Galaxy Research: Bitcoin Will Top $100,000 Shortly, Bullish for Next 2 Years

The Bitcoin (BTC) bull market is set to continue, with BTC expected to cross the $100,000 mark in the near term, Galaxy Research said in a research report on Tuesday, 27 November. According to the report, the growing adoption of Bitcoin by institutions and corporations, the possibility of creating a Bitcoin nation-state reserve, and the new U.S. administration's support for cryptocurrencies all bode well for higher Bitcoin in the near- and medium-term.The introduction of ETF options could increase liquidity and potentially reduce volatility. This could attract large institutions to the market while stimulating retail demand.

Alex Thorn, head of research at Galaxy, said that while the outgoing Biden administration may even take some troubling regulatory or enforcement actions that could unsettle the market. But the trend for bitcoin over the next two years ‘seems unique and bullish’ and the options market data is also bullish.