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Bitcoin Price Analysis: Surge Past $90K After Trump Win Puts $100,000 Target in Sight

Bitcoin Price Analysis: Surge Past $90K After Trump Win Puts $100,000 Target in Sight

CryptoNewsCryptoNews2024/11/13 10:55
By:Arslan Butt
Last updated:
November 13, 2024 04:12 EST

Bitcoin price surged past $90,000 following Donald Trump’s recent election victory, recording an impressive 11% gain in just a day.

The former president’s favorable stance on cryptocurrencies appears to have fueled this upward movement, pushing Bitcoin closer to the highly anticipated $100,000 level.

With the asset up 30% since November 5, both retail and institutional investors are closely watching its trajectory, while related stocks, like Coinbase, have also posted notable gains in recent days.

Bitcoin Surges Beyond $90K Post-Trump Victory

Following Donald Trump’s election win, Bitcoin soared past $90,000, marking an 11% increase in just one day. The former president’s pro-crypto stance has energized Bitcoin’s rise, with the asset up 30% since November 5.

This rally has pushed Bitcoin closer to the anticipated $100,000 milestone, a target eagerly watched by both retail and institutional investors. Cryptocurrency stocks like Coinbase have also experienced sharp gains, with Coinbase shares climbing 75% since the election.

Bitcoin broke $90K! 🚀🚀🚀

pic.twitter.com/Q2aMFsozE3

— Neil Jacobs (@NeilJacobs) November 12, 2024

Analysts see this trend as sustainable, particularly if Trump’s policies favor cryptocurrency. The renewed investor confidence surrounding Bitcoin positions it as a valuable asset amidst the economic uncertainty expected under Trump’s administration.

Kiyosaki Plans Bitcoin Buys Up to $100K Mark

“Rich Dad Poor Dad” author Robert Kiyosaki shared his Bitcoin strategy , emphasizing disciplined accumulation over speculative selling.

Kiyosaki, currently holding 73 Bitcoin, plans to continue buying until Bitcoin hits $100,000. He advised investors against chasing quick profits, advocating a systematic buying approach.

YAY: BITCOIN over $88.000. I will keep buying more Bitcoin till it passes $100,000. Then I will stop. Not a time to get greedy.

Always remember….hogs get fat…pigs get slaughtered.

Don’t be a pig.

— Robert Kiyosaki (@theRealKiyosaki) November 12, 2024

Kiyosaki’s comments highlight his view of Bitcoin as a long-term asset, reinforcing the idea that consistent purchasing can strengthen the $100K level as a key price milestone.

His support may contribute to short-term price momentum and promote Bitcoin’s appeal as a stable investment choice.

Dollar Strengthens as BTC Holds Record Levels

Trump’s win has also kept the U.S. dollar near a six-month high, with investors expecting the new administration to pursue tariff cuts and tax reforms.

This has bolstered inflation expectations, pushing U.S. Treasury yields higher. Meanwhile, Bitcoin dipped slightly to $87,105 after briefly touching $89,998 but remains near its peak.

Treasury yields resumed their rise as investors looked ahead to crucial consumer price data on Wednesday https://t.co/U6VqtxK3T6

— Bloomberg Economics (@economics) November 12, 2024

As markets await U.S. inflation data, the Federal Reserve’s rate decisions could impact both the dollar and Bitcoin. Faster-than-expected inflation might add to Bitcoin’s volatility, though the long-term outlook remains positive.

With increasing institutional interest and potentially supportive regulations, Bitcoin’s upward trajectory appears set to continue.

Bitcoin Eyes Breakout Above $89,600 as Bullish Momentum Builds

Bitcoin is trading around $87,700, maintaining its upward momentum but facing resistance near the $89,600 mark. A break above this level could pave the way toward the next resistance at $91,500, with further gains potentially extending to $93,300.

Bitcoin Price Analysis: Surge Past $90K After Trump Win Puts $100,000 Target in Sight image 1

Immediate support lies at $86,000, with additional support levels around $84,700 and $83,200. The 50-day EMA, currently at $83,200, serves as a key trend indicator, providing strong support. The RSI hovers near 62, indicating moderate momentum but leaving room for further buying.

Overall, BTC appears poised for a breakout if it can clear $89,600, though failure to hold above $87,500 might trigger consolidation.

Key Insights:

  • Resistance at $89,600 may trigger gains toward $91,500 and beyond.
  • Support at $86,000 could cushion potential pullbacks.
  • 50-day EMA at $83,200 reinforces the bullish trend direction.

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Bitcoin Price Analysis: Surge Past $90K After Trump Win Puts $100,000 Target in Sight image 2

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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