Why price of Bitcoin could hugely skyrocket to $100,000 this week
There is a chance that Bitcoin could hugely skyrocket to $100,000 this week, which would make it a very good start to the new year for investors.
And there is a reason why the cryptocurrency might spike in value.
Bitcoin has already kicked off January with some incredible gains after it had a 125% surge last year.
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The coin also benefited from the Trump presidential election win which saw it skyrocketed in value.
Now, it’s expected that Bitcoin will hit a milestone this week by reaching the much anticipated $100,000.
It is currently sitting at around $96,000 but the coin saw an all-time high of $108,850 last month.
However, the gains didn’t last long after a sharp sell-off meant that the coin quickly dropped down by 15% over the last two weeks.
Despite this, the crypto is now climbing again and market analysts are seeing potential for a rebound.
So, what is the reason for their optimism?
Well, with the surge that the coin had with the election results, they believe that things can only get better for Bitcoin when Donald Trump officially makes his return to the White House.
The Republican president-elect is set to have his inauguration on January 20 and experts will be watching the market closely to see the impact the event will have.
Trump has already made some bold claims about his second term as president of the US, after his close friendship with Elon Musk seeing him appoint the tech billionaire as the head of the new Department of Government Efficiency (DOGE).
While not technically a government department, DOGE will act as an outside advisor to the president when it comes to the federal budget.
And Musk has already promised to slashed federal spending by trillions.
Along with conservative activist Vivek Ramaswamy, Musk has promised a complete overhaul and Trump has revealed that the department will help to ‘dismantle Government Bureaucracy’.
The Tesla boss has even joked about the DOGE’s connotations to another cryptocurrency, Dogecoin, sharing memes on his social media platform X, formerly Twitter.
The crypto was initially introduced as a meme coin and features a design of a famous Shiba Inu dog.
However, it now has legitimate investment prospects.
And Bitcoin wasn’t the only crypto to see a surge after Trump’s win, Dogecoin has also been bizarrely catapulted by Trump’s election victory in November 2024.
Musk appears to strongly believe in the viability of Dogecoin as part of the US economy, arguing on X: “I think the flat inflation of Dogecoin, which means decreasing percentage inflation, is a feature, not a bug.”