Bitcoin Nears $100,000 in Santa Rally

Bitcoin is quickly approaching $100,000 in the "Santa Rally."Bitcoin is moving in the high $90,000 range, preparing to break its all-time high again. There is analysis suggesting it could surpass $140,000 around the inauguration of U.S. President-elect Donald Trump next month.

On the 26th, at 9:05 AM Korean time, Bitcoin was trading at $99,682.94, up 2.03% from 24 hours earlier. On this day, which was Christmas (25th) in U.S. time, Bitcoin was moving in the $98,000 to $99,000 range.

Bitcoin, which started its rally after the U.S. presidential election (November 5, local time), surpassed $100,000 for the first time on the 5th of this month. On the 17th, it hit an all-time high of $108,309. The rise was fueled by the incoming pro-cryptocurrency government, as U.S. President-elect Donald Trump promised to actively foster the cryptocurrency industry and ease regulations during the election period.

With a favorable environment for cryptocurrencies being created, some analysts suggest that Bitcoin could reach a new all-time high around January 20, when Trump is inaugurated. Cryptocurrency research firm K33 stated, "Analyzing the last three Bitcoin cycles, it took an average of 318 days for Bitcoin to reach an all-time high in each cycle," and claimed, "Since the all-time high was recorded on March 5 in this cycle, Bitcoin will peak again on January 17 next year." Based on the previous cycle's all-time high, Bitcoin is expected to soar to $146,000 in this cycle.

K33 reported, "The strong catalyst for the fourth quarter Bitcoin rally was Trump's election," and added, "Considering that it takes time for (cryptocurrency-related) policies to materialize, the inauguration will be a natural conclusion to Bitcoin's (upward) momentum."