Bitcoin Picks Up Steam, Crosses $92K: Retail Thrilled With New Highs

The Bitcoin ($BTC.X) rally continued unabated as the biggest crypto in terms of market capitalization pushed past the $93K mark intraday on Wednesday before retreating below the level.

As of 1:37 p.m. ET, Bitcoin rose 4.46% to $92,732.09. 

Hopes of more crypto-friendly policies from the incoming administration under President-elect Donald Trump have primarily fueled the recent run. From a recent low of $49,121.24 (Aug. 5), the crypto has jumped more than 88%. For the year-to-date, the gain is a steeper 119%.

The recent surge has pushed Bitcoin’s market capitalization to about $1.83 trillion. It is now the world’s seventh largest asset after gold (estimated at $17.52 trillion) and Magnificent seven companies Nvidia Corp. ($NVDA), Apple, Inc. ($AAPL), Microsoft Corp. ($MSFT), Amazon, Inc. ($AMZN) and Alphabet, Inc. ($GOOGL) ($GOOGL).

Prominent crypto analyst Ali Martinez flagged the possibility of Bitcoin exploding higher to $225,000. In a post on X, the analyst said, “If #Bitcoin $BTC action is following a cup-and-handle pattern, the bullish target could reach $225,000!” he said.

Wall Street analysts have also thrown their weight behind cryptocurrencies. In a note published on Monday, Bernstein analysts recommended clients buy everything possible as the crypto bull market is well and alive, Financial Times reported.

“We recommend investors who have so far remained shy of any crypto exposure due to regulatory concerns invert their mental model,” they said.

Retail is “extremely bullish” on Bitcoin, with the sentiment meter on Stocktwits showing a reading of 82/100 amid “high” message volume.

A user of the Stocktwits platform called Bitcoin as the next big thing and said the rally will continue unabated at least for the next four years.

Most already have $100,000 in sight.

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