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This Sunday, just before midnight (GMT time), the price of Bitcoin marked a new all-time high at $105,047 per coin. With this, the largest Cryptocurrency left behind the previous ATH of $103,900 on December 5. With this push of +3.37% in 24 hours, BTC once again enters unknown territory.
As the matter goes, this week starts in a much more positive way than the week that just ended. Last Monday, BTC suffered a strong decline that extended until the first part of Wednesday. At that point, the currency lost the $95K barrier. Some investors suspected that a larger sell-off was imminent.
However, since mid-week things have changed radically. Now, the Santa Claus rally seems to set the pace with particular force. Along with BTC, the main altcoins also mark positive numbers. The reason behind the current bullish trend could be intertwined with multiple factors.
Among these we can highlight the expectations of the meeting of the Federal Open Market Committee (FOMC) next Tuesday. At that meeting, which ends on Wednesday, the new monetary policy decision in the United States will be announced. A new rate cut translates into a potential continuation of the rally in the price of Bitcoin.
At midnight this Sunday, the price of BTC established a new ATH at $105K, Source: CoinMarketCap
Huge expectations for the price of Bitcoin
The biggest source of optimism among investors has to do with the incoming US government. As is well known, the president-elect promised big changes for the world of cryptocurrencies during his campaign. Recently, during an interview with CNBC and from his social media accounts, Donald Trump ratified his intentions to favor this digital asset market.
The tycoon and his Republican Party colleagues are ready to fight to incorporate Bitcoin into the US strategic reserves. If this goal is achieved, in the next 5 years the North American country could buy 1 million bitcoins, which would create a strong buying pressure in the market.
Barring a black swan, Bitcoin would likely not experience a winter or bear market in this cycle leading up to the fifth halving.
The result of the latter could be enormous growth in the price of Bitcoin. Taking this result for granted, some large companies and institutional portfolios are already anticipating massive purchases of BTC. Precisely, the powerful performance of the currency since the beginning of November is testimony to this.
For now, the market pays maximum attention to the price and we must wait for the start of the week in the Western markets. At the time of writing this note, after midnight on Monday, December 16 (GMT), the Asian markets are active, while the US market is awaiting its turn at bat. Will Bitcoin reach $110,000 this Monday? That remains to be seen.
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