Donald Trump, the U.S. President-elect, has reportedly set his sights on a staggering $150,000 Bitcoin price early in his presidency. According to an Axios report citing a transition insider, Trump considers Bitcoin a “stock market alternative” and plans to focus on its value as part of his broader economic strategy.
This isn’t the first time Trump has shown interest in Bitcoin. During his pro-crypto election campaign, he praised the cryptocurrency’s growth, suggesting that Bitcoin performed better during his presidency than under Joe Biden’s.
Trump "is going to be very focused on the price of Bitcoin," a top transition source told Axios
"It's another stock market for him," the source explained, adding that Trump would love for Bitcoin to hit $150,000 early in his presidency. pic.twitter.com/MKEneESGYU— matthew sigel, recovering CFA (@matthew_sigel) December 10, 2024
In July, speaking at the Bitcoin conference in Nashville, Trump declared, “Bitcoin is going to the moon,” promising to position the U.S. as a global leader in cryptocurrency.
ICYMI:
President-elect Donald Trump reportedly "would love" Bitcoin $BTC to surpass $150,000 and plans to push for crypto-friendly regulations, via a Axios report
pic.twitter.com/s8EIhiGazR
— BlockNews (@blocknewsdotcom) December 10, 2024
Strategic Bitcoin Reserve: A Big Deal?
One of Trump’s biggest crypto promises is a strategic Bitcoin reserve. This idea is based on a bill proposed by Senator Cynthia Lummis where the US government would buy Bitcoin. This would be a big deal for the market, would drive up the price of Bitcoin and add trillions to its market cap.
David Bailey, CEO of Bitcoin Magazine, mentioned earlier this year that Trump thinks the market cap of Bitcoin would be multi-trillion. He later deleted the post but the idea has been floating around and people are speculating about Trump’s impact on Bitcoin’s future.
If the US government does a Bitcoin reserve, it would cement Bitcoin as a global asset and mainstream adoption and institutional confidence.
Impact on the Bitcoin Market
Since Trump won the election in November, Bitcoin’s price has gone from $68,000 to over $103,000. The community celebrated and Trump himself took credit for Bitcoin breaking $100,000. While there are many factors that contributed to the rise of the asset, Trump’s pro-crypto stance definitely helped the market.
Trump’s impact on Bitcoin:
- Strategic Reserve: US buying Bitcoin would mean unprecedented price growth.
- Market Sentiment: A pro-crypto administration would mean mainstream adoption.
- Global Leadership: Positioning the US as the leader in blockchain.
As Trump gets in, his Bitcoin plans will reshape the role of Bitcoin in the global financial system. Whether his $150,000 target happens or not depends on market and government but the idea itself is already getting the crypto community excited.
Bitcoin Price Eyes $105K After Bullish Breakout: Key Levels to Watch
Bitcoin (BTC/USD) has broken out of a symmetrical triangle, pushing above the $99,650 pivot point, signaling the start of an uptrend.
A bullish engulfing candle on the 2-hour chart reinforces strong buyer momentum. The RSI at 66.31 reflects bullish sentiment but hints at nearing overbought levels.
The 50 EMA at $98,201 acts as critical support, supporting a steady upward move.
Price targets for the breakout include $102,106 and $105,000, while downside risks are supported at $98,201 and $95,750. Overall, the chart suggests sustained bullish momentum as long as the price holds above $99,650.
Key Levels to Watch:
- Resistance: $102,106, $105,000
- Support: $98,201, $95,750, $94,400
The bullish breakout and strong technical support position Bitcoin for further gains, with immediate focus on $102,106 and $105,000.
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