Bitcoin is advancing towards about $90,000 from past market movements caused by unexpected news regarding ex-President Donald Trump. Although Trump had very ambiguous feelings towards the world of cryptocurrencies, his most recent comments prompted investors to push Bitcoin to a new record high. Here is what is behind this sudden surge and then what this may portend about the prospects of cryptocurrencies.

What is driving Bitcoin’s Trump-inspired fortification?

In the last 7 days, Bitcoin maintained a rising trend, and Trump’s recent change in approach appears to have fuelled the rise. A few days ago, Trump, in an interview with the public, admitted that the cryptocurrency markets might have good potential, which created many debates and curiosity among financial market investors. Before that, Trump had been vocal about his disdain for cryptocurrency, taking to Twitter severally to refer to them as unregulated and as a threat to the financial system.

But with this kind of newfound gentleness, enthusiasm for Bitcoin has been reignited, which the investors viewed as more mainstream embraced. People, particularly those influential on the market, did not take long to respond to the news, which saw the Bitcoin price rise to almost its previous peak. Bitcoin Nearing Record Highs: What Does This Mean?

Bitcoin’s rise towards $90,000 is important not only for its record high but also for the rest of the cryptocurrency industry. Likely attributed to the rise in demand from institutional investors, and on the back of Bitcoin’s gain, other digital currencies have also appreciated in recent trading sessions. This rally is all about how fast the market can turn on its head following remarks from influential personalities to capture the volatile nature of cryptocurrency.

Pundits are expecting Bitcoin to hit an even higher level as such, with some people forecasting a $100,000 end-of-year price. However, the high risk characterised by the price swings continues to be damaging, and investors are always prepared or put off by a plunge or a bear phase.

What Should Bitcoin Investors Expect?

It has been a wild 12 months for Bitcoin and its many users and investors, but it seems to be on the upswing now—unless the current price of Bitcoin at nearly $90k sees a correction anytime soon. However, Trump’s remarks have given a short-term boost, as the cryptocurrency market is characterised by fluctuations, and risk is recommended for investors. Analysts will expect more actions as news on the regulatory front may significantly influence Bitcoin’s future in the long run.

For now, everyone who invests in Bitcoin is happy with the upward trend, but experienced traders understand that getting to a new high is not always a straightforward process in the crypto market.