- Bitcoin hit $106,400 within the early hours of December 16
- Crypto dealer believes the following three to 4 weeks are going to be vital for Bitcoin if historical past repeats
- Investors imagine Bitcoin reaching $120,000 by the top of 2024 is achievable
Bitcoin set a new all-time high above $106,000 following information that President-elect Donald Trump is contemplating plans to create a US Bitcoin strategic reserve.
In the early hours of December 16, Bitcoin topped greater than $106,400, in keeping with information from CoinMarketCap.
At the time of publishing, Bitcoin has retraced barely to $104,700. Over the previous yr, the world’s largest crypto asset has risen practically 148% in worth. Bitcoin’s earlier high was set on December 5, hitting close to $104,000.
News of Bitcoin’s rally comes as Trump introduced he’s contemplating making a US Bitcoin strategic reserve much like its oil reserve. Speaking to CNBC final week, Trump stated:
“We’re gonna do something great with crypto because we don’t want China, or anybody else … but others are embracing it, and we want to be ahead.”
In relation to a query about whether or not the US will create a Bitcoin strategic reserve, Trump stated: “Yes, I think so.”
In a publish on X, Ash Crypto wrote: “Bitcoin is breaking out. If history repeats, the next 3-4 weeks are going to be massive.”
BITCOIN IS BREAKING OUT 🚀
IF HISTORY REPEATS, THE NEXT 3-4
WEEKS ARE GOING TO BE MASSIVE pic.twitter.com/aZwi28ZeTu— Ash Crypto (@Ashcryptoreal) December 16, 2024
Crypto-friendly administration
The incoming Trump administration is seen as extra crypto pleasant in comparison with Biden’s group.
During his marketing campaign, Trump promised to make America the “crypto capital of the planet.” Since winning the US election, his group has already made vital appointments, many of whom are crypto-friendly.
Last week, Trump appointed Paul Atkins as the following Chair of the US Securities and Exchange Commission (SEC). He will likely be changing Gary Gensler who’s stepping down on January 20, 2025.
Trump additionally named David Sacks because the lead coverage advisor on synthetic intelligence and crypto, dubbing him the “White House AI and Crypto Czar.” In November, Trump introduced that Elon Musk and Vivek Ramaswamy will lead the Department of Government Efficiency (DOGE) to “dismantle government bureaucracy.”
Speaking to the BBC, Peter McGuire from buying and selling platform XM.com, stated:
“The Bitcoin rally since the election has been parabolic and the FOMO – or fear of missing out – rally is gathering momentum. Many investors believe $120,000 is achievable by the end of the year and then in 2025 there’s talk of greater than $150,000 by mid-year.”
