Bitcoin experienced a significant price surge, climbing as high as $117,580, an increase of approximately 3% over the week. Analysts identify former President Donald Trump’s newly announced pro-cryptocurrency stance as the primary driver behind the bullish movement.
Trump’s key proposals include allowing cryptocurrency to be included in 401(K) retirement plans and preventing the so-called ‘debanking’ of investors involved in the crypto space. These announcements injected substantial positive sentiment into the market.
The rapid price appreciation triggered significant liquidations, resulting in nearly $300 million worth of leveraged short positions being forcibly closed. This liquidation pressure further amplified the upward momentum.
Following these developments, market sentiment has improved noticeably. Leading analysts now project that Bitcoin’s price has the potential to reach $140,000 or even higher within the current year, citing renewed institutional and retail confidence spurred by the supportive regulatory signals.