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, before slightly retreating. Wall Street's largest publicly traded whale, MicroStrategy, hinted that it purchased more Bitcoin last week, firmly increasing its holdings at an average price exceeding $100,000.
CoinTelegraph reported that Mallers explained Trump might rely on provisions in the so-called "Dollar Stabilization Act" that grant him significant power to protect the dollar. He envisioned, "(Trump) could utilize an executive order on the first day to purchase Bitcoin."
He added, "The scale of it (Bitcoin strategic reserve) will not reach 1 million, but it will play an important role."
(2024 Bitcoin Act) proposed by pro-crypto Republican Senator Cynthia Lummis in July, suggests 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 for at least 20 years, occupying 5% of the total Bitcoin supply of 21 million, and these speculations have boosted some new high price targets for 2025 and beyond for Bitcoin.
Meanwhile, Satoshi Act Fund CEO Dennis Porter stated that a third Bitcoin strategic reserve bill is being drafted at the state level in the U.S. — however, he did not disclose which state would follow Texas and Pennsylvania's lead.
"We have Pennsylvania and Texas, and now another state has joined in. They sent me a draft, so I know it's real," he said during a Twitter Spaces live session on Sunday. He added that at least 10 states are expected to introduce Bitcoin reserve bills in total. "This is not going to stop; we will see more and more such bills introduced. I think there will be at least 10 of them."
Financial analysts also predict that the Federal Reserve will cut interest rates by 25 basis points on December 18, which may further boost Bitcoin's price in the coming months.
Another catalyst for the surge in Bitcoin prices could be a new regulation from the Financial Accounting Standards Board that allows institutions to more accurately record the value of their crypto assets. 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 that he purchased more Bitcoin over the weekend, marking the company's first purchase at an average price exceeding $100,000.
In a Sunday post, Saylor indicated that the portfolio tracking platform SaylorTracker seems to be missing a green dot (Bitcoin buying point), suggesting that MicroStrategy is making another move to increase its holdings.
Since November 10, Saylor has released the SaylorTracker chart every Sunday for five consecutive weeks, confirming the news the day after MicroStrategy purchases Bitcoin.
If Saylor's hint comes true for the sixth time, it would mean MicroStrategy purchased Bitcoin for the first time at an average price exceeding $100,000, as CoinGecko data shows that Bitcoin's trading price has not dipped below six figures since December 13.
SaylorTracker data indicates that Saylor's business intelligence firm has confirmed that the average purchase price of Bitcoin bought from November 25 to December 9 over the past three Mondays was $97,862, $95,976, and $98,783, with the total value of these three batches of Bitcoin being $1.5 billion and $5.7 billion respectively.
If another batch of Bitcoin reaches the upper limit of this range, MicroStrategy can 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 states that Bitcoin opened strongly on Monday, surpassing the first target of $104,060, reaching the second target of $106,000, suggesting to continue the bullish wave within the bullish channel appearing on the chart for additional gains extending into the $110,000 area.
Therefore, the bullish trend is expected to remain valid and active for the time being. It is important to note that a drop below $104,060 would halt the bullish wave and push the price to realize some intraday bearish corrections before turning back upward.
"The expected trading range for Monday is between the support level of $103,000 and the resistance level of $108,000."
"The trend forecast is bullish."
