In a dramatic resurgence that reignited optimism among cryptocurrency aficionados, Bitcoin (BTC) surged past the $62,000 threshold before experiencing a slight pullback during Friday’s Asian trading hours. This robust recovery has emboldened some of the staunchest Bitcoin proponents to reassert their ambitious $100,000 year-end target.

The U.S. equity markets witnessed a significant rally on Thursday, with the S&P 500 posting its best performance since November 2022, and the tech-dominated Nasdaq 100 soaring by 3.1%. This resurgence effectively reversed the severe downturn experienced earlier in the week, which had inflicted substantial losses across both stock indices and the broader cryptocurrency market.

In tandem with the stock market’s recovery, Bitcoin registered a remarkable 7.2% gain within a 24-hour period—one of its most substantial single-day percentage increases in recent months. This bullish momentum led to the liquidation of nearly $100 million in short positions—bearish bets against Bitcoin—marking the fourth-largest short liquidation for Bitcoin so far this year.

Market analysts have partially attributed this bullish surge to the positive sentiment in the stock markets, coupled with expectations that Bitcoin may be mirroring its historical market cycles. Michael Terpin, founder of Transform Ventures, offered his perspective in an email to CoinDesk on Friday, stating, “With the Bank of Japan signaling an end to interest rate hikes and Jump Trading exhausting its coin supply—much like Germany did recently—I don’t foresee Bitcoin’s price dipping below $50,000, except perhaps in a brief wick. This could signify a lasting floor.”

Terpin expressed further optimism about Bitcoin’s trajectory, citing the cryptocurrency’s traditional four-year cycle, which tends to deliver solid gains in the latter months of the year. “Regardless of the fluctuations over the next 60 days, the bull market will continue along its established cycle with strong gains expected in October and November,” he added.

He also speculated on the potential impact of the upcoming U.S. presidential election, suggesting that a Trump victory could trigger a surge in new buyers, potentially driving Bitcoin’s price above $100,000. “Historically, October and November have been particularly robust months for Bitcoin, especially in the year of the halving and the subsequent year,” Terpin noted.

Bitcoin’s impressive rise has reinvigorated the broader cryptocurrency market, with major tokens like Ether (ETH) and Toncoin (TON) soaring by 10%, while Solana’s SOL and Cardano’s ADA recorded gains of 5%. On the other hand, XRP saw a slight dip, likely due to profit-taking following its 17% surge on Thursday.

The CoinDesk 20 (CD20), an index that tracks the performance of the largest and most liquid cryptocurrencies by market capitalization—excluding stablecoins—jumped 5.35%, reflecting the widespread gains across the digital asset space.