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Bitcoin (BTC) gained momentum again after the sharp decline at the beginning of the week, along with the general recovery movement in the market. On Friday morning during Asian trading hours, the Bitcoin price briefly exceeded $62,000 and then experienced a slight pullback. This rise caused many analysts to bring up the year-end $100,000 target for Bitcoin again.
Bitcoin Rose Along with US Markets
US markets showed strong performance on Thursday, especially with the S&P 500 having its best day since November 2022 and the technology-heavy Nasdaq 100 rising by 3.1%, creating a positive atmosphere in the cryptocurrency market as well. After the significant losses at the beginning of the week, this recovery movement restored confidence in both stocks and cryptocurrencies.
Bitcoin recorded a 7.2% increase in the last 24 hours, achieving one of its biggest daily gains in recent months. This movement caused investors who took short positions in Bitcoin futures to incur losses exceeding $100 million. This was the fourth-largest short position liquidation seen in Bitcoin this year.
Reasons for Bitcoin’s Rise Justified
Market observers attribute the rise to the positive atmosphere in the stock market and the expectation that Bitcoin will repeat its past market cycles. Transform Ventures founder Michael Terpin predicts that the price will not fall much below $50,000 due to the Bank of Japan’s announcement that it will not raise interest rates and the depletion of Bitcoin held by large-selling investors. He also stated that the largest cryptocurrency would progress along its traditional four-year cycle lines and achieve strong gains in October and November.
Terpin also warned that if Donald Trump wins the US elections, Bitcoin’s price could exceed $100,000. He added that considering the pullbacks experienced in the six-month period after the block reward halving in the past, the current fifth Bitcoin cycle is no exception to this rule. He noted that October and November are historically strong months for Bitcoin, especially in the block reward halving year and the following year.
This rise in Bitcoin also gave momentum to other major cryptocurrencies. Ethereum (ETH) and Toncoin (TON) rose by 10%, while Solana (SOL) and Cardano (ADA) rose by 5%. XRP slightly fell after profit-taking following its 17% rise on Thursday.
