Bitcoin’s bull market is expected to continue its upward trajectory, with the cryptocurrency on track to surpass the $100,000 mark soon, according to a new report from Galaxy Research.

The report outlines several factors that will likely propel Bitcoin to new heights. These include growing institutional and corporate interest, the possibility of Bitcoin becoming part of national reserve strategies, and favorable political developments, especially with a pro-crypto stance from the incoming U.S. administration.

Despite the optimistic outlook, Galaxy cautioned that there could be some regulatory or law enforcement challenges from the outgoing administration that may cause temporary market volatility.

However, the longer-term picture remains “uniquely bullish,” with Bitcoin’s setup over the next two years showing strong potential for growth, according to Galaxy’s analysis.

The report also pointed to the potential impact of Bitcoin exchange-traded fund (ETF) options, which could bring more liquidity into the market, lower volatility, and attract larger institutional players as well as increase retail demand.

At the time of publication, Bitcoin was trading just over $94,600, up 2.8% on the day, while the broader CoinDesk 20 Index was up by more than 3%.