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It's been just over seven days since Trump was re-elected as President of the United States, and bitcoin is up over $18,800 (25.3%) at the time of writing. And it is currently moving towards $100,000.
I can't lie, this is all happening much faster than I expected.
$100,000 has been, for the past four years, the magic number that Bitcoiners have been accurately hitting. There seemed to be a consensus among Bitcoiners during the 2021 bull run that we were guaranteed to hit this goal. But alas, the 2021 bull run did not meet most people's expectations, as the price of bitcoin only reached a high of $69,000 (which, in retrospect, was a great run considering the low of the previous bear market was ~$3,000), the $100,000 of bitcoin was put on hold. But now we're almost there.
I feel like btc price loves to do the opposite of what everything thinks it will do. Just when everyone thinks bitcoin is going to wreck forever, the price of bitcoin drops or stagnates and vice versa (so it may not be so safe to assume we're going straight to $100,000 from here).
Even I am guilty of this, as I have been telling myself for a long time that the battle for $100,000 is going to be extremely tough with the amount of selling pressure I predict there will be. I think $100k is a number where traders, ETF buyers and OG whales can make some profits and it would be an uphill battle to get there. And it very well may still be, considering we're currently only at $93,000. But since Trump won the election, there has been virtually no selling pressure and we are hitting new all-time highs like a hot knife through butter.
Today alone, bitcoin is up over $5,500 (6.22%). If bitcoin continues this momentum, we could see $100,000 btc literally any time, even today. Nothing is ruled out. Throw all your models out the window, they are all being destroyed by the buying pressure of these ETFs and those trying to advance the implementation of a bitcoin Strategic Reserve by the US government.
bitcoin is on its way to taking over gold as a legitimate reserve asset. $100k is the next big milestone bitcoin will reach on this journey, and it may come faster than expected.
This article is a Carry. The opinions expressed are entirely those of the author and do not necessarily reflect those of btc Inc or bitcoin Magazine.
