Optimism regarding a potential strategic reserve fund proposed by President-elect Donald Trump has propelled Bitcoin to surpass $106,000 for the first time.

Since Trump won the election on November 5, 2024, the cryptocurrency had an amazing rise of over 50%, hitting a high of $105,150 on December 16, 2024. This upward trend has caught the attention of investors and experts, who are now guessing where Bitcoin’s price will go next.

Bitcoin’s Ascent Fueled By Strategic Reserve Expectations

Reports claim that Trump plans to create a national reserve for Bitcoin, akin to the strategic energy reserve of the United States, which would help to explain the current price rise.

“We aspire to be the leader” in this developing market, Trump said in a recent interview reaffirming his commitment to make the US a leader in the cryptocurrency sector.

BTC price breaching the key $100,000 level. Source: Coingecko

According to analysts, this announcement has had a substantial impact on market sentiment, propelling Bitcoin into what some are referring to as “blue sky territory.” If the present momentum persists, Tony Sycamore of IG has suggested that Bitcoin’s subsequent objective could be $110,000.

Investor Sentiment And Market Dynamics

The climb of Bitcoin reflects more general market factors than only political promises. Institutional investor interest in and trading volume for cryptocurrencies have surged noticeably.

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Author: Christian Encila

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