts Crypto Market

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