The path to $100,000 for Bitcoin looks clear with Donald Trump’s re-election and a changing economic perspective. Arthur Hayes, the former CEO of BitMEX, believes that Trump’s economic measures may affect the US dollar and open up new opportunities for Bitcoin. Hayes explained his vision in an article on November 12 called “Black or White?” and explained that these new measures could put pressure on the dollar, thus positively affecting the BTC.
Hayes Predicts Dollar Impact
In Hayes’s opinion, Trump’s plans may lead to a faster increase in the US debt and pressure the dollar. He said that this weakness in the dollar could propel Bitcoin to new heights. According to Hayes, “The bitcoin price in this cycle is going to go very, very high — hundreds of thousands of dollars, maybe $1 million”.
Bitcoin has risen to new heights in the last week alone and has breached several new records. After falling below $65,000 a few weeks back, Bitcoin soared close to $89,000, highlighting strong ongoing demand. As of press time, Bitcoin is trading at $85,617, which is 4.99% higher than its value in the past 24 hours and 25.12% higher than a week ago.
Predictions for $100K in 2024
As of now, prediction markets such as Polymarket give a 54% probability of Bitcoin reaching $100,000 by 2024. This rally has, however, been boosted by Trump’s win, especially given the expectations of changes in the regulatory environment. Some argue that the Chairman of the SEC, Gary Gensler, may be fired, which could alter Bitcoin’s legal status.
Analyst Crypto Rover expects big things for the future, predicting a powerful bull market. He also points out that Bitcoin has come out of its longest period of trading in a range, which in the past have been breakouts that have led to major price increases.
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In an X post on Tuesday, Rover stated that in 2017, Bitcoin jumped a soar way of 1,479.95% after hitting its new high. Considering such background, he notes that Bitcoin may reach $1.1 million by 2025 following this pattern.
Analysts expect that the dollar will strengthen under Trump’s administration and that Bitcoin will be among the assets that will benefit from it. As inflation and debt become critical issues on the market, the question of Bitcoin as an investment becomes more attractive. This could be a significant period for cryptocurrency, with Bitcoin continuing to approach its much-guessed $100,000 mark.
