The rally is attributed to Trump's pro-crypto stance, including his campaign promise to make America the "crypto capital of the planet." The market's momentum is further fueled by the fear of missing out (FOMO) among investors. Analysts suggest that if historical trends continue, the next few weeks could be significant for Bitcoin's growth. Additionally, there is speculation that Bitcoin could exceed $150,000 by mid-2025, as the market responds positively to the anticipated crypto-friendly policies of the new administration.
Key takeaways:
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- Bitcoin reached a new all-time high of over $106,000 on December 16, 2024, driven by speculation about a US Bitcoin strategic reserve.
- President-elect Donald Trump is considering creating a US Bitcoin strategic reserve, which has fueled optimism in the crypto market.
- The incoming Trump administration is perceived as more crypto-friendly, with key appointments like Paul Atkins as SEC Chair and David Sacks as AI and Crypto Czar.
- Investors are optimistic about Bitcoin's future, with predictions of it reaching $120,000 by the end of 2024 and potentially over $150,000 by mid-2025.