The bitcoin (BTC) bull market has additional to run, and the world’s largest cryptocurrency is anticipated to punch by means of the $100,000 stage within the close to time period, Galaxy Analysis mentioned in a observe on Tuesday.
Galaxy mentioned bitcoin will proceed to rise for a number of causes.
Rising institutional and company adoption, the potential for the creation of bitcoin nation-state reserves, and a brand new pro-crypto U.S. administration all level to a transfer increased within the close to and medium time period, the report mentioned.
It will not be all plain crusing, as “there might even be some twilight regulatory or legislation enforcement actions from the outgoing Biden administration that jitter markets,” wrote Alex Thorn, head of analysis at Galaxy.
Nonetheless, the bitcoin setup over the following two years “seems distinctive and bullish,” the analyst wrote.
The choices market positioning can also be bullish, the report famous.
The launch of bitcoin exchange-traded fund (ETF) choices might lead to higher liquidity and probably decrease volatility, Galaxy mentioned. This might entice bigger establishments to enter the market whereas spurring retail demand.
Bitcoin was buying and selling about 2.8% increased at round $94,600 at publication time, whereas the broader digital belongings index, CoinDesk20 (CD 20), was up greater than 3%.