Bitcoin’s price has climbed to unprecedented levels, peaking at above $93,000 on 13 November, driven by a wave of political and economic catalysts following Donald Trump’s election win on 5 November.
The cryptocurrency’s rise has been swift and sharp, with a 35% surge from $67,000 to its record high in just eight days.
As of writing, Bitcoin is trading slightly above $90,000, maintaining strong support as bulls take profits.
The market rally has sparked significant attention, with analysts crediting Trump’s pro-crypto stance, the Federal Reserve’s interest rate cut, and growing corporate investment as primary drivers.
Since Trump’s election, the Bitcoin network has seen an influx of 230,000 new funded wallets, bringing the total to 54.6 million as of 18 November.
This surge in wallet creation signals heightened retail interest, amplifying the cryptocurrency’s legitimacy among everyday investors.
An increase in the number of holders during a rally often indicates that the asset is drawing new buyers.
This influx of demand has played a key role in stabilising Bitcoin’s price, even as long-term holders take profits during the recent surge.
The role of institutional players in this rally cannot be overstated.
MicroStrategy’s announcement of a $42 billion Bitcoin acquisition plan and record-breaking inflows into Bitcoin ETFs have significantly bolstered market sentiment.
Over 11 and 12 November alone, Bitcoin ETFs saw $2 billion in capital inflows, with the BlackRock iShares Bitcoin Trust now managing over $40 billion in assets.
Shunyet Jan, head of derivatives and institutional at crypto exchange Bybit, emphasises the shift towards institutional dominance in the crypto space:
“Unlike the bull markets of 2017 and 2021, it’s Bitcoin leading the way.”
Despite the global excitement, scepticism remains.
Reserve Bank of Australia Governor Michele Bullock dismissed Bitcoin as a speculative asset rather than a currency during a speech at the Australian Securities and Investments Commission forum.
She exclaimed:
“Don’t call it an alternative currency. It’s not a currency, it’s not money, it’s being used as some sort of asset class. I don't understand it. I don't really see a role for it, certainly in the Australian economy or the payments system. Not sure of the purpose of it."
Adding to the criticism, ASIC Chairman Joseph Longo remarked:
“The demand for it is the bigger fool theory,” brushing off the price surge with a blunt, “Who cares?”
Technically, Bitcoin’s immediate support lies at $88,000, while resistance at $92,500 has kept prices consolidating near the $90,000 mark.
Analysts argue that holding above $88,000 is crucial for maintaining bullish momentum towards the $100,000 milestone.
The Bull-Bear Power indicator currently favours buyers, with a positive reading of 12,523 signalling strong market confidence.
However, should Bitcoin fail to sustain this support level, a retracement to $80,783 could provide an entry point for buyers seeking to capitalise on dips.
Experts are optimistic about Bitcoin’s path forward.
Iliya Kalchev, an analyst at the crypto lender and exchange Nexo, expressed optimism following Trump's victory, stating,
"The bull market is back."
He added,
“As we edge closer to $100,000, the market is likely to see increasing interest from both retail and institutional investors.”
The cryptocurrency’s dominance has grown significantly, now comprising over 50% of the entire crypto market’s value—a marked rise from the 40% share seen during the last peak in November 2021.
As FOMO drives more capital into the market, analysts predict a spillover effect benefiting other assets like Ethereum and Solana.
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