The price of Bitcoin has surged back above $96,000, recovering nearly 6% from a pullback earlier in the week that saw the price of the crypto asset trade as low as $90,868.
Bitcoin is currently trading at $95,648, at the time of writing this report, while Ethereum saw a sharper rebound, climbing over 9% to $3,636,46. Also, the broader crypto market, as tracked by CoinDesk rose by 7%.
Bitcoin has been on an upward trajectory since the November 5 US presidential election that saw Donald Trump emerge as the winner, pushing the gains of the crypto asset by 38% during that period. After the election, BTC continued to push up massively, reaching an all-time high of $99,849.99 before testing the $90,000 support level.
Tekedia Mini-MBA edition 16 (Feb 10 – May 3, 2025) opens registrations; register today for early bird discounts.
Tekedia AI in Business Masterclass opens registrations here.
Join Tekedia Capital Syndicate and invest in Africa’s finest startups here.
The selling pressure has been offset to some extent by institutional inflows, including purchases by MicroStrategy and bitcoin exchange-traded funds (ETFs). However, ETFs experienced $438 million in outflows on Monday, ending a five-day streak of inflows.
Traders have been cashing in for a second consecutive day following Bitcoin’s post-election surge, fueled by optimism about President-elect Donald Trump’s pro-crypto policies. According to Alex Thorn, head of firmwide research at Galaxy Digital, the current Bitcoin bull market has strong momentum despite potential regulatory uncertainties.
In his words,
“There will be corrections and hiccups, which is normal. But increasing institutional, corporate, and potentially nation-state adoption, coupled with a crypto-friendly incoming U.S, administration, points to further growth in the near and medium term.”
Also speaking, Katie Stockton of Fairlead Strategies added that Bitcoin is in uncharted territory with no clear resistance levels, as it recently reached $92,000 for the first time on November 13. She noted that Bitcoin’s typical trading pattern involves sharp runups followed by periods of consolidation. “Investors should be prepared to allow for volatility while focusing on the cryptocurrency’s long-term potential,” Stockton advised during a CNBC interview.
Bitcoin is up 126% year-to-date and is still widely anticipated to surpass the $100,000 milestone before the end of the year. Ether, while trailing Bitcoin with a 59% annual gain, remains a strong performer since the election. Notably, long-term Bitcoin holders further support a possible push toward the $100,000 mark.
According to data shared by on-chain analyst Martinez, this class of investors is exhibiting increased greed, a behavior historically linked to market tops. Previous cycles suggest it takes 8-11 months from such sentiment shifts for Bitcoin to peak. If the trend holds, the technical expert noted that investors could expect a potential market top between June and September 2025.
This positive outlook comes as Bitcoin attempts to recover after dropping to as low as $95,700 in the last 24 hours. Investors anticipate this as the last dip before the asset resumes the upward momentum triggered by Trump’s victory, who is expected to implement crypto-friendly policies.
Meanwhile, some players maintain that if BTC follows historical patterns, the asset will likely surge to $135,000 by December 2024. On the other hand, some see this rally as a peak that could lead to a sharp correction.
Most recovery companies will take your money again. I personally think they are the same set of people that run all of them, seems like an unending cycle and it’s too sad. The most crazy thing about the whole internet thing is how you can clone a website to make it look like the real one, I discovered so many people fell into this kind of scams. The only recovery company I know that works is ( QUALIFIEDEXPERTIES aT GMAIL COM ) I have been to their physical address to meet them before and the good thing about them is that they will let you know if they can handle your case or not. So they will not just take your money when they already know they wont help you out