Bitcoin Bulls’ Year-End Target Is $100K Again

Bitcoin (BTC) briefly rose above $62,000 before retreating. The recovery has some bitcoin bulls reminding us that their year-end target is $100,000.

US markets were on a good run yesterday, with the S&P 500 posting its best day since November 2022 and the tech-heavy Nasdaq 100 rising 3.1%, reversing losses from Monday’s rout that saw big losses in stock indexes and cryptocurrencies.

BTC is up 7.2% in the past 24 hours, marking one of the biggest single-day percentage gains in months. The development saw the liquidation of nearly $100 million worth of short positions in bitcoin futures. The $100 million liquidation is the fourth-biggest blow to bitcoin bearish bets this year.

Some market observers attributed the gains to positive stock market sentiment and BTC mirroring past market cycles.

Michael Terpin, founder of Transform Ventures, said: “I don’t think the price will fall below $50,000, given that the Bank of Japan has indicated that it will not raise interest rates any further and Jump Trading is running out of assets to sell.”

“Regardless of the next 60 days, the bull market will post solid gains in October and November.”

“If Trump wins, the flood of new buyers could push the bitcoin price above $100,000,” Terpin said, adding that there were pullbacks in the six months after the halving and that the fifth bitcoin cycle is progressing in a similar manner.

BTC’s rally revived gains in major tokens, with Ether (ETH) and toncoin (TON) up 10%, Solana’s SOL and Cardano’s ADA up 5%. XRP edged lower after yesterday’s 17% surge, likely driven by profit-taking.