Bitcoin's $100,000 Price Target Is Within Reach, and $500,000 Is the New Goal

With Bitcoin posting yet another all-time high on Wednesday of $93,477, that lofty six-digit goal is within reach. Maybe even by the end of this week. Or the end of the day.

Bitcoin's price is approaching a new milestone that was once considered far-fetched: $100,000.

But some predictions are aiming even higher.

Bitcoin price is approaching a new milestone that once seemed unimaginable: $100,000.

However, some estimates point even higher.

Bitcoin recorded a new all-time high price of $93,477 on Wednesday, and that lofty six-figure target is now within reach. Maybe by the end of this week or the end of the day.

Now maximum FOMO (fear of missing out) kicks in.

“Moments like these cause waves of emotion,” Matt Hougan, chief investment officer of crypto asset management company Bitwise, said in a note to clients on Tuesday.

“Those who own Bitcoin before the November elections are rightfully very cheerful. However, most of those who did not enter Bitcoin at that time thought that they missed the opportunity.”

Hougan pointed out that Bitcoin is still in a very early stage of the bull cycle. According to him, the necessary conditions have been created to increase the price of Bitcoin fivefold.

In other words, $500,000 is now $100,000.

On the other hand, crypto investors have a lot to think about as Donald Trump was elected to the presidency for a second term on November 5 and is now preparing to fulfill his promise to turn the United States into a “Bitcoin superpower.”

According to CoinGecko data, Bitcoin has increased its value by more than 107 percent so far this year. And the total value of the crypto market rose marginally to reach another all-time high: $3.2 trillion.

But the decentralized finance (DeFi) market seems to be left behind.

DeFi is left behind

Ethereum's price increased by 26 percent in the last seven days and exceeded $ 3,300. And its price has increased by 41 percent since the beginning of the year. However, Ether has yet to reach its all-time high price of $4,878 in 2021 and is being eclipsed by Bitcoin once again.

What's more, the market cap of the top 100 DeFi coins actually fell 3.5 percent on Wednesday, even as memecoins rose more than 15 percent to $126 billion, according to CoinGecko.

And DOGE, the memecoin linked to Elon Musk's appointment as Trump government efficiency czar, rose 88 percent in the last 24 hours and reached $427 million in value.

Investors are enjoying what analyst James Cheek calls the Euphoria Zone.

Unlike the last crypto bull run in 2020 and 2021, this time there is an easy way for both retail and institutional investors to access the market: Bitcoin (and Ether) exchange-traded funds (ETFs) issued by BlackRock and other asset management giants.

The euphoria may continue for a while as both Wall Street and the White House embrace Bitcoin and the like.

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