Bitcoin surged to a new high of $75,000 on Nov. 6, sparking a wave of liquidations for short sellers totaling $179 million within hours, as demand rose on Coinbase. Analysts point to strong spot-buying trends that could sustain Bitcoin’s growth.

Bitcoin’s New Record Price Triggers Major Short Liquidations

According to statistics compiled by CoinGlass, about $179.1 million worth of Bitcoin short positions were liquidated in the four hours following Bitcoin's new high of $75,000.85 on Coinbase on November 6, surpassing its previous high of $73,679 established on March 13.

Total crypto market liquidations in the past 24 hours amounted to $483.2 million, with short bets accounting for $358.2 million of that total.

Massive Losses for Bitcoin and Dogecoin Short Sellers

On that particular day, almost $251 million was liquidated by Bitcoin short sellers, followed by approximately $47 million by Dogecoin short sellers, Cointelegraph shares.

"Heading into the US trading window, irrespective" of the presidential election result, Hundal stated he would not be "at all surprised" if Bitcoin's price corrects itself.

Spot Demand Versus Derivatives Speculation

“This is spot-driven demand, and that makes it meaningful. It’s not a derivatives-fuelled pump,” he clarified.

Furthermore, he said that spot buying "drives lasting demand and price growth for Bitcoin because it involves buying and holding the actual coins, unlike derivatives, which only speculate on price without affecting supply."

Market Volatility Amid Election-Driven Uncertainty

Nick Forster, creator of the onchain options DeFi protocol Derive, has stated that options traders are beginning to suggest that "election-driven volatility" may have reached its peak.

On November 6, Forster said in a market report, "We’re still seeing expectations for short-dated volatility to remain above normal, with the market’s pricing in potential daily fluctuations of 4-5% as the election results are finalized."

Crypto-Friendly Administration Could Boost Bitcoin Further

In the meantime, CK Zheng, co-founder of ZX Squared Capital, told Cointelegraph that the market views the second Trump administration as exceedingly crypto-friendly. Therefore, Bitcoin will continue to soar if Donald Trump is confirmed as the winner.

Analysts Forecast Bitcoin’s Potential to Reach $100,000

Bitcoin's price might "potentially" reach $100,000 by Q1 2025, according to 10x Research head of research Markus Thielen, who spoke with Cointelegraph.

"The options market still sees a 15% chance for Bitcoin to surpass $100,000 by the end of the year," Derive's Forster said.