On Thursday (December 26), after Bitcoin rebounded to $99,963, it fell back to the $98,315 level. Hester Peirce, a commissioner of the SEC, known as the "mother of cryptocurrencies," stated that starting in 2025, the SEC will temporarily reduce the number of commissioners while waiting for Senate approval of President Trump's nomination. She noted that in 2025, the agency's stance on the crypto industry will undergo significant changes and reduce enforcement actions.
At the beginning of next year, before Trump takes office and during the temporary scale-back of the SEC, only Republican commissioners Hester Peirce and Mark Uyeda will continue to serve after taking office. According to Peirce, the SEC's stance on the crypto industry will undergo significant changes following the departure of current chairman Gary Gensler.
According to Blockworks, Peirce stated earlier this month at the Blockchain Association policy summit: "We have a vast toolbox."
She added, "We have always tended to use enforcement as our preferred tool, and I think when you see the new committee changes and composition changes, the case mix will also change."
Uyeda added that the nature of federal agencies means that some (or in the case of the SEC, most) policy discussions are held behind closed doors.
"This is why we are implementing the (Administrative Procedure Act), allowing the public to comment on regulations," he explained. "It is our responsibility to the American public to provide this transparency."
If the guidance issued by agency staff differs from SEC rules, such as SAB 121, there is no need for a public comment period.
In the SAB 121 case, both houses of Congress chose to overturn the policy that required digital asset custodians to report liabilities and "corresponding assets" on their balance sheets. However, the current President of the United States ultimately vetoed this resolution.
Uyeda hopes the SEC can provide more opportunities for public participation.
Peirce said, "It is very difficult to make this transition because we have come a long way."
She added directly regarding the crypto industry: "It will take a lot of effort from us and you to get back on track, but I believe we can do it."
Bitcoin Price Outlook: Expected to reach a new high of $150,000 next year.
FXEmpire analyst Yashu Gola indicated that Bitcoin is testing the 1.618 Fibonacci retracement level near $101,000 as resistance, with technical indicators pointing to a potential pullback. A decline could lead Bitcoin to retest the support level of $69,000, consistent with its upward trend line and the neckline of the previously formed inverse head and shoulders (IH&S) pattern.
$69,000 is a critical level as it is the breakout point for the IH&S pattern in early 2024. Successfully defending this level could lay the foundation for a strong rebound, targeting the next Fibonacci level of 2.618, close to $150,000.
Overall, the IH&S pattern predicts that Bitcoin's long-term target price will exceed $250,000, meaning there is significant upside potential if Bitcoin maintains a bullish structure.
However, the short-term market trend depends on the resistance level of $101,000 and whether buyers will intervene to defend $69,000 if a pullback occurs.
