As Bitcoin surpasses $80,000 after the U.S. elections, analysts predict short-term corrections but foresee long-term targets as high as $300K amid growing demand.
Bitcoin reached a historic milestone this week, rising above $80,000 for the first time. The crypto’s surge came after Donald Trump’s victory in the U.S. presidential election and as Republicans edge closer to securing control of Congress.
This political outcome is influencing market dynamics, with analysts speculating on Bitcoin’s next price trajectory. Some predict significant price corrections, while others see potential long-term growth fueled by increasing demand and the possibility of U.S. policy shifts favoring digital assets.
Short-Term Bitcoin Corrections Before High Targets
As Bitcoin crosses new thresholds, industry observers forecast further growth and market corrections. For instance, investor Alistair Milne expects Bitcoin to target $100,000 next.
However, Milne warns of a potential 20-25% correction before reaching this level, suggesting that sellers at $95,000 and above may capitalize on the expected dip, leading to short-term price fluctuations.
$100k Bitcoin is the Captain Obvious target
We will probably have a 20-25% correction just before it and everyone will say its over
Sellers @ $95k+ will laugh at the HODL’ers
We will then teleport straight through $100k, causing generational FOMO
… and then there’s the…
— Alistair Milne (@alistairmilne) November 10, 2024
Analysts observe that despite corrections, continued interest from institutional and individual investors could ultimately push Bitcoin’s price past $100,000, potentially sparking what some call “generational FOMO,” or fear of missing out.
At press time, Bitcoin was trading above $80,000. A 25% correction would drive its value back to the $60K range.
Long-Term Price Target
In addition to short-term speculation, some financial leaders are presenting even more ambitious long-term projections for Bitcoin.
VanEck CEO Jan van Eck recently voiced his belief that Bitcoin could ultimately achieve $300,000. His forecast is based on Bitcoin’s growing role as “digital gold” and its potential to capture half the market share of gold.
Meanwhile, Van Eck clarified that this projection is conservative, noting that some Bitcoin proponents anticipate an even higher valuation. He argues that Bitcoin’s trajectory might surpass his estimate, particularly as demand for Bitcoin-backed products grows.
Interest in Bitcoin continues to surge, as indicated by a single-day inflow of $1.37 billion into Bitcoin funds last Thursday.
