Bitcoin has surged past $97,000, marking new record highs and hinting at further price increases as traders eye the potential for a six-figure valuation. The latest spike occurred just before a wave of liquidations, predominantly impacting short sellers betting against the cryptocurrency. Volatility in the market has intensified this year, largely attributed to the launch of multiple spot exchange-traded funds (ETFs) in the U.S. in January and the recent facilitation of options trading on these products. Additionally, the political landscape following the Republican victory in the U.S. presidential election has instilled optimism regarding regulatory changes. Analysts predict Bitcoin could exceed $100,000 by December, with estimates from Bernstein Research suggesting it may double by the end of 2025. Industry experts note that the current market behavior displays rationality rather than overwhelming speculation, signaling that the trends observed may not necessarily indicate an overheated market.

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