A Trump victory could pave the way for $100K Bitcoin by the end of 2024.

Donald Trump's victory in the US presidential election could spur Bitcoin's rally above the all-important six-figure mark.

Trump won the November 5 presidential election after picking up key states including Pennsylvania, North Carolina and Georgia that he lost in 2020.

Ryan Lee, chief analyst at Bitget Research, said his president could set a rally for Bitcoin (BTC) above $100,000.

The implied volatility in the volatility market, along with the open interest in the futures markets, suggest that traders should expect high volatility in bitcoin activity, the analyst told Cointelegraph.

“Furthermore, with stablecoins' market capitalization reaching new highs and hovering around $160 billion, there is room for significant gains in the market, which could push BTC to $100,000 in the next three months.”

Shortly after Trump was elected president, the price of Bitcoin hit a new high of over $76,400 on November 6th.

Trump's upcoming presidency is seen as a net positive for the cryptocurrency space, with many expecting to see clearer crypto regulations that support blockchain innovation.

Related: Bitcoin Whale Raises $132M Amid Trump Victory Predictions

Republican Congress leads to favorable crypto regulations – Bitget Research

With Trump's election, the Republican Party secured majority control of the Senate, which Coinbase CEO Brian Armstrong called the “most pro-crypto Congress ever.”

A Republican majority could lead to more business- and innovation-friendly regulations, Lee said.

“With the Republican sweep in Congress, there could be positive developments in the regulatory framework of the crypto market, which will be positive for the industry in the long term.”

Still, Trump's policies could mean inflation in the world's largest economy will remain above 3.5% in the “medium to long term,” Lee said.

Related: Top Polymarket Whale Profits $20M From Trump Victory

After Trump's election, Bitcoin ETFs gained $620 million in BTC

Following Trump's presidential victory, the US-based space has continued its buying spree for Bitcoin exchange-traded funds (ETFs).

In the year On Nov. 6, Bitcoin ETFs recorded a total of $621 million in net inflows, marking the 10th largest day of inflows since ETFs began trading in January, according to data from Farside Investors.

Lee said, indicating that Wall Street's confidence in the crypto market outlook is growing.

“The BTC ETF may see net gains in the coming trading days, indicating that Wall Street institutions are optimistic about the market's outlook. The ratio of long to short accounts in the futures market is below 1, which suggests that institutional investors in the crypto market are holding long positions in futures.

Investors are increasing the price of Bitcoin, which cannot fall below $60,000 in the near future, according to economist and trader Alex Kruger.

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