The Bitcoin bull market still has momentum, and the leading cryptocurrency is poised to break through the $100,000 mark in the near term, according to a report by Galaxy Research released on Tuesday.
Galaxy Research outlined several factors supporting Bitcoin’s continued rise: growing institutional and corporate adoption, the possibility of Bitcoin being added to nation-state reserves, and a pro-crypto stance from the newly elected U.S. administration. These drivers are expected to fuel further gains in both the short and medium term.
However, the path upward may face temporary hurdles. “There could be some last-minute regulatory or law enforcement actions from the outgoing Biden administration that might unsettle markets,” noted Alex Thorn, Galaxy’s head of research.
Despite potential turbulence, Thorn emphasized the strong outlook for Bitcoin over the next two years, describing the setup as “unique and bullish.”
The report also highlighted a favorable shift in options market positioning, with the recent launch of Bitcoin ETF options enhancing liquidity and potentially reducing volatility. Galaxy suggested this development could attract larger institutional players while driving increased retail participation.
At the time of writing, Bitcoin was trading at approximately $94,600, up 2.8% on the day. The broader digital assets market, represented by the CoinDesk 20 Index, gained over 3%.
