Bitcoin community thanks bears and non-believers for BTC rally to $99.5k

It was just over two weeks ago that it was announced that the self-proclaimed ‘pro-crypto’ candidate, Donald Trump, will be the next president of the USA. Crypto investors welcomed the news with open arms, as prices of all major assets soared to local or all-time highs.

As expected, bitcoin was and still is at the forefront of earnings. The asset dipped below $70,000 before the election amid reports it could be the last time it trades at that level, but had a wild run in the weeks that followed. Today, the cryptocurrency took advantage of $99,500, which meant its gains since Trump’s election were approaching 50%.

Thanks, bears

The most cited reasons behind this spectacular rally include domestic Bitcoin ETFs in the United States. After all, the funds, which were launched in January this year, attracted nearly $5 billion in the first week after the election. There was a brief lull on November 14 and 15, but investors rallied again in the last four trading days.

This time, roughly $2 billion in net flows went into ETFs, with BlackRock’s IBIT leading the pack. The world’s largest BTC ETF now has nearly $31 billion in AUM.

While this seems like a prominent reason behind BTC’s price surge to around $100,000, Santiment outlined another possibility. The analytics platform has often posted about counter trades, where prices tend to go in the opposite direction to the prevailing crowd sentiment. In this case, the data shows that naysayers and non-believers dominate the majority of social media channels to which Santiment said:

“Crypto markets are moving in the opposite direction of most expectations, so thanks to fellow bones and non-believers for keeping this historic run going.”

With Bitcoin on the cusp of a six-figure market cap for the first time in history (now hitting a new ATH of $99,000), social media speculation has become rampant. X, Reddit, Telegram, 4Chan and BitcoinTalk collectively mention price levels of $100,000 BTC at the highest rate of… pic.twitter.com/yotDrwsxmk

— Santiment (@santimentfeed) November 21, 2024

When $100,000?

This coveted milestone, which was the reason for the laser eye movement of 2021, came so close, but is so far away. BTC was 0.5% away from reaching this level, but has pulled back around a grand since then. This raises the question of when or if the final push will come.

Recent reports suggested that FOMO levels are still quite low, which is usually an indicator of further potential gains. However, the Fear and Greed Index has moved massively in favor of the latter since then, which usually indicates an impending correction.

For now, the wait continues.

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