Bitcoin (BTC) briefly spiked above $62,000 on Friday during the Asian morning hours before pulling back. This surge comes as the broader market rallied, reversing earlier losses from a steep drop earlier in the week. The recovery has reignited optimism among Bitcoin bulls, with some revisiting their $100,000 year-end target.
Market Recovery Drives BTC Surge
On Thursday, U.S. markets saw a strong rally, with the S&P 500 marking its best day since November 2022. The tech-heavy Nasdaq 100 rose by 3.1%, helping to reverse significant losses from earlier in the week. Bitcoin followed suit, jumping 7.2% in the past 24 hours, marking one of its biggest single-day percentage gains in recent months. This move led to the liquidation of nearly $100 million in short positions on bitcoin-tracked futures, making it the fourth-largest hit for bearish bets on Bitcoin this year.
Stock Market Sentiment and BTC Cycles
Market watchers have linked Bitcoin’s gains to positive sentiment in the stock market and expectations that BTC will follow its historical market cycles. Michael Terpin, founder of Transform Ventures, noted that with the Bank of Japan indicating no further interest rate hikes and other market dynamics, Bitcoin’s price may not dip much below $50,000 again.
October and November: Historically Strong Months
Terpin emphasized that the Bitcoin bull market is likely to continue, following the traditional four-year cycle. He expects solid gains in October and November, noting that these months are historically strong for Bitcoin, especially in the year of the halving and the following year. He also suggested that if Trump wins the election, it could trigger a rush of new buyers, potentially pushing Bitcoin’s price over $100,000.
Altcoins Also See Gains
Bitcoin’s rise has also lifted other major tokens. Ether (ETH) and Toncoin (TON) surged by 10%, while Solana’s SOL and Cardano’s ADA rose by 5%. However, XRP saw a slight drop after a 17% surge on Thursday, likely due to profit-taking.
Conclusion
As Bitcoin continues its bull market in line with the traditional four-year cycle, investors can expect strong performance in the coming months. With favorable market conditions and historical patterns in its favor, Bitcoin may still reach the highly anticipated $100,000 mark by the end of the year.
