Bitcoin [BTC] has witnessed significant growth since the inauguration of Donald Trump as the 47th President of the United States, surging from $68,000 to over $102,000. Reports from Axios indicate that Trump has shown support for cryptocurrency and has a vision for BTC to surpass $150,000.
Trump’s emphasis on enhancing market metrics, which includes cryptocurrencies, has led to a substantial uptrend in the digital asset market, signaling renewed optimism and increased interest in this sector.
With the recent spike in Bitcoin’s value, former President Trump amusingly expressed his involvement by stating, “You’re welcome.”
Policy Moves Favoring Crypto Post-Election
Sources suggest that the Trump administration is gearing up to introduce crypto-friendly regulations, with the possible appointment of Paul Atkins, a prominent proponent of the cryptocurrency industry, to lead the Securities and Exchange Commission.
The transition team is actively working on formulating a robust legal framework for the cryptocurrency sector to offer the much-needed clarity and regulatory guidelines.
Moreover, Trump’s administration aims to prioritize bolstering America’s technological dominion, focusing on AI, cryptocurrency, and libertarian principles to outpace China in the technological frontier. David Sacks has been enlisted as the AI and “crypto czar” to reinforce leadership in cutting-edge technologies.
Elon Musk and Vivek Ramaswamy are set to co-head the newly established Department of Government Efficiency (D.O.G.E.), which is intended to modernize federal operations.
Analysts at JPMorgan attribute the remarkable surge in the crypto market to political developments and elevated investor confidence, leading to a 45% increase in total market capitalization, reaching $3.3 trillion.
Future Outlook for Bitcoin
Bitcoin’s current trading value stands at $98,334.63, reflecting a minor 0.65% decline in the last 24 hours, as per data from CoinMarketCap.
Based on the Relative Strength Index (RSI) and Chaikin Money Flow (CMF) indicators, it appears that bullish sentiments are prevailing over bearish sentiments in the market.
Furthermore, insights from IntoTheBlock demonstrate that 99.11% of BTC holders possess tokens with a higher valuation than their purchase price, indicating a bullish outlook with no holders currently facing losses.
These indicators hint at a probable forthcoming uptrend in Bitcoin’s price, as market sentiment continues to favor the bullish trajectory.