Bitcoin briefly rose above $62,000 before falling during morning trading on Friday, as the cryptocurrency market rebounded after sharp declines hit global markets earlier in the week. The recovery has prompted some Bitcoin bulls to reconsider their year-end target of $100,000.
U.S. markets rebounded on Thursday as the S&P 500 recorded its best day since November 2022 and the Nasdaq 100 index containing technology stocks rose 3.1%. This helped reverse losses from Monday’s defeat, which saw significant losses across stock indices and cryptocurrencies.
Bitcoin has jumped 7.2% in the past twenty-four hours, one of its biggest single-day percentage gains in recent months. The move led to the liquidation of nearly $100 million in short positions, or bearish bets, on futures contracts that follow Bitcoin. The $100 million liquidation was the fourth-biggest blow to Bitcoin’s bearish bets this year.
Read also:Earnings call: PAR Technology sees growth in second quarter with strategic focus
Some market watchers attributed the gains to positive stock market sentiment and expectations that Bitcoin will reflect previous market cycles.
On the other hand, Ethereum, the second-largest cryptocurrency by market capitalization, rose 10% in the last 24 hours to $2,672.
“If Trump wins, the rush of new buyers could push the price of Bitcoin to more than $100,000,” Transform Ventures founder Michael Therbin told CoinDesk on Friday, adding that the six months following the halving saw declines — and this fifth cycle of Bitcoin is no exception. “October and November are historically strong months for Bitcoin, especially in the halving year and the year after,” he said.
Bitcoin’s rise revived gains among major tokens. Where Tonkin (TON) rose, the Solana and Cardano coin rose by more than 5%. XRP fell slightly after a 17% rally on Thursday, likely due to profit-taking.
What stock should you buy in your next trade?
The computing forces of artificial intelligence are changing the stock market. ProPicks from Investing.com are 6 winning stock portfolios chosen by our advanced AI. In 2024 alone, ProPicks’ AI identified two stocks that jumped more than 150%, 4 more that jumped more than 30%, and another 3 stocks that jumped more than 25%. What is the arrow with the next jump?
