On Thursday, bitcoin’s price soared past $99,000 for the first time in its history, setting a new all-time high for the world’s largest cryptocurrency.

Market analysts predict the upward trajectory will continue in the coming weeks, with bitcoin likely crossing the $100,000 milestone even before President-Elect Donald Trump takes office in January.

“In the last 2-3 weeks, bitcoin has consistently reached new highs and is now approaching the critical psychological threshold of $100,000,” said David Lawant, Head of Research at FalconX, a crypto prime brokerage, in an interview with TheStreet Crypto.

“What’s less discussed is that these sharp price increases are supported by exceptionally high trading volumes,” Lawant noted. “For context, bitcoin has been trading over $25 billion daily on the spot market — often surpassing $40 billion — compared to $10-12 billion on a strong day just a few months ago. Notably, all five of bitcoin’s highest-volume trading days occurred in 2024. While trading volumes for other assets, except Solana, have also risen, they remain well below the peak levels of the last market cycle.”

Analysts suggest that Trump’s presidency has already been a boon for digital assets, with many anticipating that his second term will bring policies favoring the cryptocurrency sector. The market received another jolt of optimism on Thursday when Gary Gensler, the Biden-appointed chair of the U.S. Securities and Exchange Commission, (SEC) announced his resignation. Speculation about Trump’s forthcoming SEC appointee has only added to bitcoin’s bullish momentum.

The price of bitcoin is currently trading at $98,000 at the time of writing.