The Australian share market is expected to continue its upward trend this week, with the ASX 200 approaching the 8500-point mark.
Investor optimism is driven by the anticipated Trump administration, alongside rising energy stocks influenced by escalating tensions between Ukraine and Russia.
The Commonwealth Bank of Australia, a key component of the index, reached a record high of $159.03.
George Boubouras from K2 Asset Management forecasts the ASX may soon hit 8600 points, citing improved political clarity after recent elections worldwide.
With the US elections complete and Republicans holding major power, there is more predictability for the next four years.
Bitcoin surge
Technology stocks, particularly Afterpay-owner Block, significantly contributed to the ASX’s rally, fueled by Bitcoin’s recent surge.
Bitcoin neared $100,000 over the weekend, with expectations of reaching $150,000 before Christmas.
Block, seen as a cryptocurrency proxy, has gained 27 percent in value this month.
Amir believes Block could become one of the top five companies on the ASX by market cap if Trump endorses Bitcoin as a strategic reserve asset.
This outlook has strengthened with Trump’s selection of cryptocurrency advocate Scott Bessent as the US Treasury Secretary.
