Bitcoin surged to $91,000 on Thursday as investors’ renewed appetite is seen to drive the price above $100,000.
The cryptocurrency’s price has surged for six days as market watchers expect the overall crypto market to rise another 25% to reclaim a value above $4 trillion.
This is “enough to drive Bitcoin back above $100,000,” Farzam Ehsani, CEO of crypto exchange VALR, told DL News. And such a move would “unlock massive double-digit gains for many high-beta altcoins.”
The Bitcoin bullishness mirrors optimism in markets in general. American tech stocks continue to soar and confidence is growing that the Federal Reserve will cut interest rates by 0.25% in December.
Lower interest rates usually result in a boon for riskier assets like crypto and tech stocks as they incentivise investors to bet on them.
Ehsani cautioned that “it is still too early to call a trend reversal,” noting Bitcoin must decisively reclaim $90,000 with stronger retail participation for a new upside cycle to form.
US spot Bitcoin exchange-traded funds added $22 million on Wednesday, following $129 million on Tuesday, breaking weeks of heavy selling, according to DefiLlama data.
That improvement stands out in an otherwise brutal month. Investors have withdrawn over $3.5 billion from Bitcoin ETFs in November, matching February’s mass liquidation and underscoring how sharp the recent de-risking cycle has been.
Bullish stocks, macro
Crypto’s recovery is moving in lockstep with the resurgence of US tech equities. The Nasdaq, a tech-heavy index seen as a barometer for risk appetite, has logged four straight days of gains, driven by giants Nvidia, Microsoft and Apple.
Nvidia in particular has defied waves of controversy to keep markets afloat. The $4.4 trillion chipmaker has refuted reports that it was engaged in so-called vendor financing, a scheme in which it supposedly invested in several of its own customers, including OpenAI, Elon Musk’s xAI, and AI cloud firms such as CoreWeave and Nebius.
The reported activity has drawn scrutiny from famed Wall Street short sellers Jim Chanos and Michael Burry, but Nvidia’s stock continues to defy expectations.
JP Morgan echoes the optimism.
“Despite AI bubble and valuation concerns, we see current elevated multiples correctly anticipating above-trend earnings growth, an AI capex boom, rising shareholder payouts, and easier fiscal policy,” the bulge bracket bank said in an investor report earlier this week, Yahoo reported.
Adding to the positive sentiment, policymakers at the US Federal Reserve have also signalled they will slash interest rates next month.
