Bitcoin (BTC), the world’s largest cryptocurrency, has made history again, reaching a new all-time high of $93,000. This surge occurs amid the enthusiasm surrounding Donald Trump’s victory in the 2024 U.S. presidential election.
On Wednesday night, November 13, Bitcoin initially traded around $88,000 before climbing to its record high of $93,434 within just three hours. After peaking, Bitcoin stabilized briefly before undergoing a slight correction, currently trading around $90,190.
Meanwhile, the Crypto Fear & Greed Index displayed a reading of 88, indicating “extreme greed” in the market. This level is often viewed as a potential signal for a market correction. A similar index level was last observed in March 2024 when Bitcoin set its previous record of $73,700.
Investor Demand Fuels Bitcoin Price Surge
Beyond the hype around Trump’s win, institutional demand has played a crucial role in Bitcoin’s price rise. Evidence of this demand is seen in the significant inflow to spot Bitcoin Exchange-Traded Funds (ETFs) in the U.S. over the past two weeks.
According to data from Farside Investors, November 7 marked a record-high inflow of $1.3 billion into spot Bitcoin ETFs, with BlackRock’s iShares Bitcoin Trust (IBIT) receiving the largest contribution, at $1.1 billion—setting a new record for the world’s largest asset manager.
Future Bitcoin Price Predictions
Given Bitcoin’s rapid ascent, market analysts are optimistic that this trend could continue. Standard Chartered Bank analyst Geoffrey Kendrick has previously forecasted Bitcoin to reach $150,000 by the end of this year, influenced by Trump’s victory.
Meanwhile, Matt Hougan, CIO of Bitwise, wrote in a blog post that Bitcoin could soar to $500,000 as it becomes a preferred asset amid fiat currency depreciation.
“$500,000 per coin represents the beginning and end stage of investment maturity, reflecting Bitcoin’s acceptance as a store of value equivalent to gold,” Hougan explained.
Hougan further elaborated that with the gold market valued around $18 trillion and Bitcoin approximately $2 trillion, the total store-of-value market sits at around $20 trillion. If Bitcoin reaches maturity and shares this market equally with gold, the price per coin could indeed reach $500,000.
On a more ambitious note, Arthur Hayes, Co-Founder of BitMEX, projects that Bitcoin could skyrocket to $1 million. Hayes argues that Trump’s economic policies could usher in “the largest fiat liquidity surge in history.”
Hayes also anticipates that U.S. bank credit expansion may grow as Trump seeks to boost domestic industries through government subsidies, potentially weakening the dollar and bolstering Bitcoin demand as an alternative hedge asset.
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Read : Trump Wins, BlackRock’s Bitcoin ETF Volume Hits Record High
