The bull run in Bitcoin (BTC) is set to continue, with BTC expected to cross the $100,000 mark in the near term, Galaxy Research said in a research note on Tuesday. The growing adoption of Bitcoin by institutions and businesses, the possibility of establishing a Bitcoin nation-state reserve, and the new U.S. government's support for the cryptocurrency all bode well for Bitcoin to move higher in the near and medium term, the report said. The launch of ETF options could improve liquidity and potentially reduce volatility. This could attract large institutions into the market while stimulating retail demand. Alex Thorn, head of research at Galaxy, said that while the outgoing Biden administration may even take some troubling regulatory or enforcement actions that will rattle the market, Bitcoin's trajectory over the next two years "seems unique and bullish," and the options market data is bullish.