Bitcoin’s Uptrend Is Far From Finished, Says Galaxy Research

Bitcoin’s bull run shows no signs of slowing, with the cryptocurrency likely to surpass the $100,000 milestone in the coming weeks, Galaxy Research stated in a Tuesday report.

The firm identified several bullish catalysts, including heightened institutional interest, increasing corporate adoption, and the possibility of Bitcoin reserves being added to national treasuries. Additionally, the incoming pro-crypto U.S. administration is expected to create a favorable environment for digital assets.

That said, the report cautioned against potential headwinds. “Markets might experience short-term jitters due to regulatory or enforcement actions initiated by the outgoing Biden administration,” wrote Alex Thorn, head of research at Galaxy.

Still, the overall outlook remains optimistic. “The next two years offer a uniquely bullish setup for Bitcoin,” Thorn added.

Galaxy also pointed to the positive implications of recent developments in the derivatives market. The introduction of Bitcoin ETF options is expected to boost liquidity, lower volatility, and attract both institutional and retail investors, further strengthening the market.

At press time, Bitcoin was trading at roughly $94,600, up 2.8% in 24 hours, while the CoinDesk 20 Index, a broader market gauge, climbed over 3%.