Bitcoin (BTC) could see more upside before Donald Trump’s inauguration on January 20, 2025, potentially hitting a new all-time high.
As a recap, Bitcoin has experienced increased buying pressure following Trump’s win, which saw the asset reach a record high above $76,000.
This rise is based on the anticipation that Trump will fulfill his promises to make America the cryptocurrency innovation hub.
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Now, multiple analysts are projecting that the maiden digital asset will likely trade at $100,000 before Trump is sworn into office, as CNBC reported on November 6.
The optimistic outlook is based on investors anticipating a more crypto-friendly environment.
A November 6 report from cryptocurrency custodian Copper supports the projection that Bitcoin will hit $100,000 by January.
In forming this prediction, the firm explored historical trends in Bitcoin exchange-traded fund (ETF) accumulation as the sector continues to record significant capital inflows.
“We have back-tested the ETF accumulation trend against potential price ranges.A $100,000 Bitcoin is quite possible by the time the 47th US President heads to the Capitol for inauguration on January 20, with ETFs holding approximately 1.1 million Bitcoins,” the report noted.
Trump’s crypto promises
Indeed, the expectation of a crypto-friendly environment puts focus on reforming entities such as the Securities and Exchange Commission (SEC). During the Joe Biden administration, SEC chair Gary Gensler has been perceived as stifling the crypto sector with what some industry players term overregulation.
To this end, one of Trump’s promises is to fire Gensler as one of his top priorities in office. As reported by Finbold, there is a projection that firing Gensler might be Trump’s first task in office to appease the cryptocurrency community.
Following the election, several industry players are also pushing for more reforms. For instance, Coinbase Chief Legal Officer Paul Grewal has called for an investigation into the current regulatory issues and for regulators to adopt more crypto-friendly laws.
At the same time, Senator Cynthia Lummis suggested that the new administration will likely keep its promise of building a Bitcoin reserve. She noted that the government would make this reserve based on the $15 billion worth of Bitcoin already in its possession.
Bitcoin price analysis
As of press time, Bitcoin was trading at $76,020, rallying over 2% in the past 24 hours. On the weekly chart, Bitcoin is up almost 8%.
From a technical perspective, analyst Gert van Lagen noted in an X post on November 7 that the asset has surged beyond the key re-accumulation phase of the “descending broadening wedge,” indicating a potential parabolic move toward the $200,000 zone.
The re-accumulation phase, a consolidation period following Bitcoin’s price rally earlier this year, shows signs of ending with the current bullish breakout.
The next projected target is around $90,000 to $100,000, with the ultimate goal of reaching $200,000 in 2025.
As things stand, Bitcoin is on track to push toward $80,000 if it maintains its valuation above the $75,000 support level. It remains to be seen if the post-election rally will be sustainable in the long term, as some analysts warn it may be driven by fear of missing out (FOMO).
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