Bitcoin price today: rises above $93k to clinch fresh record

Investing.com -- Bitcoin topped the $93,000 mark on Tuesday, climbing to a fresh record levels that stoked optimism that the popular crypto could soon target the $100,000 level.

Bitcoin rose 2.9% to $93,345.0 on Tuesday as of 3:09 p.m. ET (20:09 GMT), and had hit a fresh record of $93,751 earlier in the session.

Bitcoin surged by approximately 11% last week, during which it notched an all-time high of nearly $93,500. The rally was fueled by optimism sparked by pro-crypto Donald Trump’s win in the US presidential election. Bernstein highlights catalysts that could propel Bitcoin to $200K

Analysts at Bernstein have identified several catalysts that could drive Bitcoin's price to their cycle target of $200,000 by 2025.

“We are entering a stage, where we expect intrigue will turn to pain for the bitcoin bears,” said analysts led by Gautam Chuggani in a Monday note to clients.

Bernstein set their current target in June when Bitcoin traded at around $66,000, noting that Bitcoin’s surge toward $100,000 “seems around the corner and our $200K bitcoin target [by the end of] 2025 now looks not as delusional.”

Following Trump’s presidential election victory, his administration has made significant pro-crypto moves. Notable appointments include bitcoin advocates Robert F. Kennedy Jr. and Pete Hegseth for Secretary of Health and Secretary of Defense.

Yet, the most critical appointments for crypto—a new SEC Chair to replace Gary Gensler and a Treasury Secretary—are still forthcoming, the analysts pointed out.

Another major driver could be progress toward creating a US bitcoin reserve, a key campaign promise from Trump.

Bernstein highlighted that Senator Cynthia Lummis has already introduced the BITCOIN Act, proposing the US acquire up to 5% of Bitcoin’s total supply over five years, equivalent to nearly $100 billion at current prices.

While the plan holds strong political momentum, implementing such a reserve could require significant legislative efforts.

“Demand for bitcoin this cycle is led by institutions, corporates and retail,” analysts said, but added that the next phase will likely be “sovereign led,” as political support grows for crypto-friendly policies and resistance to CBDCs.

“The political winds of change are favoring candidates that prefer crypto deregulation and are against potential surveillance from a CBDC,” they noted. Crypto price today: Altcoins mostly higher

The broader crypto markets followed bitcoin higher, though world no.2 crypto Ether slipped 0.5% to $3,148.75.

Meanwhile, Solana and XRP rose 3.2% and 1.5% respectively, while Cardano added 3%. MATIC/USD also fell around 1.6% on the day.

Among meme coins, DOGE/USD jumped 10%, and Shiba Inu gained 4%. DOGE saw strong gains last week after Trump announced the formation of the Department of Government Efficiency (DOGE), which will be led by Elon Musk and Vivek Ramaswamy.

Source: Investing.com