As of writing, Bitcoin is trading at $99,040.43, and many in the crypto world believe it’s just a matter of time before it hits the coveted $100K milestone. But the real question on everyone’s mind is: could Bitcoin go even higher? Some reports are forecasting a potential surge to $115K by Christmas.
Let’s take a closer look at the current market dynamics and explore what might lie ahead for Bitcoin in the coming weeks.
MicroStrategy Faces Setback
MicroStrategy Inc.’s stock has dropped sharply from $473.83 to $367.28—down nearly 16.2%. This drop came after traders hesitated to buy call options at higher levels due to rising implied volatility. Before the drop, MicroStrategy’s implied volatility reached 200%, and it has since increased even further, to 270%. This sharp rise indicates a high level of market uncertainty.
Bitcoin, on the other hand, has risen nearly 2.3% in the past 24 hours. On November 21, the price was $94,356.13, and it has since climbed by 4.96%.
This price movement highlights Bitcoin’s growing independence from the price movements of other assets.
Trump Slams the SEC: Changes Ahead?
During his election campaign, Donald Trump criticized the U.S. SEC and its Chairman, Gary Gensler, for their handling of the crypto industry. Many close to Trump have suggested that, if he wins the presidency, he may remove Gensler from his role.
Some reports also indicate that Gensler could step down voluntarily before the new president is inaugurated on January 20, 2025.
Who Will Replace Gensler?
While there’s no clear indication yet of who will replace Gensler, experts believe the next SEC chair will be more open to the cryptocurrency industry. Rumors suggest that Trump’s administration could appoint someone who is more pro-crypto, with significant experience in the digital asset market.
Reports also indicate that Trump has had private meetings with leading crypto figures, including Coinbase CEO Brian Armstrong. One of the main topics of these discussions is believed to be the appointment of a new SEC chair, which has raised hopes that the next SEC leader may be more supportive of crypto.
What This Means for Bitcoin and the Crypto Market
These developments could be very positive for the crypto market, especially Bitcoin. A change in SEC leadership could lead to clearer and more favorable regulations for cryptocurrencies, which could help boost the market in the coming months.
The potential change in SEC leadership could bring clearer regulations, creating a better environment for cryptocurrencies in the future.
Source: https://coinpedia.org/news/will-bitcoin-price-hit-115000-by-christmas-market-trends-to-watch/