According to Ark Invest investment company expert David Puell, the price of Bitcoin is currently in a phase of some respite before starting an upward rally.
He emphasized that after the new administration of the United States, led by newly elected President Donald Trump, takes office, the cryptocurrency market is expecting a change in policy regarding asset regulation.
According to him, by the beginning of January, the price of Bitcoin could exceed $104,000 and possibly rise to as high as $124,000. At the moment, it is necessary to closely monitor what the monetary policy of the White House will be and the position of the U.S. Securities and Exchange Commission (SEC) regarding the crypto market.
In the medium term, the quotes of the first cryptocurrency could exceed $134,000; however, over time, the market will still return to a bearish phase, and then the asset's price may be significantly corrected, the expert believes.
If the situation does not undergo significant changes in the coming weeks, the price of Bitcoin will be in the range of $96,000 to $100,000, the analyst concluded.