As Donald Trump prepares for his historic second inauguration next week, excitement is palpable not only among his supporters but also within the cryptocurrency community.
The market has been brimming with optimism, as reports have indicated that the president-elect would announce several measures to help the digital asset industry expand.
Naturally, speculation around market moves has been running high, especially for heavyweights like Bitcoin BTC/USD.
Several analysts that Benzinga spoke to provided interesting viewpoints about what to expect come Jan. 20.
Will Bitcoin Consolidate Or Rally?
According to Arthur Azizov, CEO of cryptocurrency payment company B2BINPAY, a “gradual” increase over Trump’s four-year term was a more plausible scenario than an "immediate" 100% spike for all coins.
Azizov predicted that Bitcoin would consolidate following the inauguration, giving altcoins room to rally.
"As for Bitcoin's price, I believe it could be around $100,000–$102,000 next month," Azizov added.
See Also: Litecoin Surges 12% After Analyst Says Altcoin Most Likely To Have Next ETF After Bitcoin, Ethereum
Chris Kline, COO and Co-Founder of BitcoinIRA, was confident that if the anticipated cryptocurrency-friendly executive orders are enacted, they would encourage blockchain innovation and digital asset usage.
Among the proposals being evaluated for inclusion in the executive order is the establishment of a national Bitcoin reserve that would include the government's current Bitcoin holdings. Such a move could have far-reaching implications for Bitcoin's future valuations.
With these factors at play, Kline expressed confidence that bold projections, including the $250,000 per Bitcoin target by Wall Street Strategist Tom Lee, seem probable.
Joe McCann, founder and CEO of cryptocurrency hedge fund Asymmetric, added to the positive outlook, saying, “The worst is behind us.”
McCann stated that Bitcoin reclaiming the key psychological barrier of $100,000 was indicative of a positive sentiment.
"Although it's trading slightly below that right now, it shows significant open interest with targets ranging from $125,000 to $150,000. This indicates bullish sentiment and expectations for continued price growth," he added.
More Clarity Needed For Bitcoin To Surge?
Meanwhile, Arthur Hayes, co-founder of cryptocurrency exchange BitMEX, took a contrarian position, even forecasting a correction from present levels.
"I think Bitcoin will be range-bound between $90,000 and $100,000 until some of Trump's economic policies are clarified and the rest of the world reacts," Hayes told Benzinga.
Never before had the cryptocurrency community anticipated a presidential inauguration like this. While the true extent of the impact could not be accurately ascertained, there was little doubt that Trump's policies, or lack thereof, would dictate how the market moves in the near future.
Price Action: At the time of writing, Bitcoin was exchanging hands at $101,394.39, up 2.03% in the last 24 hours, according to data from Benzinga Pro.
Image via Shutterstock
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