Bitcoin's price surged to an all-time high of $109,356, rising over 8% on January 20, just ahead of Donald Trump’s inauguration as the 47th president of the United States. The increase in Bitcoin's value can be attributed to Trump's plans to ease regulatory constraints on cryptocurrency and his proposal to incorporate Bitcoin into the US Strategic Reserve, which has generated speculation about its potential implementation within his first 100 days in office. Additionally, Trump intends to establish a cryptocurrency advisory council to create a more favorable regulatory environment for digital assets. Another contributing factor to the price increase is the record high assets under management by US Bitcoin ETFs, which recently saw $2.35 billion inflows over three days, signaling growing investor confidence, particularly from institutional players. As Bitcoin continues to break out of its symmetrical triangle pattern on the weekly chart, analysts foresee a potential price target of over $128,000 by March. This article serves as an update on current Bitcoin trends and does not offer investment advice.

Source 🔗