Market-leading cryptocurrency bitcoin (btc) has rejoined the cryptocurrency rally, gaining momentum on Friday amid reports that President-elect Donald Trump could issue an executive order prioritizing cryptocurrencies as soon as he takes office.
From the last <a target="_blank" href="https://www.coingecko.com/en/coins/bitcoin” target=”_blank” rel=”nofollow”>data According to CoinGecko, bitcoin rose almost 5% in the 24-hour period, reaching $104,000. The broader cryptocurrency market, represented by the CoinDesk 20 index, also saw a rebound, rising 1% after a 4% increase on Thursday.
Excitement grows over Trump's executive orders
This newfound interest in bitcoin has positively impacted exchange traders, with shares of platforms like Coinbase and Robinhood rising approximately 5% and 3%, respectively.
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<a target="_blank" href="https://www.cnbc.com/2025/01/17/crypto-market-today.html” target=”_blank” rel=”nofollow”>According According to CNBC, the excitement follows a Bloomberg report indicating that Trump could establish the cryptocurrency advisory council he had previously promised, which could give the industry an important voice in his administration.
Discussions around a national bitcoin reserve are also part of the anticipated executive order, which is expected to address several aspects of cryptocurrency policy, according to a <a target="_blank" href="https://bitcoinist.com/trump-open-to-strategic-crypto-reserve/” target=”_blank” rel=”nofollow”>report by the New York Times.
While the prospect of a pro-crypto administration and Congress in 2025 is encouraging for the industry, some Wall Street analysts warn that the full impact may not be felt immediately.
Cryptocurrencies and projects outside of bitcoin could reportedly benefit the most from clear and supportive information. regulationsespecially because they have been more vulnerable to Securities and Exchange Commission (SEC) lawsuits and perceived bank discrimination during the previous administration.
Analysts Eye Record bitcoin Prices
bitcoin's performance has been closely aligned with that of the stock market this year, following a period of consolidation that began in late December.
This came after Federal Reserve Chairman Jerome Powell expressed concern about inflation, a sentiment that has since been alleviated by two favorable inflation reports in January.
Expectations are high that any announcement from the incoming administration next week could drive the price of bitcoin even higher, potentially establishing new records.
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Analysts believe that the new administration, along with a new SEC chairman, could create opportunities for innovation within the cryptocurrency space.
JPMorgan analyst Kenneth Worthington noted that while the environment is promising, the market capitalization of other tokens and lower investor interest may limit the impact of new cryptocurrency products.
In a favorable technical development, crypto analyst Ali Martinez recently <a target="_blank" href="https://x.com/ali_charts/status/1880274881989996750″ target=”_blank” rel=”nofollow”>pointed out that bitcoin has broken out of the cup and handle pattern, a bullish indicator in technical analysis.
This pattern resembles a “cup” followed by a downward trend, or “handle,” which typically indicates a purchase opportunity. According to Martínez, this suggests a possible bullish target of $276,400 for bitcoin, more than double its all-time high of $108,000 reached late last year.
Featured image of DALL-E, chart from TradingView.com
