Bitcoin’s bullish trend is far from over, with expectations of a potential breakthrough above the $100,000 mark in the near future, according to a recent report by Galaxy Research.
The research highlights several key factors fueling Bitcoin’s continued growth. These include increasing adoption by institutional investors, corporate entities diversifying into Bitcoin, the possibility of countries accumulating Bitcoin as part of their reserves, and the support of a new U.S. administration with favorable crypto policies.
While the outlook remains optimistic, Galaxy noted that the market could experience some regulatory turbulence, particularly with the outgoing Biden administration potentially taking actions that might cause short-term market jitters.
Despite this, the longer-term Bitcoin outlook appears “exceptionally bullish,” with a unique market setup over the next two years pointing to sustained growth, the report said.
Additionally, the introduction of Bitcoin exchange-traded fund (ETF) options could enhance market liquidity and reduce volatility, which would likely attract both large institutional investors and retail traders.
Bitcoin was trading at approximately $94,600 at the time of the report, showing a 2.8% increase, while the broader CoinDesk 20 Index had risen by over 3%.
