Bitcoin Soars to New Heights in Wild Post-Election Rally
Since Donald Trump’s election win earlier this month, bitcoin has embarked on a wild rally, with the cryptocurrency hitting $100,000 for the first time ever on Wednesday night. This milestone marks a significant psychological resistance level for investors, and it appears that the token is showing no signs of slowing down.
The Rally Continues to Climb
After approaching the $100,000 mark last month before dropping back down due to profit-taking and struggling to clear the important resistance level, bitcoin has steadily climbed since Trump’s election win. From just under $70,000 on Election Day to $100,000 in just over two weeks, analysts have predicted that it could keep going higher.
Standard Chartered Predicts $125,000 Rally by End of Year
In a note earlier this fall, Standard Chartered said the crypto could rally to $125,000 by the end of the year. Meanwhile, Piper Sandler’s chief market technician, Craig Johnson, predicted that bitcoin could reach $130,000 in an interview with CNBC last month.
Long-Term Forecast: $13 Million by 2045
MicroStrategy chairman and bitcoin bull Michael Saylor said his long-term forecast is for the token to hit $13 million by 2045. While this may seem like a lofty goal, it’s worth noting that Saylor has been a vocal advocate for cryptocurrency and its potential.
The Price of Bitcoin: Up 133% Year-to-Date
The latest Trump-related development to push bitcoin higher was the nomination of Paul Atkins to run the Securities and Exchange Commission. Atkins is widely viewed as pro-crypto and co-chairs the Chamber of Digital Commerce’s Token Alliance, an industry-led initiative to represent the sector.
Market Reacts Positively to Trump’s Pro-Crypto Picks
The market has also cheered developments such as reports that the President-elect could appoint a ‘crypto czar’ in the White House. Bloomberg reported that Trump could create a new position to guide the market, which has been met with enthusiasm from investors.
Senator Cynthia Lummis Reignites Market’s Excitement
Senator Cynthia Lummis reignited the market’s excitement over one of Trump’s more specific campaign promises – the creation of a national bitcoin reserve. The Wyoming senator said the Federal Reserve should sell some of its 1970s-era gold stash to buy bitcoin, thereby avoiding having to print any new money to do so.
Crypto Billionaire Mike Novogratz Weighs In
Crypto billionaire Mike Novogratz recently stated that Trump represented a ‘paradigm shift’ for industry regulation. While he predicted the coin would undergo a correction and pull back after hitting $100,000, he said it would eventually continue to rally.
A New Era for Cryptocurrency Regulation?
Novogratz added, "The entire cabinet almost owns bitcoin, and are proponents of digital assets." He noted that the incoming administration’s pro-crypto stance could lead to a significant shift in industry regulation. Saylor, who transformed his software company into a massive bitcoin holding company, said Republicans taking control of the White House and Congress in January would be a tailwind for the crypto industry.
Cathie Wood Praises Atkins’ Nomination
ARK Invest’s CEO Cathie Wood praised Atkins on a Wednesday night X post. "Even after breaking through $100,000, bitcoin still is in early innings," she said. Adding that her firm "believes that bitcoin is a much bigger idea than gold!"
The Future of Bitcoin: What’s Next?
With the price of bitcoin up 133% year-to-date, it’s clear that investors are optimistic about its future prospects. Will it continue to climb and reach $125,000 by the end of the year as predicted by Standard Chartered? Or will it undergo a correction and pull back as predicted by Novogratz?
One thing is certain: with the incoming administration’s pro-crypto stance, investors are confident that the future of cryptocurrency looks bright. As Saylor said, "The red wave converted headwinds into tailwinds."
As the market continues to rally, it will be interesting to see how bitcoin performs in the coming weeks and months. Will it continue to defy expectations and reach new heights? Only time will tell.
Stay tuned for further updates on this developing story!
