Bitcoin’s price surged by 6.75% to hit a new record high of $81,845 on 11 November. This surge comes amid broader market optimism following the re-election of Donald Trump as US President. At the time of writing, Bitcoin is trading at $81,607, with traders expecting further gains.
Trump’s Pro-Crypto Agenda Fuels Rally
The recent Bitcoin rally is part of a wider crypto market surge driven by Trump’s victory in key battleground states. His election campaign focused on positioning the US as a leader in the digital asset industry, pledging to establish a strategic Bitcoin reserve and appoint pro-crypto regulators. Investors are optimistic about these promises, which have already led to significant inflows into Bitcoin exchange-traded funds (ETFs). Since Trump’s re-election on 6 November, ETF investors have poured $2.28 billion into the market.
BTC/USD daily price chart. Source: TradingView
Futures Market Interest Soars
Bitcoin’s price gains are also supported by a sharp rise in open interest in its futures market. As of 11 November, the total outstanding derivative contracts reached a record $48.64 billion, compared to $18.08 billion at the start of the year. Positive weekly funding rates, now at 0.831%, suggest that bulls are willing to pay a premium, indicating strong confidence in continued upward momentum.
Bitcoin Could Reach $100,000 by Inauguration Day
Analysts are predicting further gains, with some expecting Bitcoin to reach $100,000 by Trump’s inauguration in January 2025. Fadi Aboualfa, Head of Research at Copper.co, highlighted that recent ETF accumulation trends support this bullish outlook. Currently, Bitcoin ETFs hold over one million BTC, reflecting increasing institutional interest.
Bitcoin open interest, funding rates chart. Source: Coinglass
Long-Term Bullish Patterns Point to $300,000 by 2026
From a technical perspective, veteran analyst Peter Brandt notes that Bitcoin’s breakout resembles Gold’s inverse head-and-shoulders (IH&S) pattern during 2009-2010. If this pattern plays out, Bitcoin could reach $300,000 by 2026. The IH&S pattern indicates a bullish reversal, with Bitcoin’s recent breakout above key resistance levels potentially leading to substantial gains in the coming years.
