Bitcoin Bulls Revisit $100K Year-End Target as BTC Spikes Over $62K

Bitcoin briefly rose above $62,000 before retreating following a broad market rally that reversed major losses earlier in the week.

Some analysts have predicted a target of $100,000 for the cryptocurrency later this year.

The rise was driven by positive stock market sentiment and expectations that Bitcoin reflects past market cycles, while liquid short positions also contributed to the rise.

Bitcoin {{BTC}} briefly rose above $62,000 in the Asian morning hours on Friday before retreating as the broader market rallied to reverse a steep decline from earlier in the week. That recovery has some bitcoin bulls reconsidering their year-end target of $100,000.

U.S. markets rebounded on Thursday, with the S&P 500 posting its best day since November 2022 and the tech-heavy Nasdaq 100 rising 3.1%. That helped reverse losses from Monday’s crash that sent stock indexes and cryptocurrencies into deep territory.

BTC has jumped 7.2% in the past 24 hours, one of its biggest single-day percentage gains in months. The move liquidated nearly $100 million worth of shorts, or bearish bets, on bitcoin-tracking futures. The $100 million liquidation was the fourth-biggest hit for bitcoin bears this year.

Some market observers attributed the gains to positive stock market sentiment and expectations that BTC would mirror past market cycles.

“Since the Bank of Japan has indicated that it will not raise interest rates any further and Jump Trading has no coins to sell like it did in Germany a few weeks ago, I don’t think the price will fall much below $50,000 (barring a rapid decline), perhaps never again,” Transform Ventures founder Michael Terpin told CoinDesk in an email on Friday.

“Regardless of the next 60 days, the bull market will continue along traditional four-year cycle lines with solid gains in October and November,” he added.

“If Trump wins, the influx of new buyers could push bitcoin above $100,000,” Terpin said, adding that there have been pullbacks in the six months since the halving and this fifth bitcoin cycle is no exception. “October and November are historically strong months for bitcoin, especially the year of the halving and the year after,” he said.

BTC’s rally revived gains among major tokens, with Ether {{ETH}} and toncoin (TON) up 10%, Solana’s SOL and Cardano’s ADA up 5%. XRP saw a slight dip after a 17% surge on Thursday, likely in profit-taking.

The broad-based CoinDesk 20 (CD20), a liquid index that tracks the largest tokens by market capitalization and excludes stablecoins, rose 5.35%.