Bitcoin (BTC) briefly rose above $62,000, then pulled back. The move comes as the broader market attempts to reverse the sharp decline experienced at the beginning of the week. Bitcoin’s recovery has encouraged some investors to raise their year-end targets to $100,000.

US markets experienced a big recovery on Thursday. The S&P 500 had its best performance since November 2022, and the tech-heavy Nasdaq 100 gained 3.1 percent.

This increase follows Monday’s big declines; On Monday, the market suffered huge losses in stock market indices and cryptocurrencies. This recovery restored investors’ confidence, creating general optimism in the market.

The 7.2 percent increase in BTC in the last 24 hours is considered one of the biggest single-day gains of the last few months. This massive move resulted in the liquidation of approximately $100 million in short positions on bitcoin-based futures.

This liquidation was recorded as the fourth major blow of the year for Bitcoin. These developments revealed how impressive and sudden the fluctuations in the markets can be.

Some market observers attributed these gains to the positive sentiment in the stock market and expectations for BTC to perform similar to past market cycles. In particular, the Bank of Japan’s statement that they would not increase interest rates further and Jump Trading’s difficulty in finding enough coins to sell coins created an additional atmosphere of confidence in the markets.

“The Bank of Japan has canceled plans to raise interest rates and Jump Trading is close to running out of coin stock, so I don’t see the price dropping below $50,000,” said Transform Ventures founder Michael Terpin. Terpin also stated that the price could bottom quickly.

“If Trump wins, the rapid entry of new buyers into the market could push the price of bitcoin above $100,000,” Terpin said, suggesting that the US elections could significantly affect the price of bitcoin.

He also noted that pullbacks usually occur within six months after the halving, and this fifth bitcoin cycle is no exception. He pointed out that October and November are historically strong months for bitcoin, especially in the halving year and the year after.

BTC’s rise has also revived gains among major tokens. Ether (ETH) and toncoin (TON) increased by 10 percent, while Solana’s SOL and Cardano’s ADA rose by 5 percent.

XRP experienced a small decline after a massive 17 percent increase on Thursday; It is thought that this decrease may be due to profit sales. This shows that investors may have started to realize their profits in the markets.