Key Takeaways
- Bitcoin's recent price surge to $75,000 has led to liquidations of nearly $180 million in short positions.
- Spot-driven demand, rather than derivatives, is driving Bitcoin's price, suggesting lasting growth potential in the market.
- Market experts believe Bitcoin could continue its upward trajectory if a pro Bitcoin and crypto U.S. administration is elected.
Bitcoin Reaches New All-Time High, Wiping Out Short Positions
Bitcoin has hit a new all-time high of $75,000, surpassing its previous record set in March, as Donald J. Trump looks set to win the United States Presidential Election.
This surge resulted in the liquidation of nearly $180 million in short positions within just four hours.
Spot Demand Signals Sustained Growth Potential
Pav Hundal, lead analyst at Bitcoin and crypto exchange Swftyx, says that the spot market is driving Bitcoin's rise, signaling strong buying interest.
Hundal attributes Bitcoin's rally to spot demand rather than derivatives trading, suggesting a more sustainable price increase.
Spot buying 'drives lasting demand' since it involves purchasing and holding actual coins, he explains.
This focus on spot-driven demand makes Bitcoin’s current growth 'meaningful', Hundal adds, contrasting it with a derivatives-fueled pump.
Analysts See Potential for Continued Bitcoin Growth
Market experts believe Bitcoin could continue its upward trajectory if a pro Bitcoin and crypto US administration is elected.
Markus Thielen from 10x Research predicts that Bitcoin could potentially reach $100,000 by early 2025.
Options data indicates a 15% chance for Bitcoin to surpass $100,000 by the end of the year, says Derive’s Nick Forster.
