Ex-Trump Campaign Chief’s Bullish Bitcoin Forecast
As the price of Bitcoin (BTC) consolidates its position after starting to rise significantly on November 5, speculation about its further upside potential remains even after the cryptocurrency briefly fell below the $100,000 mark.
Interestingly, President-elect Donald Trump’s former campaign chairman Paul Manafort recently expressed optimism about BTC’s upward trajectory at the Bitcoin Mena conference in Abu Dhabi.
A new era of cryptocurrency awaits
Manafort Highlight Trump, an important supporter of the cryptocurrency market, predicts that Bitcoin will strengthen further after the president-elect takes office on January 20.
He praises Trump’s intention to reform the U.S. Securities and Exchange Commission (SEC) Establish Bitcoin strategic reserve, which he believes will create a more favorable environment for digital assets.
“It’s an exciting time ahead for investors and participants in the cryptocurrency market,” Manafort said, adding that those celebrating Bitcoin’s recent $100,000 milestone will soon be celebrating higher prices.
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Manafort’s optimism is rooted in Trump’s recent appointments aimed at establishing a more crypto-friendly regulatory framework in the country.
Trump has Nominate Paul Atkins becomes SEC Chairman, which means current Chairman Gary Gensler will step down on January 20.
Gensler has been characterized by regulatory actions over the past three years that have hindered market acceptance and expansion. His resignation may also bring greater regulatory clarity to the legal dispute involving Ripple and Coinbase.
In addition, Trump also appointment David Sacks serves as first “White House AI and Cryptocurrency Czar.” Sacks will be responsible for developing government policy on artificial intelligence and cryptocurrency.
“He will create a legal framework so that the cryptocurrency industry gets the clarity it has been asking for and can thrive in the United States,” Trump said of Sacks’ role.
Bitcoin prices have surged nearly 50% since Trump was elected last month, also due to increased buying pressure exchange traded funds (ETF) issuer, its total Bitcoin holdings now reach approximately $40 billion.
Analysts predict Bitcoin could hit $275,000
Cryptocurrency analyst Ali Martinez also expressed his views on Bitcoin’s prospects on social media site X (formerly Twitter), suggestion Based on a bullish cup-and-handle pattern, its price could reach as high as $275,000.
However, the analyst also warn It is crucial for Bitcoin to remain above $96,000; failure to do so could result in the price falling to around $85,000, echoing patterns seen in previous market cycles.
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As of now, the market-leading cryptocurrency has managed to maintain the support level identified by experts and is trading only slightly above it. The cryptocurrency must receive additional catalysts to prevent a return to lower depths.
Featured images from DALL-E, charts from TradingView.com
