The post Will Bitcoin Price Hit $115,000 by Christmas? Market Trends to Watch appeared first on Coinpedia Fintech News
At the time of writing, Bitcoin is trading at a price of $99,040.43. Most Bitcoin enthusiasts anticipate that the market could hit the milestone of $100K within a few hours. Reports suggest that this Christmans could be a day of great accomplishment for Bitcoin. Could the BTC market reach as high as $115K by December 25? Let’s understand the market scenario.
Bitcoin Resilience Amid Market Turmoil
The MicroStrategy Inc price has plummeted from $473.83 to $367.28 – nearly 16.155. As per reports, the unwillingness of traders to buy call options at elevated levels due to high implied volatility triggered the price drop in the MicroStrategy market. Before the drop, the implied volatility of MicoStrategy climbed to 200%. Notably, after the drop, it has skyrocketed further to 270%.
Meanwhile, in the last 24 hours, the Bitcoin market has surged nearly 2.3%. At the start of November 21, the BTC price was at $94,356.13. Since then, it has experienced an increase of 4.96%.
What this demonstrates is the growing independence of Bitcoin from correlated asset movements.
SEC Leadership Change and Potential Impact
During the election campaign, Donald Trump lashed out against the US SEC for its handling of issues related to the crypto industry, especially its approach under SEC Chairman Gary Gensler towards the innovative industry.
Many close to the Republican leader have hinted at the possibility of removing Gary Gensler from the post as soon as Trump assumes the seat of power in the White House. Reports indicate that Gensler would voluntarily step down from this position before the inauguration of the new US president, which is scheduled to take place on January 20, 2025.
Right now, not much is known about who might succeed Gensler. Experts believe that whoever the successor is, he would be more open to the cryptocurrency industry than Gensler. Rumours indicate that the next SEC chair could be a pro-Crypto executive, with considerable experience handling issues related to the crypto industry.
There are reports that recently, Trump held secret meetings with several top crypto leaders, including Coinbase CEO Brain Armstrong. There are strong reasons to believe that choosing the successor of Gensler was one of the key topics during these meetings.
This development is likely to positively influence the crypto market, especially the Bitcoin market.
#Bitcoin to $115,000 by Christmas?
1-12) Yesterday, we observed that MicroStrategy's implied volatility had risen to 200%, indicating an expected daily move of 12.6%. However, with few outstanding call options at the higher strike levels the stock had reached, the upside… pic.twitter.com/ZF2bM67do8
— 10x Research (@10x_Research) November 22, 2024
In conclusion, Bitcoin’s resilience amid stock volatility highlights its strength and independence. Meanwhile, the anticipated SEC leadership change may usher in a new era of regulatory clarity, benefiting the crypto market tremendously in the coming months.
