According to expert David Puell from the investment company Ark Invest, 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 expects a change in policy regarding asset regulation.
In his words, by the beginning of January, the Bitcoin rate could exceed the mark of $104,000, and possibly rise up to $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 value of the asset may significantly correct, the expert believes.
If the situation does not undergo significant changes over the next few weeks, the price of Bitcoin will remain in the range of $96,000 to $100,000, the analyst concluded.