Bitcoin’s (BTC) 7% surge above $100,000 in the past 24 hours has ignited a massive reaction in the crypto community. Market experts and analysts are discussing factors that led to the historic move and speculating about how high bitcoin can go, given the current state of the market.

CryptoPotato received remarks from analysts at the crypto exchange Bitfinex and the on-chain analytics platform Nansen. Additionally, founders of traditional finance firms heavily invested in the leading digital currency dropped their opinions on the win.

Analysts React to BTC Above $100K

According to Bitfinex analysts, the halving earlier this year influenced bitcoin’s move past $100,000. Following the event in April, BTC supply was reduced by half, as was its emission rate and inflation, leading to a slow supply shock.

The United States Federal Reserve avoided a “plausible recession” and a major job market crisis, contributing to bitcoin’s ascent to $100,000. To Bitfinex analysts, preventing a real estate collapse despite rising housing loan default rates added to macroeconomic stability, creating a favorable environment for BTC to thrive.

Another factor is Federal Reserve Chairperson Jerome Powell’s comparison of BTC to gold at the New York Times DealBook Summit on December 4. He said the leading cryptocurrency competes with the precious metal, not the U.S. dollar.

Bitcoin Short-term Target at $112k

Top on the list is the emergence of the crypto-friendly Donald Trump as the 47th president of the United States. During his campaign, Trump took a pro-crypto stance and won over the digital asset community. Now, he has appointed the crypto-friendly Paul Atkins as the chairman of the U.S. Securities and Exchange Commission.

Nansen’s Principal Research Analyst, Aurelie Barthere, said Atkins’ nomination helped bitcoin’s last leg to $100,000.

As BTC continues its surge, Bitfinex has placed its short-term target at $112,000 – the asset was worth $101,820 at press time. Analysts asserted that trading activities will decline over the holiday period; however, the market will continue to see long-term holder