Cryptocurrency Prices Continued Edging Higher, Sending Bitcoin to Less than 1% from $100,000

LMAX analyst Joel Kruger believes the postelection rally still has more fuel, boosted further by Thursday's announcement that SEC Commissioner Gary Gensler

Bitcoin price continued edging higher Thursday, now less than 1% away from $100,000. But some analysts expect the postelection rally to continue, especially with Thursday's announcement that Securities and Exchange Commissioner Gary Gensler plans to step down.

Bitcoin hit a new high of $99,518 overnight, CoinDesk data showed, continuing its rally after the U.S. elections registered a broad victory for Republicans and bitcoin clocked in at around $98,300 Friday morning. The world's largest cryptocurrency has rallied 135% so far this year.

Some analysts expect bitcoin to hit $100,000 by year-end, a target that now looks possible any minute. While $100,000 is generally seen as a psychologically important threshold, some see it as also a level of possible resistance.

However, Joel Kruger market strategist at LMAX Group, says there are reasons to suspect bitcoin may overshoot the $100,000 market this year. And Bernstein projects bitcoin will reach $200,000 by 2025.

"Bitcoin has continued with the charge to fresh record highs, seemingly on a mission to take out the much talked about psychological barrier at $100,000," Kruger wrote to IBD. Kruger noted that as of early Thursday, bitcoin is up 64% in Q4. Meanwhile, bitcoin has averaged more than 80% returns in the fourth quarter since 2013.

"The reason we bring this up is not to say the market is overextended, rather to highlight the possibility we still have more room to run in 2024," Kruger wrote, referencing the historical returns. "This leaves bitcoin with another 16% to match those average returns, which suggests we could see an overshoot of $100,000 and through $110,000 before the year is out."

SEC's Gensler To Step Down

Meanwhile, Securities and Exchange Commission Chair Gary Gensler announced Thursday that he will step down on Jan. 20 when President-elect Donald Trump takes office.

"It has been an honor of a lifetime," Gensler said in the release. "I thank President Biden for entrusting me with this incredible responsibility. The SEC has met our mission and enforced the law without fear or favor."

Gensler, a contentious figure in the crypto industry, assumed the role in 2021. During his tenure, he has overseen a number of enforcement actions and rulemaking activities that affected digital assets. The SEC under Gensler sued a number of crypto exchanges and token projects, including Coinbase (COIN), Binance and Kraken, alleging they were unregistered brokers, clearinghouses and securities. But there were some positive developments for crypto under Gensler, as he oversaw the launch of the spot bitcoin ETFs in January.

Trump on the campaign trail vowed to fire Gensler, and is reportedly considering crypto-friendly candidates to head the SEC. Although an official nominee hasn't been named, CoinDesk reported that Trump is considering Teresa Goody Guillen as his pick. Goody Guillen is co-lead of law firm BakerHostetler's blockchain practice and served as an attorney for the SEC's Office of the General Counsel from 2009 to 2011.

Trump Prioritizes Crypto In Final Days

The Goody Guillen reports are the latest instance of Trump making good on his campaign promise to prioritize the crypto industry.

Trump earlier this week said he plans to nominate Cantor Fitzgerald CEO Howard Lutnick to head the Department of Commerce, tasked with administering tariffs and investigating trade practices. Lutnick, an outspoken crypto advocate and cochair of Trump's transition team, may also play a role in setting policies for the digital asset industry. During the annual bitcoin conference earlier this year, Lutnick called Cantor Fitzgerald the "best investment bank for digital assets," and it also serves as the custodian for Tether, one of the most widely-used stablecoins, Barron's reported.

Lutnick also at that conference said he is "a fan" of bitcoin and "of course" he owns bitcoin.

The Trump team is also considering a new White House crypto role, which would be the first of its kind and solely focused on cryptocurrency policy, Bloomberg reported citing unnamed sources. The Trump transition team is reportedly vetting candidates, with crypto industry advocates pushing for the role to have a direct line to the president.

Elsewhere, Truth Social parent Trump Media & Technology (DJT) is reportedly closing in on a deal to acquire crypto trading firm Bakkt (BKKT), according to reports earlier in the week.

Crypto Prices And Stock Action

No. 2 crypto peaked at $3,427 overnight, adding to its 35% gain over the past month. It has rallied 46% so far