Bitcoin surges past $93,000

Bitcoin reached an all-time high on Thursday, surging past $93,000 as enthusiasm builds around pro-crypto policies expected under President-elect Donald Trump, and amid speculation of further US Federal Reserve interest rate cuts.

The cryptocurrency briefly hit a peak of $93,400 before easing back to around $90,000. In early US trading, Bitcoin posted a nearly 6% gain, setting a new record high at $93,462 before slightly retreating to about $89,974.

Analysts point to a combination of technical indicators and renewed optimism in the market as signs of continued momentum for the world’s leading cryptocurrency. The Fear and Greed Index, a popular gauge of market sentiment, currently signals “Extreme Greed,” suggesting high confidence among investors and anticipation of further gains.

The rally has largely been attributed to Trump’s pro-crypto rhetoric, with the President-elect indicating a potential shift toward a more favourable regulatory environment for digital assets. This has sparked widespread excitement among cryptocurrency proponents, some of whom now believe Bitcoin could reach the long-awaited $100,000 mark.

The demand for digital currencies in the US is robust, with recent estimates indicating that between 30% and 40% of Americans hold some form of cryptocurrency—a number analysts say could grow under crypto-friendly policies.

Despite the enthusiasm, some experts are urging caution, suggesting that profit-taking could temper Bitcoin’s rise following its 33% rally since the US election on November 5. Others believe further gains may be on the horizon, particularly with US Consumer Price Index (CPI) data expected soon. Should inflation come in below expectations, it could provide additional momentum for Bitcoin’s upward trajectory. 

Bitcoin’s recent highs underscore the cryptocurrency’s resurgence and a strong wave of optimism that has fuelled a broader bullish trend. Investors and analysts will be watching closely for signs of a breakthrough to $100,000, a milestone that many see as within reach if the momentum continues.