BTC jumps above $100,000, prompting $1M bet

This morning (UTC time), the most popular cryptocurrency, bitcoin (BTC), surpassed the psychologically important $100,000 price level for the first time in history, as bitcoiners target $1 million next.

The new all-time high for BTC is now around $103,700. At the time of writing, BTC is hovering near $102,900, up 6% in a day, 49% in a month, and 148% over the past year.

Analysts estimate that the price might still move higher as there are no signs the market is overheated.

"There is a net slowdown in excessive speculative interest, as well as a net reduction in spot sell-side activity," analysts at Glassnode concluded.

Meanwhile, as expected, interest in bitcoin is growing, as seen in Google search trends. However, it is still not at the levels observed in 2021.

The recent BTC rally has also been fueled by Donald Trump’s victory in the US presidential election, as he is perceived as friendly toward the crypto industry. Additionally, Republicans are working on plans to establish a bitcoin strategic reserve in the US, which could further support BTC’s price growth.

However, concerns are surfacing that Trump might not fulfill his promises, potentially disappointing bitcoiners and prompting another price correction.

At the same time, the current government sent almost $2 billion worth of confiscated BTC, sparking speculation that it may be sold. Moreover, a defunct BTC exchange, Mt. Gox, moved approximately $2.8 billion worth of BTC to an unknown address yesterday, possibly preparing for the next round of payouts, which could put additional pressure on BTC’s price.

After years of unsuccessful attempts to reach the $100,000 milestone, bitcoiners are now pushing the $1 million per BTC narrative. According to investor Travis Kling, “The path from $1k to $100k is SO much more unlikely than the path from $100k to $1mm.”

At the same time, popular bitcoin podcaster Peter McCormack is celebrating his victory in a bet with prominent traditional finance investor and bitcoin critic Michael Green, who lost $20,000. The wager was that BTC would not reach $100,000 by the end of this year.

Now, McCormack is offering Green a $1 million bet that BTC will reach $1 million by the end of the decade. Green has yet to respond to the offer.