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Bitcoin surpassed $100,000 in the last 24 hours. However, this was short-lived and BTC fell back to $99,000.
While the US inflation data announced yesterday was shown as the reason for the rise in Bitcoin, analysts said they expect the BTC price to rise further as Trump’s inauguration ceremony approaches.
US President-elect Donald Trump’s upcoming inauguration sets the stage for strong gains in both stocks and cryptocurrencies, according to 21Shares crypto analyst Matt Mena.
Mena emphasized that falling inflation and pro-growth policy expectations create a favorable environment for new highs in cryptocurrencies.
“December inflation data suggests the last major macroeconomic barrier holding Bitcoin below $100,000 has disappeared.
The easing of inflation fears could pave the way for Bitcoin to break through the $100,000 resistance level before Trump takes office, data shows.
Such a milestone would be significant not only psychologically but also technically, allowing Bitcoin to surpass its $108,000 ATH and reach new records.
Trump’s documented support for pro-growth policies and track record of supporting asset price appreciation further strengthens the bullish outlook for Bitcoin and risk assets in general.”
Volatility May Be Seen in Bitcoin and Altcoins Next Week!
Paul Howard, senior manager of cryptocurrency company Wincent, said that he expects more upside in Bitcoin and cryptocurrencies, and that the expected news about crypto sector regulation, favorable banking rules and the creation of a strategic Bitcoin reserve are not yet fully priced in.
“With the change of administration in the US, we expect much more volatility next week.
We expect to see 10% volatility up and down in Bitcoin and altcoins like Ethereum (ETH), Solana (SOL), and XRP.
*This is not investment advice.
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