Bitcoin Smashes $85K Barrier, Fueling Hopes for Crypto Bull Market

Bitcoin has clawed back much of its losses after hitting $85,070, nearing an eight-month high. The token's price is up 5.58% in a single day and nearly 90% from its lowest point earlier this year.

The crypto winter caught many by surprise, especially considering the regulatory backing Bitcoin received during President Donald Trump's administration. Trump appointed pro-crypto regulators, created a U.S. Strategic Bitcoin Reserve, and allowed people to invest retirement funds in alternative assets like crypto.

Despite some analysts being bullish on technical fundamentals, others are still skeptical about many cryptocurrencies. Bitwise Chief Investment Officer Matt Hougan predicts that this will be the strongest and longest-running bull market in crypto's history, but notes that making near-term calls is extraordinarily difficult.