Strike CEO and founder Jack Mallers stated that U.S. President-elect Donald Trump will implement the promised Bitcoin strategic reserve on his first day in office on January 20, 2025. On Monday (December 16), Bitcoin surged to a historic high of $106,641, then the price slightly retreated. Wall Street's largest listed whale MicroStrategy hinted at buying more Bitcoin last week, firmly increasing its position when the average price exceeded $100,000.
CoinTelegraph reported that Mallers explained that Trump could rely on the provisions in the so-called "Dollar Stabilization Act," which grants him considerable power to protect the dollar. He envisioned, "(Trump) could use an executive order on the first day to purchase Bitcoin."
He added, "The scale of it (the Bitcoin strategic reserve) will not reach 1 million, but it will play an important role."
(Bitcoin Act 2024) was proposed by pro-crypto Republican Senator Cynthia Lummis in July, suggesting that the U.S. Treasury and the Federal Reserve purchase 200,000 Bitcoins annually for five years, totaling 1 million Bitcoins.
This reserve will hold at least 20 years, occupying 5% of the total Bitcoin supply of 21 million, and these speculations have boosted some new high targets for 2025 and the future price of Bitcoin.
Meanwhile, Satoshi Act Fund CEO Dennis Porter stated that the third Bitcoin strategic reserve bill is being drafted at the state level in the U.S.—however, he did not reveal which state will follow the lead of Texas and Pennsylvania.
"We have Pennsylvania and Texas, and now another state has joined in, they sent me the draft, so I know this is real," he said during a Twitter Space live broadcast on Sunday. He added that at least 10 states are expected to introduce Bitcoin reserve bills in total. "This won't stop, and we will see more and more such bills introduced; I think there will be at least 10."
Financial analysts also predict that the Federal Reserve will lower interest rates by 25 basis points on December 18, which could further drive up Bitcoin's price in the coming months.
Another catalyst for the surge in Bitcoin prices may be a new regulation from the U.S. Financial Accounting Standards Board that allows institutions to record the value of their crypto assets more accurately. This rule will apply to fiscal years starting after December 15.
According to the Cryptocurrency Fear and Greed Index, Bitcoin's market sentiment is currently in the "extreme greed" zone, scoring 83 out of a maximum of 100.
MicroStrategy: First purchase of Bitcoin at an average price exceeding $100,000
MicroStrategy founder Michael Saylor hinted at buying more Bitcoin over the weekend, marking the company's first purchase of Bitcoin at an average price above $100,000.
In a Sunday post, Saylor pointed out that the portfolio tracking platform SaylorTracker seems to be missing a green dot (Bitcoin buy point), suggesting that MicroStrategy is once again poised to increase its position.
Since November 10, Saylor has released the SaylorTracker chart for five consecutive Sundays, confirming the news the day after MicroStrategy purchases Bitcoin.
If Saylor's hint comes true for the sixth time, it means MicroStrategy bought Bitcoin for the first time at an average price above $100,000, as CoinGecko data shows that since December 13, the trading price of Bitcoin has not fallen below six figures.
SaylorTracker data indicates that Saylor's business intelligence firm has confirmed that the average purchase prices of Bitcoin bought on the past three Mondays from November 25 to December 9 were $97,862, $95,976, and $98,783, with the values of these three batches of purchased Bitcoins being $1.5 billion and $5.7 billion respectively.
If another batch of Bitcoin reaches the upper limit of this range, MicroStrategy could easily achieve a $50 billion Bitcoin portfolio. As of December 15, the company holds 423,650 Bitcoins worth over $43.6 billion.
Bitcoin Technical Analysis
http://Economies.com reported that Bitcoin opened strongly on Monday, surpassing the first target of $104,060 to reach the second target of $106,000, suggesting to continue the bullish wave within the bullish channel appearing on the chart for additional gains extending to the $110,000 range.
Therefore, the bullish trend will remain valid and active for some time; it should be noted that a drop below $104,060 will halt the bullish wave and drive the price to realize some intraday bearish corrections before turning back up.
"The expected trading range on Monday is between the support level of $103,000 and the resistance level of $108,000."
"The trend prediction is bullish."
