Citi Analysts Revealed the Recent Event That Led Bitcoin to Surpass $100,000 and What They Expect Next!

Bitcoin (BTC), with the momentum it gained during the week, became the focus of the market by exceeding $100,000 for the first time.

As the reasons for this historic rise continue to be discussed in the market, Citigroup analysts said that Bitcoin surpassed $100,000 due to the positive regulatory environment in the US and macroeconomic support.

According to Coindesk's report, Citigroup stated in a recent report that Bitcoin's recent surge above $100,000 is attributed to the U.S. elections and the appointment of crypto-friendly Paul Atkins as SEC chairman.

At this point, analysts noted that the upward momentum that started after Donald Trump's election win was supported by a positive macroeconomic environment, increased spot Bitcoin ETF inflows, and other factors.

Analysts led by Alex Saunders stated that the final upward movement required to break $100,000 is the appointment of Paul Atkins as the SEC chairman by Trump, who is a crypto-friendly candidate. They said, "The nomination of crypto-friendly Paul Atkins as the SEC chairman provided the last momentum for Bitcoin to surpass $100,000 and reach record levels."

Analysts also noted in the report that there has been a decrease in BTC dominance, highlighting that altcoins could potentially achieve greater gains due to regulatory relaxation, aside from Bitcoin.

A new regulatory system that comes with Trump's election could expand the use cases for cryptocurrencies and elevate Bitcoin's position as an asset class.

Altcoins will also benefit from this environment, in addition to Bitcoin.