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As Bitcoin (BTC) price consolidates its position following a notable rally that began on November 5th, speculation about the possibility of further gains continues even after Bitcoin briefly fell below $100,000. continues.
Interestingly, President-elect Donald Trump’s former campaign chairman Paul Manafort recently expressed optimism about BTC’s upward trajectory during the Bitcoin Mena conference in Abu Dhabi.
A new era of cryptocurrencies awaits
Manafort emphasized Trump's role as a key supporter of the cryptocurrency market and predicted that Bitcoin will rise further once the next president takes office on January 20.
He praised President Trump's intentions to reform the U.S. Securities and Exchange Commission (SEC) and establish a strategic Bitcoin reserve, believing this will foster a more favorable environment for digital assets. There is.
“There are exciting times ahead for investors and participants in the crypto market,” Manafort said, noting that those who celebrated Bitcoin’s recent milestone of $100,000 will soon see even higher prices. He added that it would be a celebration.
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Manafort’s optimism is rooted in Trump’s recent appointments aimed at creating a more crypto-friendly regulatory framework in the country.
President Trump nominated Paul Atkins to head the SEC and signaled the resignation of current chairman Gary Gensler, who will retire on January 20th.
Gensler has been marked by regulatory actions that have hindered its market acceptance and expansion, particularly over the past three years. His resignation could also bring more regulatory clarity to the legal dispute between Ripple and Coinbase.
Additionally, President Trump appointed David Sachs as the first White House AI and Crypto Czar. Mr. Sachs will be responsible for developing government policy regarding artificial intelligence and cryptocurrencies.
President Trump said Sachs' role would be to “work on the legal framework that will give the crypto industry the transparency it has been seeking and allow it to thrive in the United States.”
Bitcoin prices have soared nearly 50% since President Trump's election last month, fueled by increased buying pressure from exchange-traded fund (ETF) issuers, with total Bitcoin holdings now at around It has reached $40 billion.
Analyst predicts Bitcoin could reach $275,000
Cryptocurrency analyst Ali Martinez also weighed in on the outlook for Bitcoin on social media site suggested.
However, the analyst also cautioned that it is important for Bitcoin to break above $96,000. Otherwise, it could fall to around $85,000, similar to the pattern seen in past market cycles.
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At the moment, the leading cryptocurrencies on the market have managed to maintain the support identified by experts and are trading only slightly above this level. Cryptocurrencies should obtain additional catalysts that could prevent a return to lower depths.
The daily chart shows that the price of BTC is below $100,000. Source: BTCUSDT on TradingView.com
Featured image from DALL-E, chart from TradingView.com
