Bitcoin Surges Past $72,000, Poised for $100,000 by Year-End

Bitcoin's price surged past $72,000 for the first time since June on Thursday morning, marking a nearly 12% increase in 24 hours. This significant breakthrough has been attributed to strong market demand and a recovery in investor confidence.

Retail sentiment around Bitcoin improved from neutral to 'extremely bullish', reflecting optimistic expectations for future price increases and driving trading activity.

Standard Chartered's Kendrick Geoffrey noted that Bitcoin's recent 54% drawdown may have established a floor for the current cycle, suggesting a potential rebound to $100,000, marking the shallowest four-year cycle to date.