Bitcoin Gains Momentum: Poised for Strongest Weekly Rise Since Trump Win

Bitcoin is experiencing a robust weekly gain, nearing $95,000 with an 11% increase this week, the largest jump since November 2024. This rally is supported by significant inflows into U.S.-listed spot bitcoin ETFs, totalling around $2.68 billion. Experts predict this could be just the beginning of Bitcoin’s ascent towards record prices, potentially nearing $136,000 by early 2024.

Bitcoin has been flexing its muscles over the past week, showing signs it might achieve its strongest weekly performance since the election of Donald Trump back in 2024. Up 11% and buoyed by hefty inflows into U.S.-listed spot bitcoin ETFs—totaling around $2.68 billion—Bitcoin (BTC) is hovering near the $95,000 mark. Analysts are suggesting that this could be just the beginning of a climb to record-highs.

Ethereum isn’t far behind, also seeing a bit of a surge, edging up 2% to just above $1,800. Interesting to note is that Sui (SUI), Bitcoin Cash (BCH), and Hedera’s HBAR led the way in gains according to the CoinDesk 20 Index, highlighting a broader uptick in the crypto market after steady lows earlier this month.

The rebound in investor enthusiasm for ETFs appears to be a significant factor behind Bitcoin’s current price jump. Experts say Bitcoin’s movement away from traditional macro assets like stocks and gold signifies a change in its status—a kind of maturing out there in the market. David Duong from Coinbase Institutional mentioned in a report that this might signal a pivotal moment in Bitcoin’s evolution as a store of value.

Interestingly, the trend continues to favour institutional interest too, with more firms joining in on holding Bitcoin as part of their treasury strategy. A new entity, Twenty One Capital, stands out, having plans to accumulate a whopping 42,000 BTC at its inception, powered by backing from big names like Tether and SoftBank.

On the trading side, liquidity in the Bitcoin market has shrunk, with considerable amounts of Bitcoin pulled out from active addresses and exchanges since November 2024. Dr. Kirill Kretov from CoinPanel highlighted that as the market tightens, we could be in for volatility, with price swings moving 10% in either direction becoming more commonplace.

Looking ahead, predictions vary. John Glover from Ledn opines that BTC might be in the early stages of its next major upward movement. Utilising the Elliott Wave principle, he believes Bitcoin could hit around $133,000 to $136,000 by the end of this year or the beginning of 2024, although a dip back to $75,000 is still in the realm of possibility.

For now, it looks like traders are closely watching Bitcoin’s next moves, with many hopeful that the current momentum is just the start of something much bigger. In the world of crypto, anything is possible, and this week seems to have reignited excitement among both regular investors and big players alike.