The market’s leading cryptocurrency, Bitcoin (BTC), has rejoined the crypto rally, which gained momentum on Friday amid reports that President-elect Donald Trump may issue an executive order prioritizing cryptocurrencies As soon as he takes office.
As of the latest data From CoinGecko, Bitcoin rose nearly 5% in the 24-hour period, reaching $104,000. The broader cryptocurrency market, represented by the CoinDesk 20 index, saw a rise, up 1% after a 4% gain on Thursday.
Excitement rises ahead of Trump’s executive orders
This renewed interest in Bitcoin has positively impacted exchange operators, with shares of platforms like Coinbase and Robinhood rising around 5% and 3% respectively.
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according to Per CNBC, the excitement follows a Bloomberg report indicating that Trump may establish the crypto advisory council he previously promised, potentially giving the industry a significant voice in his administration.
Discussions surrounding a national bitcoin stockpile are also part of the anticipated executive order, which is expected to address various aspects of cryptocurrency policy, according to a Report By the New York Times.
While the prospect of a pro-crypto administration and Congress in 2025 is encouraging for the industry, some Wall Street analysts caution that the full impact may not be felt immediately.
Coins and crypto projects outside of Bitcoin could reportedly benefit the most from Clear and Assist. RulesEspecially since they have been more vulnerable to Securities and Exchange Commission (SEC) lawsuits and perceived banking discrimination under previous administrations.
Analysts eye record-breaking bitcoin prices
Bitcoin’s performance has been closely linked to the stock market this year, following a period of consolidation that began in late December.
It comes after Federal Reserve Chair Jerome Powell raised concerns about inflation, a sentiment that eased with two favorable inflation reports in January.
Expectations are high that any announcement from the incoming administration next week could push bitcoin’s price even higher, potentially setting New records.
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Analysts believe the new administration, along with a new SEC chairman, could usher in opportunities for innovation within the cryptocurrency space.
JP Morgan analyst Kenneth Worthington noted that while the environment is promising, the market capitalization of other tokens and low investor interest may limit the impact of new cryptocurrency products.
In a favorable technical development, recently crypto analyst Ali Martinez pointed out That Bitcoin has broken out of a cup-and-handle pattern, a bullish indicator in technical analysis.
This pattern resembles a “cup”, followed by a downward trend, or “handle”, which is usually a Opportunity to buy. According to Martinez, this suggests a potential upside target for bitcoin of $276,400 — more than doubling its record high of $108,000 at the end of last year.
Featured image from DALL-E, chart from TradingView.com
