Bitcoin Price Surges past $96,000 with $100,000 Milestone in Sight

ecord highs since the presidential election on Nov. 5, with a 38% increase in value. Just last Friday, it reached as high as $99,849.99 before experiencing a slight dip to test the $90,000 support level this week.

Alex Thorn from Galaxy Digital believes that the current bitcoin bull market has staying power despite potential regulatory actions or market jitters. He points to increasing institutional, corporate, and even nation-state adoption, as well as a new U.S. administration that is favorable towards bitcoin, as factors that could contribute to its continued growth.

Katie Stockton from Fairlead Strategies mentioned on CNBC’s “Squawk Box” that bitcoin is in uncharted territory in terms of resistance levels, with support around $74,000. She noted that bitcoin tends to have sharp runups followed by consolidation periods and advised investors to be prepared for volatility but to also consider the long-term potential of cryptocurrencies.

Bitcoin is up 124% for the year and is on track to reach the $100,000 milestone before the end of the year. Ether, on the other hand, has seen a 55% gain year-to-date and is trailing behind bitcoin in terms of performance since the election.

As the cryptocurrency market continues to evolve, investors are keeping a close eye on bitcoin’s movements and potential for growth. With bitcoin on the rise and hitting new milestones, many are optimistic about its future prospects in the digital landscape.