Famed for its overnight success, Bitcoin is shooting up again, and as of today, trading above $99,000 and approaching the elusive $100k mark. The cryptocurrency has practically doubled its value since bouncing back from a temporary dip earlier this month. This surge is driving bullish projections from industry analysts.
Bitcoin has risen 2.9% for the day and is currently trading at $99,726. Bitcoin has gone up 4.3% in the last week.
According to the exchange, the odds of Bitcoin surpassing the $100,000 mark this May have surged to 93%, up from 65% on Tuesday. Investors are optimistic, with nearly $4.5 million invested in prediction markets predicting this price level.
This bullish trend is a stunning turnaround. Only last month, Bitcoin’s value dropped to $74,500 when US President Donald Trump imposed tariffs on 150 countries. Our energy markets have largely rebounded from the April 2 incident.
In a foreseeable bullish run, specialists are looking at eyeing Bitcoin hitting all-time highs. Arthur Hayes spells out bullish expectation of Bitcoin hitting $200k and points to global chaos as the trigger for the next rally.
"a lot of fear, uncertainty, doubt in the markets" - Arthur Hayes
Matt Hougan, chief investment officer at Bitwise, likewise sees Bitcoin exceeding $200,000. Based on what we learned from 2021, Hougan thinks that the majority of crypto assets will make new all-time highs this year.
