Bitcoin reached new heights on Tuesday, surpassing $93,000 and setting a fresh record, fueling optimism that the cryptocurrency may soon target the $100,000 mark.
By 3:09 p.m. ET (20:09 GMT), Bitcoin had risen 2.9% to $93,345, with a session peak of $93,751. The surge follows a significant 11% rally last week, during which Bitcoin nearly touched $93,500, propelled by the optimism following pro-crypto Donald Trump’s US presidential election victory.
Analysts See Bitcoin Potential Reaching $200K by 2025
Bernstein analysts have outlined several factors that could push Bitcoin to their $200,000 price target by 2025. “We are entering a stage where we expect the intrigue around Bitcoin to turn into discomfort for the bears,” said Gautam Chuggani and his team in a Monday note to clients.
Bernstein set the $200K target in June when Bitcoin was trading at $66,000. The firm noted that Bitcoin’s rapid ascent toward $100,000 now seems imminent, with their 2025 target of $200,000 appearing increasingly plausible.
Trump’s administration has supported crypto with key pro-bitcoin appointments, including Robert F. Kennedy Jr. and Pete Hegseth for Secretary of Health and Secretary of Defense. However, analysts noted that the most significant positions—such as the new SEC Chair to replace Gary Gensler and the Treasury Secretary—are yet to be filled.
A key factor driving the potential surge is progress toward a US Bitcoin reserve, one of Trump’s prominent campaign promises.
Bernstein analysts pointed out that Senator Cynthia Lummis has introduced the BITCOIN Act, which suggests that the US acquire up to 5% of Bitcoin’s total supply over the next five years. This would amount to nearly $100 billion at current prices.
Although the plan is gaining political traction, establishing such a reserve would likely require significant legislative action.
“Demand for Bitcoin this cycle is driven by institutions, corporates, and retail,” analysts noted. However, they anticipate the next phase of growth will be “sovereign-led,” as political support for crypto-friendly policies increases and resistance to Central Bank Digital Currencies (CBDCs) grows.
“The political landscape is shifting in favor of candidates advocating for crypto deregulation and opposing the surveillance capabilities of CBDCs,” they added.
Crypto price today: Altcoins mostly higher
The broader cryptocurrency market mirrored Bitcoin’s upward movement, though Ethereum (ETH), the second-largest crypto, dipped 0.5% to $3,148.75.
Solana and XRP saw gains of 3.2% and 1.5%, respectively, while Cardano rose 3%. MATIC/USD, however, dropped by about 1.6% on the day.
Among meme coins, DOGE/USD surged by 10%, and Shiba Inu added 4%. DOGE experienced a strong rally last week following Trump’s announcement of the creation of the Department of Government Efficiency (DOGE), which will be led by Elon Musk and Vivek Ramaswamy.