Bitcoin rose above $62,000, reviving bulls’ hopes of reaching $100,000 by the end of the year

During Asian trading, Bitcoin (BTC) briefly exceeded $62,000 against the background of the overall market rally, managing to win back losses after a sharp drop at the beginning of the week. The liquidation of short positions (bearish bets) amounting to almost $100 million in futures, positive stock market dynamics and expectations of the main cryptocurrency repeating its historical cycles were the key factors that provoked this jump.

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Bitcoin rose 7.2% in the past 24 hours, one of the biggest one-day gains in recent months. Some analysts attribute this growth to positive sentiment in the stock market and expectations that Bitcoin will repeat its historical market cycles. “Now that the Bank of Japan has said it will not raise interest rates and Jump Trading will soon run out of coins to sell, I don’t see a price going below $50,000 (barring short-term fluctuations) and it may never happen again,” he said. Transform Ventures founder Michael Terpin wrote to CoinDesk on Friday.

He added that “regardless of the next 60 days, the bull market will continue to move on traditional four-year cycles with solid gains in October and November.” It was also suggested that if Donald Trump wins, a new flow of buyers could raise the price of Bitcoin above $100,000. Moreover, within six months after the halving, rollbacks usually occur, and the current fifth Bitcoin cycle is no exception. “October and November are historically strong months for Bitcoin, especially during the halving year and the year after,” Turpin added.

Bitcoin’s rise has also boosted the prices of other major tokens. Ethereum (ETH) and Toncoin (TON) rose 10%, while SOL and ADA rose 5%. The CoinDesk 20 Index (CD20), which tracks the largest tokens by capitalization, increased 5.35%.

U.S. markets were also higher overnight, with the S&P 500 posting its best day since November 2022 and the Nasdaq 100 rising 3.1%, helping offset losses from Monday’s plunge that saw stock indexes and cryptocurrencies suffer significant losses.