Bitcoin soared to a new all-time high of $95,000 on Thursday, November 21, 2024, during early Asian trading hours. Bitcoin is trading above $95,700 at the time of writing, as per Coingecko data. This milestone marks an impressive 125% gain for the leading cryptocurrency in 2024.
Despite a surge in the leading cryptocurrency’s price, meme coins fell across the board with the total meme market cap falling 4.9% in the last 24 hrs.
Trump Team Mulls White House Crypto Policy Role
As reported earlier, President-elect Donald Trump’s team is reportedly exploring a White House role dedicated to crypto policy. The team is vetting candidates as Trump, a crypto advocate, pledged to fire SEC Chair Gary Gensler on day one of his presidency during his campaign. If created, it would be the first-ever crypto-specific White House job and would mark a significant milestone for the industry’s growing mainstream presence.
Bitcoin Price: From $70,000 to $95,000 in Two Weeks
The combined impact of Trump’s win and the Federal Reserve’s 25-basis-point rate cut initially propelled Bitcoin’s rapid ascent.
Before the US elections, Bitcoin traded around $68,000. Following Trump’s victory, the digital asset embarked on a rapid ascent, breaking through multiple resistance levels.
In just two weeks, it surpassed $75,000, $80,000, $85,000, and $90,000, finally reaching the $95,000 milestone.
This bullish trajectory was predicted months earlier by crypto commentator BitQuant.
In a May 15 post on X, he confidently stated, "$95K will be achieved in just one move, and that is quite obvious."
This prediction proved remarkably accurate, with Bitcoin surging from approximately $68,000 in a mere fortnight.
BitQuant’s forecast stemmed from an analysis by fellow commentator Mikybull Crypto, who identified a "cup and handle" formation on weekly timeframes.
This pattern, characterized by a consolidation period after a significant uptrend, a reversal, and a subsequent breakout, signaled a potential return to price discovery for Bitcoin.
Mikybull Crypto anticipated an “explosive” breakout, propelling the Bitcoin price toward a new cycle peak.
Trump’s Pro-Crypto Stance and Bitcoin Price Implications
President-elect Donald Trump has continued to show support for cryptocurrencies. Reports indicate that Trump Media & Technology (DJT) is nearing a deal to acquire the crypto trading platform Bakkt.
Adding to these developments, Trump met with Coinbase CEO Brian Armstrong on Tuesday.
While the specifics of their discussion remain undisclosed, the meeting occurred as Trump finalises his cabinet appointments.
During his campaign, Trump expressed his intent to create a presidential advisory council on Bitcoin and crypto to develop industry regulations.
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BREAKING:
PRESIDENT ELECT DONALD TRUMP‘s $DJT IS IN TALKS TO BUY CRYPTO TRADING PLATFORM BAKKT!
BAKKT ONLY GOT 16 CRYPTO ASSETS LISTED AND #XRP IS ONE OF THEM!
Source: https://t.co/wS7mih7Bru pic.twitter.com/bprxOLGNXz
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