Bitcoin has risen to $105,000, just before Donald Trump is inaugurated for his second term on Monday.
The BTC price dropped to around $90,000 earlier this month before reclaiming $100,000 on Thursday. Since then, the prices have continued to surge, hitting a high of $105,900 on Friday.
Trump’s new meme token has stirred the Bitcoin and overall crypto community
On Friday, Trump launched his new meme token, sending shockwaves through the world of Bitcoin and crypto. Crypto investor and Youtuber Anthony Pompliano even asked investors to “buckle up,” saying financial markets were not prepared for what was to come. At the time, the meme token’s market cap was close to hitting $8 billion, but it has now climbed to nearly $9 billion.
Moreover, CNBC crypto trader and founder of Crypto Banter Ran Neuner remarked:
“The Trump meme coin is real. This is just a taste of what we can expect for the next four years!” You’re not bullish enough.”
~ Ran Neuner
Most analysts and traders are bracing for continued volatility across crypto markets. Nonetheless, Trump’s promotion of his new meme coin has sent an optimistic message that he intends to fulfill his crypto promises, fueling analysts’ expectations.
On Friday afternoon, Bitcoin was already trading at $104,800 before surging to $105,900 later in the day. Bitcoin is trading at $105,283, a 0.83% rise in the last 24 hours. Its 24-hour trading volume is at $50.24 billion.
News on possible crypto orders has also helped to push BTC prices up
Donald Trump is reportedly preparing to issue over 100 executive orders immediately after his inauguration. Some have hinted that some of the executive orders will be related to Bitcoin or crypto, rallying high price expectations once he enters office.
According to sources familiar with the matter, analysts should expect at least one crypto executive order for the first 100 days of Trump’s term.
Furthermore, the Consumer Price Index (CPI) rose 2.9% in the 12 months through December. According to traders, this makes another Fed rate cut seem more likely, which could make Bitcoin more attractive.
As we await a new presidency, the collective insights from many analysts paint a diverse picture of Bitcoin’s potential trajectory. While some predict stability or modest gains, reflecting a tempered optimism, others anticipate more pronounced fluctuations driven by investor sentiment and political climate changes.
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