Cryptocurrency markets are surging on the last trading day before the presidential inauguration. Bitcoin has now reached the $105,000 mark, fueled by speculation that President-elect Donald Trump may announce a “Strategic” Bitcoin Reserve.
However, some economists are expressing concerns, hoping that Trump won't compromise the country’s integrity just to benefit Bitcoin donors. They also warn that such a reserve could lead to higher inflation and a weaker economy.
Meanwhile, crypto chart analysts are observing a breakout from a cup-and-handle pattern, suggesting a potential upside target of $276,400 for Bitcoin.
Trader notes are also highlighting Bitcoin reclaiming a key level from the Dec. 18 sell-off, which could provide room for altcoins to perform over the weekend.
Finally, a spot-driven rally is breaching a key level, signaling strong momentum and setting the stage for new all-time highs if Bitcoin closes the day around $104,738.
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