Bitcoin surpasses $97,000 as futures signal more potential gains

Bitcoin (CRYPTO:BTC) has surged past $97,000, reaching a new all-time high late Wednesday, according to CoinGecko data.

The rapid ascent is attributed to increased market activity, with analysts suggesting the cryptocurrency still has room for growth as it approaches the $100,000 milestone.

The price spike triggered $100 million in liquidations over the last 24 hours, with 80% of losses borne by short sellers, according to CoinGlass.

Bitcoin’s volatility this year has been fueled by significant events, including January’s U.S. spot Bitcoin ETF launches and the recent introduction of options trading on these products.

A favorable regulatory outlook has further bolstered market sentiment.

Dubbed the "Trump Trade," optimism around President-elect Donald Trump’s anticipated crypto-friendly administration has enhanced confidence in the market.

Expectations of eased regulations and potential Federal Reserve rate cuts have driven Bitcoin and traditional markets, with the Nasdaq and SP 500 recently hitting record highs.

Market analysts remain bullish on Bitcoin’s future trajectory.

Bernstein Research predicts the cryptocurrency could double to $200,000 by the end of 2025.

"Funding rates for perpetual contracts are sitting at around 10%, far from the excessive levels seen earlier this year," noted Pav Hundal, lead analyst at Swyftx.

This week’s surge underscores Bitcoin’s role as a market leader in the digital asset sector.

Its steady climb, driven by strong institutional interest and robust trading activity, positions it as a pivotal asset amid evolving regulatory and economic conditions.

With the $100,000 threshold in sight, the coming days will be critical in determining whether Bitcoin can sustain its momentum and enter six-figure territory.

At the time of reporting, the Bitcoin (BTC) price was $97,027.98.