As the price of Bitcoin (BTC) consolidates its position after a special rally that began on November 5, speculation continues on the potential for further gains, even after the digital currency briefly fell below the mark $100,000.
Interestingly, Paul Manafort, former campaign chairman for President-elect Donald Trump, recently expressed hope for BTC's upward trajectory at the Bitcoin Mena conference in Abu Dhabi.
A new era for crypto awaits
Manafort marked Trump's role as an important supporter of the cryptocurrency market, predicting that Bitcoin will strengthen even more once the President-elect is in office on January 20.
He praised Trump's intention to reform the US Securities and Exchange Commission (SEC) and set up Bitcoin's strategic reserve, which he believes will promote a more favorable environment for digital assets.
“Exciting times are ahead for investors and participants in the digital currency market,” Manafort said, adding that those celebrating Bitcoin's recent milestone of $100,000 would be celebrating even higher prices. height soon.
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Manafort's optimism is rooted in Trump's recent positions aimed at creating a friendlier governing framework in the country.
Trump has name Paul Atkins will lead the SEC, marking the departure of current chairman Gary Gensler, who is set to step down on January 20.
Gensler is characterized, among other things, by regulatory actions that have hindered the adoption and expansion of the market in the last three years. His resignation could also bring more regulatory clarity to the litigation disputes involving Ripple and Coinbase.
Besides, Trump has it appointed David Sacks as the first “White House AI & Crypto Czar.” Bags will be responsible for developing government policies regarding artificial intelligence and digital currency.
“He will work on a legal framework so that the crypto industry can get the clarity it has been wanting and can thrive in the US,” Trump said of Sacks' appointment.
Since Trump's election last month, Bitcoin's price has risen nearly 50%, also fueled by increased buying pressure from exchange-traded fund (ETF), whose total holdings in Bitcoin have now reached around $40 billion.
The analyst predicts that Bitcoin could hit $275,000
Crypto analyst Ali Martinez has also weighed in on Bitcoin's prospects on social media site X (formerly Twitter), recommending that it could reach as high as $275,000 based on a bullish cup and handle pattern.
But, the analyst too warning that it is imperative that Bitcoin hold above $96,000; failure to do so could drop to around $85,000, reflecting patterns seen in previous market cycles.
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As of now, the main cryptocurrency market has managed to maintain the support identified by the expert, trading only slightly above this level. The cryptocurrency needs to get an additional catalyst that could prevent it from returning to much lower depths.
Featured image from DALL-E, chart from TradingView.com
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