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- 📢 #Gate Square Writing Contest Phase 3# is officially kicks off!
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- 🎉 [Gate 30 Million Milestone] Share Your Gate Moment & Win Exclusive Gifts!
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#Can BTC hold above $60,000 and continue rising?#
Bitcoin Rises Above $60,000 Again: $100,000 Target Revived
Bitcoin (BTC) briefly rose above $62,000 on Friday morning, reversing the sharp drop earlier in the week.
Following this recovery, Bitcoin bulls reiterated their $100,000 end-of-year target.
US markets showed a strong rally on Thursday. While the S&P 500 had its best day since November 2022, the technology-heavy Nasdaq 100 rose by 3.1 percent.
Bitcoin recorded one of its largest daily gains in recent months, rising more than 6% in the last 24 hours. This movement led to the liquidation of approximately $155 million worth of short positions in Bitcoin futures.
The target of 100,000 is back on the agenda
According to some experts, the rise in Bitcoin is related to developments in the stock market. Michael Terpin, founder of Transform Ventures, said, "I think that because the Bank of Japan stated that they will not raise interest rates anymore and Jump Trading will consume the coins that Germany sold a few weeks ago, the price may not go below $50,000 (except for a short period) again."
Terpin said, "Whatever happens in the next 60 days, the bull market will continue with solid gains in the traditional four-year cycle lines in October and November."
Additionally, 'If Trump wins, new buyers rushing in could push the Bitcoin price above $100,000,' he added. Terpin stated that there have been pullbacks in the six-month period following the halving, and this fifth Bitcoin cycle is no exception. 'October and November are historically strong months for Bitcoin, especially in the halving year and the following year,' he said.