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As the price of Bitcoin (BTC) consolidates its position following a remarkable rally that began on November 5, speculation about its potential for further gains continues, even after the cryptocurrency briefly dipped below the 100,000 mark.
Interestingly, Paul Manafort, the former chairman of the campaign of President-elect Donald Trump, recently expressed his hope for the rise of BTC during the Bitcoin Mena conference in Abu Dhabi.
A New Era of Crypto Awaits
Manafort highlighted Trump’s role as an important supporter of the cryptocurrency market, predicting that Bitcoin will strengthen even more when the President-elect takes office on January 20.
He praised Trump’s intention to reform the US Securities and Exchange Commission (SEC) and create Bitcoin’s ultimate destination for strategy, which they believe will promote a better environment for digital assets.
“There are exciting times ahead for investors and participants in the cryptocurrency market,” Manafort said, adding that those celebrating Bitcoin’s recent milestone of $100,000 will soon be celebrating even higher prices.
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Manafort’s hope is based on Trump’s recent appointments aimed at creating a crypto-friendly regulatory framework in the country.
Trump did it the nominee Paul Atkins to lead the SEC, indicating to leave the current chair, Gary Gensler, who will leave his position on January 20.
Gensler has been marked, among other things, by regulatory actions that have hampered market acceptance and expansion over the past three years. His resignation may also bring more regulatory clarity to the litigation involving Ripple and Coinbase.
Additionally, Trump has gone the nominee David Sacks as the first “White House AI & Crypto Czar.” Sacks will be responsible for developing government policies related to artificial intelligence and cryptocurrency.
“He will work through the legal framework so that the crypto industry can get the clarity it has been asking for and be able to thrive in the US,” Trump commented on Sacks’ role.
Since Trump’s election last month, the price of Bitcoin has increased by nearly 50 percent, also fueled by increased buying pressure from the public. exchange fund (ETF) issuers, their total holdings in Bitcoin have now reached nearly $40 billion.
Analyst Predicts Bitcoin May Reach $275,000
Crypto analyst Ali Martinez also weighed in on Bitcoin’s prospects on social media platform X (formerly Twitter), he raised that it could reach as high as $275,000 based on the bullish cup and handle pattern.
However, the analyst also he warned that it is important for Bitcoin to hold above $96,000; failure to do so would result in a drop to around $85,000, echoing 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 only above this level. The cryptocurrency must find additional catalysts that can prevent a return to the lowest depths.
Featured image from DALL-E, chart from TradingView.com
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