Bitcoin Price Surge

Bitcoin price jumped higher on Friday, tracking a surge in broader risk-driven markets as a positive U.S. labor market eased recession fears, leading to a rally in altcoin prices.

Bitcoin rose by over 4%, reaching $60,588.0, after peaking at $61,712.3. The token is set for moderate weekly gains following a more than 10% drop last week. Having fallen to $49,000 on Monday amid a market rout, Bitcoin has since recouped many losses.

Bitcoin Price Rises as Recession Fears Ease

The token followed the rally in the broader market, particularly equities, due to better-than-expected jobless claims data, fueling bets against an imminent U.S. economic slowdown. Previous fears of a recession had driven down risk assets, especially after nonfarm payrolls data revealed sharp declines.

Also, less hawkish comments from Bank of Japan officials improved market sentiment, confirming that rate hikes would not occur during volatile market periods. The decline of the Japanese yen indicated a recovering risk appetite.

Bitcoin’s $100K Year-End Price Target

With recent recovery, some bullish investors are revisiting their year-end target for Bitcoin, speculating it could reach $100,000. The recent surge resulted in one of Bitcoin’s most significant one-day percentage gains in months, liquidating nearly $100 million in short positions on Bitcoin-tracked futures, marking a notable impact on bearish bets this year.

Market analysts suggest gains are linked to positive stock market sentiment and expectations that Bitcoin will follow its historical market cycles. Transform Ventures indicated that, given the current conditions, it’s unlikely Bitcoin will drop far below $50,000 again.

They also predict that strong gains are likely in October and November, especially during a halving year.

Crypto Market Update

In broader cryptocurrency markets, XRP fell 5% after a sharp prior rally. Ripple Labs was fined $125 million by the SEC in an ongoing lawsuit, a fraction of the $2 billion sought.

While the ruling imposed an injunction on Ripple for future security sales, regulatory questions on whether crypto tokens qualify as securities remain unanswered. The SEC may appeal a previous ruling favoring Ripple regarding retail XRP sales.

Aside from XRP, altcoins surged with Bitcoin, with Ether rising 5.5% to $2,627.93. SOL slipped 1%, while ADA added 1.5%, and DOGE climbed 2.4% among meme tokens.