Bitcoin Bulls Revisit $100K Year-End Target as BTC Spikes Over $62K

U.S. markets experienced a strong rebound on Thursday, with the S&P 500 recording its best day since November 2022, and the Nasdaq 100 climbing by 3.1%. This recovery helped counteract losses from a tumultuous Monday, during which significant declines occurred in various stock indexes and cryptocurrencies.

Bitcoin experienced a significant surge of approximately 7.2% over the last day, marking one of its most substantial daily percentage increases in recent months. This rise resulted in the elimination of nearly $100 million worth of short positions, or negative predictions, on bitcoin-related futures. The $100 million in liquidated shorts was the fourth largest single loss for bearish bitcoin bets this year.

Market analysts are crediting the positive price movement to a bullish outlook on the stock market, as well as anticipating Bitcoin’s pattern from previous market trends repeating itself.

In a recent email to CoinDesk, Transform Ventures founder Michael Terpin stated that since the Bank of Japan has signaled no further increase in interest rates and Jump Trading is expected to exhaust its coin supply, similar to Germany’s recent situation, he does not anticipate the price dipping significantly below $50,000 (except for brief fluctuations), possibly never again.

“Irrespective of the next two months, the bull market is expected to persist according to its typical four-year pattern, promising substantial growth in October and November,” he noted.

As a researcher studying the dynamics of Bitcoin, I believe that if Trump were to win the election, we might witness a surge of new investors flooding into the Bitcoin market, potentially driving its price beyond $100,000. However, it’s important to note that every six months following the halving event has shown some pullbacks, and this fifth cycle is no exception. Interestingly, October and November have traditionally been strong months for Bitcoin, particularly in years like this one that coincide with a halving event or the year immediately following it.

Over a 5.35% increase was seen in the diversified CoinDesk 20 (CD20), an index that follows the top tokens based on market capitalization, excluding stablecoins.