Bitcoin Price Surges

Bitcoin recently reached a new milestone, hitting $106,400 in the early hours of December 16. This surge in price has sparked optimism among crypto traders and investors alike.

• Bitcoin hit $106,400 in the early hours of December 16
• Crypto trader believes the next three to four weeks are crucial for Bitcoin
• Investors are optimistic about Bitcoin reaching $120,000 by the end of 2024

Despite a slight retracement to $104,700, Bitcoin has seen a significant 148% increase in value over the past year. With the previous high near $104,000, the current surge is attracting attention.

Trump’s Impact on Bitcoin

President-elect Donald Trump’s consideration of a US Bitcoin strategic reserve has further fueled the rally. Trump’s pro-crypto stance has instilled confidence in the market.

In a recent statement, Trump expressed his intentions: “We’re gonna do something great with crypto because we don’t want China, or anybody else … but others are embracing it, and we want to be ahead.”

Ash Crypto, a prominent figure in the crypto community, tweeted about the breakout, hinting at a potential surge in the coming weeks.

BITCOIN IS BREAKING OUT 🚀

IF HISTORY REPEATS, THE NEXT 3-4 WEEKS ARE GOING TO BE MASSIVE pic.twitter.com/aZwi28ZeTu

— Ash Crypto (@Ashcryptoreal) December 16, 2024

The Crypto-friendly Administration

Trump’s incoming administration is viewed as more crypto-friendly compared to previous governments. With promises to elevate America as the “crypto capital,” Trump’s team is making strategic appointments to support the industry.

Key appointments include Paul Atkins as the new Chair of the US Securities and Exchange Commission and David Sacks as the lead policy advisor on artificial intelligence and crypto.

Peter McGuire from XM.com highlighted the growing optimism in the market: “Many investors believe $120,000 is achievable by the end of the year and then in 2025 there’s talk of greater than $150,000 by mid-year.”