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Bitcoin (BTC) jumped beyond $99,000 on Thursday, hitting a new milestone before pulling back slightly. This achievement comes in the wake of major political and market events that have led to increased investor confidence in digital assets.
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Rumors about the head of the Securities and Exchange Commission (SEC). Gary Gensler has passed awayas well as Donald Trump’s upcoming cryptocurrency-friendly policies, have fueled excitement in the cryptocurrency space.
Inspired by hope for a possible change in US fiscal policy, Bitcoin rose to $99,126 From the disappointing start of the session. Investors still believe $100,000 is within their reach, especially given the cryptocurrency’s nearly 40% surge following Trump’s expected re-election win earlier this month.
Pro-encryption management?
Reports indicate that the Trump administration is considering creating its first cryptocurrency policy function, which could change how regulation is made. Many believe that The SEC will become more open after Gensler leaveswhich has long been a subject of contention among the cryptocurrency community.
On January 20, 2025, I will step down from my position @SECGov chair.
Thread 🧵⬇️
– Gary Gensler (@GaryGensler) November 21, 2024
Mike Novogratz, CEO of Galaxy Digital, expressed hope for this change, noting that the energy of the Trump team is very different, that they are pro-crypto, pro-blockchain, and see the promise that bitcoin brings. He claimed that the government’s desire to build a national stock of Bitcoin and give top priority to blockchain innovation will help enable the market further.
Corporate moves add fuel
Trump Media and Technology Group (DJT) is in talks to acquire cryptocurrency exchange Bakkt, the Financial Times reported. This potential collaboration could bring cryptocurrency into a larger technological framework, making it more accessible and widespread.
Such developments add to the larger story of institutional adoption, which has been a critical driver in previous bull cycles. The market reaction shows a growing view that Bitcoin is poised to play a bigger role in both the private and public sectors under favorable regulations.
#Bitcoin It looks like it did in December 2020. Even the RSI is almost identical. If it is true, $ Bitcoin It will go to $108,000, drop to $99,000, and then bounce back to $135,000! pic.twitter.com/hsIBWBVGnl
– Ali (@ali_charts) November 20, 2024
Analysts expect new highs
Meanwhile, cryptocurrency expert Ali Martinez said that Bitcoin’s current rally has strong similarities to its late 2020 rise. Research by this analyst assumes that Bitcoin will rise to $108,000 before falling to $99,000 and then rising to $135,000.
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Important data including daily active addresses – which exceeded 475K – and higher social volumes of 380K support this prediction. These trends mirror the 2020 breakout when Bitcoin doubled in just a few weeks.
the next Gensler’s resignationBitcoin’s path can be determined by the position taken by its successor. The pro-crypto leader may encourage Bitcoin uptake and push it above $100,000, paving the way for a long-term rally. However, changes in regulations and market position will be important factors.
Featured image from DALL-E, chart from TradingView
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