Bitcoin Surges Past $99,000 Following Gensler’s SEC Departure News
Bitcoin (BTC) surpassed $99,000 on Thursday, achieving a new milestone before slightly declining. This surge follows significant political and market events that have bolstered investor confidence in digital assets.
Speculation regarding the potential departure of Securities and Exchange Commission (SEC) Chair Gary Gensler, along with Donald Trump’s anticipated crypto-friendly policies, has generated excitement in the crypto sector.
Bitcoin rose to $99,126 from a low start during the session, fueled by hopes for a shift in US financial policy. Investors are optimistic about reaching $100,000, especially given a 40% increase in cryptocurrencies following Trump's expected re-election win earlier this month.
A Pro-Crypto Administration?
Reports indicate that Trump's administration is considering establishing the first crypto policy position, which could impact regulatory approaches. Many believe that the SEC will adopt a more favorable stance after Gensler's departure, addressing long-standing concerns within the crypto community.
On January 20, 2025 I will be stepping down as @SECGov Chair.
A thread
— Gary Gensler (@GaryGensler) November 21, 2024
Mike Novogratz, CEO of Galaxy Digital, expressed optimism about these changes, noting the pro-crypto, pro-blockchain stance of the Trump team. He mentioned government interest in establishing a national Bitcoin stockpile and prioritizing blockchain innovation as factors that could enhance market empowerment.
Corporate Moves Add Fuel
The Financial Times reported that Trump Media & Technology Group (DJT) is negotiating to acquire Bakkt, a cryptocurrency exchange. This partnership may integrate cryptocurrency into a broader technological context, increasing accessibility and prevalence.
These developments contribute to the narrative of institutional adoption, a key driver in previous bull cycles. Market reactions suggest a growing belief that Bitcoin is poised for greater involvement in both private and public sectors under favorable regulations.
#Bitcoin looks like it did in December 2020. Even the RSI is nearly identical. If true, $BTC will go to $108,000, drop to $99,000, and bounce to $135,000! pic.twitter.com/hsIBWBVGnl
— Ali (@ali_charts) November 20, 2024
Analysts Predict New Highs
Crypto expert Ali Martinez identified similarities between Bitcoin's current rise and its late 2020 surge. His analysis suggests Bitcoin could reach $108,000, drop back to $99,000, and then climb to $135,000.
Key indicators supporting this projection include over 475K daily active addresses and social volumes exceeding 380K, reflecting patterns seen during Bitcoin's breakout in 2020 when it more than doubled in value within weeks.
Following Gensler's resignation, Bitcoin’s future trajectory may depend on the stance of his successor. A pro-crypto leader could drive adoption and facilitate Bitcoin surpassing $100,000, setting the stage for an extended bull run, though regulatory changes and market sentiment remain critical factors.
Featured image from DALL-E, chart from TradingView