Bitcoin: New all-time high and speculation about government purchases

Thursday 21st November 2024 04:28 AM

Bitcoin hits a new all-time high of over $94,000. Experts see Donald Trump’s election victory as a catalyst for the recent price rally.

The cryptocurrency Bitcoin reaches a new all-time high. – keystone

On Tuesday, November 19, 2024, Bitcoin reached a new all-time high of $94,000 (around 83,100 francs). “BTC-ECHO” reports that the cryptocurrency has risen 6.7 percent in the last seven days.

Bitcoin was invented by a person who has not revealed his identity to this day. – Depositphotos

Its market capitalization is now $1.83 trillion. “Blocktrainer” reports that the cryptocurrency has increased by around 90 percent since the beginning of the year.

Political influences and speculation

According to “t3n”, the entire crypto market has exceeded the three trillion dollar mark. The election victory of Donald Trump, who is considered crypto-friendly, on November 6, 2024 is seen as an important factor for the price increase.

“BTC-ECHO” quotes: “Donald Trump’s election victory promises a new era for crypto. He is considered extremely positive towards Bitcoin and Co.”

Rumors about government investments

David Bailey, an advisor to Donald Trump, commented on Platform X about possible government purchases of the cryptocurrency.

Have you invested in Bitcoin?

1And.

2No.

“Blocktrainer” quotes Bailey: “There is at least one nation state that has actively acquired Bitcoin and is now one of the top 5 holders.” We want to hear something from this government as soon as possible.

Institutional investors and ETFs

Edward Snowden, former CIA and NSA employee, predicted as early as February 2024:

“A national government will reveal this year that it has purchased Bitcoin without publicly disclosing that fact.”

The approval of Bitcoin spot ETFs in January 2024 has led to increased buying by institutional investors, according to “BTC-ECHO”. “And since September 2024, the numbers have increased sharply again and in some cases have reached record levels.”

Technical factors and market analysis

The Bitcoin halving, in which the amount of newly distributed crypto coins was halved, took place in 2024. “BTC-ECHO” explains: “Historically, Bitcoin almost always starts a rally after the halving, usually around 100 days afterwards.”

Cryptocurrency Bitcoin is increasing massively in price. – keystone

According to “BTC-ECHO”, the Fear & Greed Index stands at 90 points for “extreme greed”. This indicates bullish market sentiment, but could also indicate possible overheating.

Bitcoin Outlook and Expert Opinions

Some experts are predicting a new bull market and recommend caution. “t3n” reports that some observers see the Trump victory as a catalyst for imminent price increases.

The $100,000 mark is being discussed as the next potential target.