New all-time highs in Bitcoin’s trading and surfacing retail demand have Bitcoin reaching new milestones on November 13, 2024. The flagship digital asset’s 24 hour trading volume reached over $145 billion on November 12 after over $89,000, while the 24 hour trading volume for the flagship digital asset struck over $1450 billion on Nov 12, a Matrixport report says.
Later today, Coingecko data also showed a peak in volume that temporarily surpassed $170 billion, a record long surpassed by some 50 percent above the level hit in August and March this year.
A spike in activity was attributed to Donald Trump’s U.S. presidential election victory by analysts at Matrixport, who said it brought the market back to the attention of some of these new retail investors. The crypto ecosystem has cheered on Trump’s pro-crypto agenda, pledging the U.S. to become “the crypto capital of the planet,” to create an ‘Strategic Bitcoin Reserve’ and replace SEC Chair Gary Gensler.
Michael Saylor Predicts Bitcoin Price at $100,000
There has been a surge in public enthusiasm for Bitcoin too, with Google searches for the cryptocurrency reaching new highs 78% higher than five years ago, reflecting the popularity of digital assets generally.
The election results have helped spot Bitcoin exchange-traded funds (ETFs) grow amidst more than $4.2 billion in inflows. The latest surge in ETF activity came along to add momentum to Bitcoin’s latest all-time high drive.
Using the real-world data, Matrixport found that retail trading volumes typically extend for weeks or even months after market upswings. Given that this is a trend, it means that Bitcoin could possibly be on its way to extending its bull cycle into the near term, albeit modest corrections.
At press time, Bitcoin has taken a 2.61% pullback from its all-time high, as it routinely does after a huge run. However, even with this dip, remaining optimistic Bitcoin fans and industry proponents remain tight.
Michael Saylor and Arthur Hayes are famous for projecting the Bitcoin price at $100,000 and even beyond, while Bernstein analysts have a long-term price target of $200,000. A key driver of future growth is Trump’s crypto-friendly regulatory stance, they say.
In a series of tweets on social media platform X, a crypto trader noticed a potential short-term target for Bitcoin as it forms a bullish pennant pattern on the coin’s four-hour chart, sitting around $103,000. Standard Chartered, meanwhile, has predicted that Bitcoin’s price will rise to $125,000 by January 2025.
But some analysts proceed with caution. Popular pseudo-anonymous trader Rekt Capital foresees a drop before Bitcoin’s next real rally. As Rekt Capital highlights, Bitcoin got only 50% in terms of gains in this bull cycle and says the peak may be in October 2025.
A favorable regulatory outlook under a new U.S. administration paired with retail demand and institutional support are all setting Bitcoin up for continued growth in its trajectory. While some short-term corrections might burst the bubble, sentiment on all levels is still exceedingly positive, and bull targets are eagerly pointing up to record highs.
