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

During Asian trading, Bitcoin (BTC) briefly surpassed the $62,000 mark amidst a broader market rally, recovering losses from a sharp drop earlier in the week. The liquidation of short futures positions (bearish bets) worth nearly $100 million, positive stock market trends, and expectations of Bitcoin repeating its historical cycles were key factors driving this surge.

Over the past 24 hours, Bitcoin rose by 7.2%, marking one of its largest single-day gains in recent months. Some analysts attribute this rise to the positive sentiment in the stock market and expectations that Bitcoin will continue to follow its historical market cycles. «Now that the Bank of Japan has stated that it will not raise interest rates, and Jump Trading is about to exhaust its coin reserves for sale, I don’t see prices below $50,000 (except for brief fluctuations), and this may never happen again,» Michael Terpin, founder of Transform Ventures, said in his letter to CoinDesk on Friday.

He added that «regardless of the next 60 days, the bull market will continue to follow traditional four-year cycles with solid gains in October and November.» There was also speculation that if Donald Trump were to win, a new influx of buyers could drive Bitcoin’s price above $100,000. Moreover, within six months after a halving, pullbacks are typical, and the current fifth Bitcoin cycle is no exception. «October and November are historically strong months for Bitcoin, especially in the year of the halving and the year following it,» Terpin added.

Bitcoin’s rise also contributed to the price increase of other major tokens. Ethereum (ETH) and Toncoin (TON) rose by 10%, while SOL and ADA increased by 5%. The CoinDesk 20 (CD20) index, which tracks the largest tokens by market capitalization, increased by 5.35%.

American markets also saw gains the day before: the S&P 500 index had its best day since November 2022, and the Nasdaq 100 index rose by 3.1%, helping to offset losses from Monday’s drop, which had caused significant losses in both stock indices and cryptocurrencies.