Bitcoin Surges Past $97K, 83% Chance to Hit $100K Before December

Bitcoin has shattered previous records, reaching an all-time high (ATH) of $97,750 and sparking widespread anticipation that it could cross the $100,000 milestone by the end of the month. The crypto giant has seen consistent growth over the past two weeks, driven by a combination of market optimism, regulatory developments, and institutional interest.

Bitcoin’s Unstoppable Rally

Currently trading at $97,750, Bitcoin has gained 5.8% in the past 24 hours, solidifying its position as the market leader. With a market capitalization of $1.93 trillion, Bitcoin now commands a 57.9% dominance over the global cryptocurrency market, highlighting its status as “digital gold.”

Daily trading volumes have also surged, surpassing $85 billion, underscoring the growing interest in Bitcoin as it approaches the symbolic $100,000 mark.

In a recent poll conducted on market prediction platform Polymarket, participants assigned an 83% probability that Bitcoin will hit $100K before December, fueled by its strong bullish momentum.

The Broader Crypto Market Booms

Bitcoin’s explosive growth has also pushed the global cryptocurrency market to new heights. The overall market capitalization has reached an ATH of $3.33 trillion, according to CoinGecko data.

What’s Driving Bitcoin’s Surge?

Several factors are contributing to Bitcoin’s meteoric rise:

1. Political Tailwinds

The re-election of Donald Trump, widely regarded as a “crypto president,” has sparked optimism in the crypto market. Trump’s victory on November 6 was accompanied by pro-crypto politicians gaining significant influence in the U.S. House of Representatives and Senate, raising hopes for favorable crypto regulations during his second term.

2. Institutional Accumulation

Ki Young Ju, CEO of market analysis platform CryptoQuant, noted that Bitcoin’s current momentum resembles the 2020 bull run. A key driver is whale accumulation — large-scale purchases made over-the-counter by institutional investors.

“#Bitcoin bull market is starting, with data resembling 2020,” Young Ju stated, pointing to the steady inflow of institutional capital as a major catalyst.

3. Bitcoin Halving Effect

The April 20 Bitcoin halving, which cut mining rewards in half, has created upward pressure on prices as miners require higher valuations to maintain profitability. Historically, Bitcoin halvings have been followed by extended bull markets.

4. Spot Bitcoin ETFs

The launch of spot Bitcoin exchange-traded fund (ETF) options in the United States has further fueled the rally. The first ETF, BlackRock’s iShares Bitcoin Trust, was approved by the U.S. Securities and Exchange Commission earlier this month.

Spot Bitcoin ETFs provide investors with a regulated, secure way to gain exposure to Bitcoin, increasing its appeal among institutional and retail investors alike. The heightened demand for these products is expected to drive further growth in Bitcoin’s valuation.

What’s Next for Bitcoin?

With its price nearing the $100,000 mark, analysts believe Bitcoin has room for further growth. The cryptocurrency’s fundamentals — including whale accumulation, strong trading volume, and a favorable regulatory environment — continue to align for a sustained bull run.

For now, the market remains focused on whether Bitcoin can achieve the highly anticipated $100,000 milestone before the end of November.

Conclusion

Bitcoin’s journey to $97,750 represents more than just a price surge — it reflects growing confidence in the cryptocurrency as a store of value and an investment asset. As institutional investors and favorable regulations drive adoption, Bitcoin’s potential to reach new heights seems closer than ever.

Stay tuned for live updates and expert insights as we track Bitcoin’s progress toward the $100K milestone.