The cryptocurrency market seems to be recovering from its recent decline. Bitcoin (BTC), the leading crypto asset, has regained the $99,000 mark after its recent decline to levels below $92,000. The global market cap of the crypto market has also climbed 1.5% in the past 24 hours to $3.64 trillion.
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Bitcoin price movements
Why Asset Rally?
BTC’s recent rally may be due to rising investor sentiment. Investors can bet on a market-wide rally following the inauguration of US President-elect Donald Trump. Trump will be inaugurated on January 20, 2025.
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Bitcoin (BTC) fell below $92,000 earlier this week during a market-wide correction. The market faced a decline after US jobs data came in better than expected. The market faced another correction last month after US inflation rose to 2.7%.
Will BTC hit a new all-time high before Donald Trump’s inauguration?
According to CoinCodex, BTC will hit a new all-time high of $108,164 on the day of Trump’s inauguration. The platform expects the asset to continue growing in the coming months and reach a peak of $142,540 on April 5, 2025. Reaching $142,540 from current price levels will represent a rally of about 43.39%.
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There is also a possibility that BTC will not reach a new high. The Federal Reserve has taken a hawkish stance with its monetary policy, announcing only two rate cuts in 2025 instead of three. The move could lead to investors becoming weary of risky assets, such as cryptocurrencies.
