As the Bitcoin (BTC) price consolidates its position following a notable rally that began on November 5, speculation about its potential for further gains persists, even after the cryptocurrency briefly dipped below the $100,000 mark.
Interestingly, Paul Manafort, former campaign chairman for President-elect Donald Trump, recently expressed optimism for BTC’s upward trajectory during the Bitcoin Mena conference in Abu Dhabi.
Manafort highlighted Trump’s role as a significant supporter of the cryptocurrency market, predicting that Bitcoin will strengthen even more once the President-elect takes office on January 20.
He praised Trump’s intent to reform the US Securities and Exchange Commission (SEC) and establish a strategic Bitcoin reserve, which he believes will foster a more favorable environment for digital assets.
“There are exciting times ahead for investors and participants in the cryptocurrency market,” Manafort stated, adding that those who celebrated Bitcoin’s recent milestone of $100,000 would soon be celebrating even higher prices.
Manafort’s optimism is rooted in Trump’s recent appointments aimed at creating a more crypto-friendly regulatory framework in the country.
Trump has nominated Paul Atkins to lead the SEC, signaling a departure from the current chair, Gary Gensler, who is set to leave his position on January 20.
Gensler has been marked, among other things, by regulatory actions that have impeded market acceptance and expansion in the last three years. His resignation could also bring more regulatory clarity to litigation disputes involving Ripple and Coinbase.
Additionally, Trump has appointed David Sacks as the inaugural “White House AI & Crypto Czar.” Sacks will be responsible for developing government policies concerning artificial intelligence and cryptocurrency.
“He will work on a legal framework so the crypto industry gets the clarity it has been asking for and can thrive in the US,” Trump noted regarding Sacks’ role.
Since Trump’s election last month, the Bitcoin price has surged nearly 50%, also fueled by increased buying pressure from exchange-traded fund (ETF) issuers, whose total holdings in Bitcoin have now reached approximately $40 billion.
Crypto analyst Ali Martinez has also weighed in on Bitcoin’s prospects on social media site X (formerly Twitter), suggesting that it could reach as high as $275,000 based on a bullish cup and handle pattern.
Yet, the analyst also cautioned that it is crucial for Bitcoin to hold above $96,000; failure to do so could result in a drop to around $85,000, echoing patterns seen in previous market cycles.
As of now, the market’s leading cryptocurrency has managed to maintain the support identified by the expert, trading only slightly above this level. The cryptocurrency must obtain additional catalysts that could prevent a return to much lower depths.
Featured image from DALL-E, chart from TradingView.com
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