Bitcoin predicted to hit $100k by Inauguration Day amid record pre-market equities trading
Bitcoin’s new all-time high of $75,000 following Donald Trump’s 2024 US presidential election win reflects heightened market optimism and anticipation of potential policy shifts favorable to digital assets.
According to a report by digital asset custodian Copper.co, Bitcoin’s upward trajectory may continue into the new year. Fadi Aboualfa, Head of Research at Copper.co, said,
“We have back-tested the ETF accumulation trend against potential price ranges.
A $100,000 Bitcoin is quite possible by the time the 47th US President heads to the Capitol for inauguration on January 20, with ETFs holding approximately 1.1 million Bitcoins.”
Copper.co’s forecast is based on historical ETF accumulation trends and current market data. In October, the firm predicted that ETFs could hold just under one million Bitcoin by the US elections, a projection closely aligning with the current holdings. The increasing ETF holdings indicate growing institutional interest in Bitcoin as a hedge against economic uncertainty.
Supporting this prediction, trading platforms experienced significant activity during election night. Robinhood reported its largest-ever equities overnight session since launching its 24-Hour Market, with an 11-fold increase in overnight notional volume from 8 P.M. to 4 A.M. The platform noted over 400 million election contracts traded, with top symbols including COIN, DJT, IBIT, MSTR, NVDA, QQQ, SPY, TSLA, TSLL, and TQQQ. In the crypto sector, Bitcoin, Dogecoin, and Ethereum were among the most traded assets.
Market analysts hope that Trump’s victory will influence fiscal policies that favor crypto adoption and investment. During his previous term, Trump oversaw two all-time high cycles for Bitcoin, gains that occurred amid a weakening dollar. The current stronger dollar environment presents a different landscape, but investor optimism remains strong.
Outside of Bitcoin, Copper.co sees Ethereum continuing to face challenges despite favorable supply trends. Betting markets assign only a 13% chance of Ethereum reaching a new all-time high this year, although this is up from 8% pre-election. While Ethereum’s year-to-date supply growth stands at 89,000 ETH compared to the 5.7 million coins moved into staking, the lukewarm appeal of ETFs has dampened trader sentiment even as investors remain primarily unfazed.
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