Galaxy Report: Bitcoin Bull Market to Continue, BTC to Top $100,000 Shortly

The Bitcoin (BTC) bull market is set to continue, with BTC expected to cross the $100,000 mark in the near future, Galaxy Research reportedly said in a research note on Tuesday.

According to the report, the growing adoption of Bitcoin by institutions and corporations, the possibility of creating a Bitcoin nation-state reserve, and the new US administration's support for cryptocurrencies all bode well for Bitcoin to move higher in the near and medium term.The introduction of ETF options could increase liquidity and potentially reduce volatility. This could attract large institutions to the market while stimulating retail demand.

Alex Thorn, head of research at Galaxy, said that while the outgoing Biden administration may even take some troubling regulatory or enforcement actions that could unsettle the market. But the next two years for bitcoin ‘seem unique and bullish,’ and the options market data is also bullish.