Bitcoin reaches new all-time high of above $106,000

• Bitcoin
  hit
  $106,400
  in
  the
  early
  hours
  of
  December
  16
• Crypto
  trader
  believes
  the
  next
  three
  to
  four
  weeks
  are
  going
  to
  be
  significant
  for
  Bitcoin
  if
  history
  repeats
• Investors
  believe
  Bitcoin
  reaching
  $120,000
  by
  the
  end
  of
  2024
  is
  achievable

Bitcoin
set
a
new
all-time
high
above
$106,000
following
news
that
President-elect
Donald
Trump
is
considering
plans
to
create
a
US
Bitcoin
strategic
reserve.

In
the
early
hours
of
December
16,

Bitcoin
topped
more
than
$106,400,
according
to
data
from
CoinMarketCap.

At
the
time
of
publishing,
Bitcoin
has
retraced
slightly
to
$104,700.
Over
the
past
year,
the
world’s
largest
crypto
asset
has
risen
nearly
148%
in
value.
Bitcoin’s
previous
high
was
set
on
December
5,

hitting
close
to
$104,000.

News
of
Bitcoin’s
rally
comes
as

Trump
announced
he’s
considering
creating
a
US
Bitcoin
strategic
reserve
similar
to
its
oil
reserve.
Speaking
to

CNBC
last
week,
Trump
said:

“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.”

In
relation
to
a
question
about
whether
the
US
will
create
a
Bitcoin
strategic
reserve,
Trump
said:
“Yes,
I
think
so.”

In
a
post
on

X,
Ash
Crypto
wrote:
“Bitcoin
is
breaking
out.
If
history
repeats,
the
next
3-4
weeks
are
going
to
be
massive.”

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

Crypto-friendly
administration

The
incoming
Trump
administration
is
seen
as
more
crypto
friendly
compared
to
Biden’s
team.

During
his
campaign,
Trump
promised
to
make
America
the
“crypto
capital
of
the
planet.”
Since

winning
the
US
election,
his
team
has
already
made
significant
appointments,
many
of
whom
are
crypto-friendly.

Last
week,
Trump

appointed
Paul
Atkins
as
the
next
Chair
of
the
US
Securities
and
Exchange
Commission
(SEC).
He
will
be
replacing
Gary
Gensler
who
is

stepping
down
on
January
20,
2025.

Trump
also
named

David
Sacks
as
the
lead
policy
advisor
on
artificial
intelligence
and
crypto,
dubbing
him
the
“White
House
AI
and
Crypto
Czar.”
In
November,
Trump
announced
that
Elon
Musk
and
Vivek
Ramaswamy
will
lead
the
Department
of
Government
Efficiency
(DOGE)
to
“dismantle
government
bureaucracy.”

Speaking
to
the

BBC,
Peter
McGuire
from
trading
platform
XM.com,
said:

“The
Bitcoin
rally
since
the
election
has
been
parabolic
and
the
FOMO
–
or
fear
of
missing
out
–
rally
is
gathering
momentum.
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.”