BTC is approaching $90,000, and the $100,000 mark is within reach

The trading frenzy triggered by Trump's victory continues to heat up. On Monday, Bit rose sharply, rising more than 10% to firmly stand above $89,000, reaching a high of $89,575.96. Ethereum rose 6.4%, exceeding $3,300, and Solana (SOL) rose 6.7%, breaking through $220. Investor enthusiasm has reached an all-time high, with CoinMarketCap data showing that the total cryptocurrency market capitalization has broken through $3.1 trillion for the first time since the November 2021 (previous bull market peak) high. On the US stock market, cryptocurrency concept stocks surged on the day, with Canaan (CAN.O) up 41%, MicroStrategy (MSTR.O) up 25% to a record high closing price of $340, with the company announcing on Monday that it has added 27,200 Bit, bringing its total holdings to 279,420 Bit, valued at about $24.5 billion at current prices. Coinbase (COIN.O) rose 19%, and Robinhood (HOOD) rose more than 7%, up over 35% in the past five days. Bloomberg previously reported that Robinhood's legal chief Dan Gallagher is one of the candidates being considered by the Trump team to lead the US SEC. Since the election, the inflow of funds into spot crypto ETFs has continued to rise. With Bit surging above $88,000 for the first time, the BlackRock spot Bit ETF also set a new daily trading volume record, with Bloomberg data showing the BlackRock spot Bit ETF's daily trading volume reaching $4.5 billion. Citi strategists emphasized in a research report that crypto is one of the "few Trump trades that have not yet retreated." The strategy team said: "Part of the reason is that the Trump administration is expected to be crypto-friendly, and investors hope this will translate into regulatory clarity in the US. Specifically, the net inflows into Bit and ETH ETFs were $2.01 billion and $132 million respectively in the two days after the election. We continue to view ETF fund inflows as a key driver of the Bit rally." John Reed Stark, former head of the SEC's Internet Enforcement Office, recently revealed that with Trump's victory in the US presidential election, the SEC's harsh crackdown on cryptocurrencies may be about to change. Stark predicted on Twitter Space: "The SEC is unlikely to launch major fraud lawsuits against the crypto industry in the coming years." This undoubtedly injected a shot of adrenaline into the crypto industry, which has been plagued by regulatory troubles. Stark believes that with Trump's election, the over-regulation of cryptocurrencies will become a thing of the past, and the new SEC chairman will be more friendly. He also predicted that Gensler may resign voluntarily before Trump takes office to avoid the embarrassment of being fired. Coinbase CEO Brian Armstrong also believes this will be "the most crypto-friendly Congress in history." In general, with the Republicans set to take control of the House after already controlling the Senate, the crypto industry will face a more friendly regulatory environment. However, the specific policy direction will need to wait until the new SEC chairman takes office. Fundstrat's digital asset strategy chief Sean Farrell said in an X post on Monday: "The market may seem bubbly to some, but please understand that we have just gone from an objectively oppressive regulatory regime to an overly friendly one overnight. The charts have every reason to justify the step-by-step returns of BTC." Legendary trader Peter Brandt says Bit could reach $125,000 before New Year's Eve. Brandt pointed out on the X platform that Bit often repeats its strong market performance patterns when prices rise. He analyzed Bit's current breakout of the historical high and, based on Bayesian probability theory, predicted that its price could reach $125,000. In simple terms, Bayesian probability (also known as Bayes' theorem) is a method of calculating the probability of future events based on existing data. For traders, it can help them set price targets by comparing the performance of assets in similar past situations to deal with uncertain price fluctuations. Brandt, based on Bayes' theorem, analyzed Bit's price trend in the first quarter of 2024 and believes it may replicate this pattern in the fourth quarter of 2024, reaching a high of $125,000 before the 2024 New Year. Another trader, Titan of Crypto, predicts a bullish triangle target price of $158,000 for Bit. He believes the appearance of the golden cross on the Bit weekly chart is a key factor in the continuation of the bullish trend, and points out that $100,000 is the first target price for the second wave of the 2024 bull market. As of the time of writing, on the Polymarket market that successfully predicted Trump's victory, the probability of "Bit breaking through $100,000 by the end of the year" has risen to 56%, and with the current price of $89,000, Bit is only 11% away from the $100,000 target.