Bitcoin (BTC) continues to record massive capital inflow and investor interest, bringing the maiden cryptocurrency inches close to attaining the $100,000 per coin milestone.
Amid this growth, Bitcoin and the broader crypto market have faced opposition over the years, mainly due to their interaction with the traditional finance sector.
One notable instance of opposition came from former United States Secretary of State Hillary Clinton, who, on November 18, 2021, warned about cryptocurrency’s potential to destabilize nations and undermine traditional currencies.
“One more area that I hope nation states start paying greater attention to is the rise of cryptocurrency — because what looks like a very interesting and somewhat exotic effort to literally mine new coins in order to trade with the has the potential for undermining currencies, for undermining the role of the dollar as the reserve currency, for destabilizing nations, perhaps starting with small ones, but going much larger,” Clinton said.
At the time of her remarks, Bitcoin was trading at $56,942 per coin. Fast-forward to today, November 21, Bitcoin had surged to $97,680 by press time, marking an increase of over 71%.
Meaning that if you had invested $1,000 in Bitcoin on the day of Clinton’s remarks, your initial investment would now be worth $1,711, translating to profits of $711. It’s worth noting that, at the time, Bitcoin was also in a bull run that saw the asset touch a high of almost $69,000.
Bitcoin’s growth since 2021
Since then, the digital asset has made strides in its path to maturity, attracting institutional investors through the launch of related products such as the spot exchange-traded fund (ETF).
At the same time, Bitcoin has received backing from several countries, with nations such as El Salvador declaring it legal tender and the Kingdom of Bhutan.
The United States is also warming up to possible crypto-friendly policies with the election of Donald Trump. During his campaign, Trump promised to advance initiatives to make the U.S. a global crypto hub, including proposals to make Bitcoin part of the country’s strategic reserves.
Bitcoin targets $100,000
Meanwhile, Bitcoin’s post-election rally continues to form the foundation for the current bull run. The asset is targeting the $100,000 record, and most analysts are convinced this target will be reached as early as November 21.
For example, crypto trading expert Ali Martinez noted that Bitcoin appears to be breaking out of a bull flag on the lower timeframes. The current pattern, emerging after a period of consolidation above $90,000 following a strong upward move, supports this prediction.
An earlier analysis by Martinez noted that Bitcoin is mimicking its December 2020 trading pattern. Based on this, he anticipates Bitcoin could reach $135,000 by December 2024, with some analysts projecting the asset could climb to $200,000 by 2025.
All factors considered, Bitcoin is benefiting from favorable market conditions that suggest the current rally could continue. However, investors need to exercise caution, as momentum indicators such as the Relative Strength Index (RSI) show the asset is in overbought territory, indicating a potential short-term correction or consolidation.
Featured image via Shutterstock
