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As the price of Bitcoin (BTC) consolidated its position following a remarkable rally that began on November 5, speculation about the possibility of further gains continued, even after the cryptocurrency briefly fell below the $100,000 level.
Interestingly, Paul Manafort, former campaign chairman of President-elect Donald Trump, recently expressed his optimism about Bitcoin’s upward trajectory during the Bitcoin MENA conference in Abu Dhabi.
A new era of cryptocurrencies awaits you
Manafort Highlight Trump’s role as a major supporter of the cryptocurrency market, anticipating that Bitcoin will strengthen further once the president-elect takes office on January 20.
He praised Trump’s intention to reform the US Securities and Exchange Commission (SEC). It consolidates A strategic reserve of Bitcoin, which he believes will foster a more favorable environment for digital assets.
“Exciting times lie ahead for investors and participants in the cryptocurrency market,” Manafort stated, adding that those who celebrated Bitcoin’s recent arrival at $100,000 will soon celebrate even higher prices.
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Manafort’s optimism is due to Trump’s recent appointments aimed at creating a more favorable regulatory framework for cryptocurrencies in the country.
Trump did nominated Paul Atkins to lead the SEC, marking the departure of the current chairman, Gary Gensler, who is scheduled to leave office on January 20.
Gensler has been characterized by, among other things, regulatory actions that have hindered market acceptance and expansion in the past three years. His resignation could also bring more regulatory clarity to litigation involving Ripple and Coinbase.
In addition, Trump specific David Sachs as the White House’s “AI and Cryptocurrency Czar.” Sachs will be responsible for developing government policies related to artificial intelligence and cryptocurrencies.
“He will work on a legal framework so that the cryptocurrency industry gets the clarity it has been asking for and can thrive in the United States,” Trump noted regarding Sachs’ role.
Since Trump’s election last month, the price of Bitcoin has risen nearly 50%, also driven by increased buying pressure from China. Exchange-traded fund (ETF) issuers, whose total Bitcoin holdings now stand at about $40 billion.
The analyst expects Bitcoin to reach $275,000
Cryptocurrency analyst Ali Martinez also evaluated Bitcoin’s prospects on the social networking site X (formerly Twitter). suggestion It could reach $275,000 based on a bullish cup and handle pattern.
However, the analyst also to caution It is necessary for the price of Bitcoin to remain above $96,000; Failure to do so could result in a drop to around $85,000, reversing patterns seen in previous market cycles.
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As of now, the market-leading cryptocurrency has managed to maintain the support identified by the expert, trading slightly above this level. The cryptocurrency should get additional catalysts that can prevent a return to much lower depths.
Featured image of DALL-E, chart from TradingView.com