Bitcoin Hits New All-Time High Of $84,000: What’s Next After A 23% Surge?

The leading cryptocurrency on the market, Bitcoin (BTC), hit a new all-time high of $84,000 on Monday amid increased inflows into the digital asset market and expectations for further gains in the final months of the year. 

This surge comes in the wake of Donald Trump’s recent victory over Democrat candidate Kamala Harris in the US presidential election, with Bitcoin experiencing a 23% increase over the past week and a 5.5% rise in the last 24 hours. 

Bloomberg reports that as Bitcoin hits a new record high, options traders are now targeting the $100,000 mark, speculating that it could be reached before the end of the year.

Traders on options exchange Deribit are particularly active, with large bets being placed on Bitcoin reaching this milestone. A notable $100,000 call option set to expire on December 27 has garnered significant attention, with reports indicating that it has already increased in value by 30%. 

Nick Forster, founder of Derive, a decentralized finance protocol for options trading, commented, “We’re witnessing some significant movements in the wake of the US election.”

As of Monday morning in London, there was approximately 9,635 Bitcoin—valued at around $780 million—in open interest tied to bets on Bitcoin hitting $100,000 by the December expiration. 

According to Bloomberg, this represents the highest amount of capital riding on any single trade for that expiry date, with Deribit estimating an 18.6% probability of this trade paying off.

Le Shi, managing director at market-making firm Auros in Hong Kong, noted that the current uptrend in the broader market is due to a number of promises made by Trump during the election campaign. 

These include making Bitcoin a strategic reserve asset for the US, firing the chairman of the US Securities and Exchange Commission (SEC) on his first day in office and introducing a clearer regulatory framework to support the market’s growth. 

Shi believes that the combination of favorable market conditions, growing institutional interest, and a supportive regulatory environment under Trump’s administration could create a conducive backdrop for further price appreciation.

At the time of writing, BTC is trading at $84,122. 

Featured image from DALL-E, chart from TradingView.com