‘$100,000 By 2025’—Donald Trump And Elon Musk Fuel Huge Bitcoin Price Predictions As Dogecoin Soars

   Share to Facebook Share to Twitter Share to Linkedin Bitcoin has rocketed higher as Donald Trump clinched victory in the U.S. presidential election, setting up a "perfect storm" for the bitcoin price in weeks ahead. The bitcoin price has smashed its previous all-time high, climbing above $75,000 per bitcoin, while other major cryptocurrencies have also soared, led by the meme-based dogecoin that's a favorite of Tesla billionaire Elon Musk as speculation mounts over his plans to avert a "financial emergency." Now, as traders turn to the Federal Reserve interest rate decision this week, bullish bitcoin traders and analysts are betting the bitcoin price could surge to $100,000 by the new year. Sign up now for the free CryptoCodex—A daily five-minute newsletter for traders, investors and the crypto-curious that will get you up to date and keep you ahead of the bitcoin and crypto market bull run ForbesChina And The Fed Are Quietly Adding To A ‘Perfect Storm’ That Could Be About To Blow Up The Bitcoin PriceBy Billy Bambrough MORE FOR YOU Election Betting Odds: Trump Hits 99% On Polymarket, Kalshi As More Election Results Come In Election 2024 Live Updates: Donald Trump Wins Presidential Race, AP Projects New Chrome, Safari, Edge, Firefox Warning—Do Not Use These Websites Tesla billionaire Elon Musk has campaigned for Donald Trump over the last month, with many of his ... [+] comments seen as bullish for the bitcoin price, dogecoin and the wider crypto market. AFP via Getty Images "Bitcoin is the one asset that was always going to soar if Trump returned to the White House," Russ Mould, investment director at AJ Bell, said in emailed comments. "A brief jump to $75,281 put the cryptocurrency at a new all-time high and fired up traders to speculate when, not if, it will smash through $100,000. Trump has already declared his love of the digital currency and crypto traders now have a new narrative by which to get even more excited about where the price could go." "Bitcoin could reach $100,000 by December or January," Markus Thielen, the chief executive of 10x Research, said in an emailed note. Bitcoin and crypto market watchers pointed to options data that suggested there is a 15% chance the bitcoin price reaches $100,000 by the beginning of 2025. "The options market still sees a 15% chance for bitcoin to surpass $100,000 by the end of the year, highlighting a significant optimism in the longer-term market trajectory," Nick Forster, founder of decentralized finance protocol Derive, said in emailed comments. However, others warned there may be a bitcoin price correction this week as overenthusiastic traders pull back from their post-election optimism. "By late this week or early next ... a sharp price correction is anticipated," Arthur Azizov, the chief executive of crypto payments company B2BinPay, adding Thursday's Federal Reserve interest rate announcement is expected to bring further price volatility. Sign up now for CryptoCodex—A free, daily newsletter for the crypto-curious Forbes‘Cataclysmic Collapse’—Tesla Billionaire Elon Musk’s Radical $35.7 Trillion Plan To Avert ‘Financial Emergency’ Spurs Huge Bitcoin Price BetsBy Billy Bambrough The bitcoin price has rocketed higher following Donald Trump's decisive victory in the U.S. ... [+] election, with the meme-based dogecoin surging. Forbes Digital Assets "The bitcoin price chart shows significant uncovered liquidity below the current price, while liquidity above has already been absorbed, indicating that a downward movement is needed to support sustainable future growth. By year-end, we project Bitcoin’s value to range between $80,000 and $90,000, with $100,000 remaining an unlikely target under current conditions." The crypto market has been led higher by the meme-based dogecoin, a tongue-in-cheek bitcoin rival that's been embraced by billionaire Elon Musk and is accepted as payment across his companies Tesla and SpaceX. "Dogecoin rallied nearly 55% from its November 3 lows to Wednesday's high, fuelled by Trump's victory and anticipation around the election results," Alex Kuptsikevich, FxPro chief market analyst, said in emailed comments. "In addition to the general positivity for cryptocurrencies, speculators are betting on Musk's potential position in the new administration. The Tesla founder and head of X (formerly Twitter) has maintained the recognition of one of the first meme coins for many years." Follow me on Twitter. Billy Bambrough Editorial Standards Forbes Accolades