Bitcoin (BTC) is starting the week at another all-time high as optimism around the incoming new presidential administration builds.
At time of writing, BTC is trading above $107,000, up nearly 10% in the last week and over 150% year-to-date.
President-elect Donald Trump, the first vocally pro-digital asset commander-in-chief of the US who has referred to himself as the “crypto president,” was spotted over the weekend accumulating several altcoins.
According to data from crypto intelligence platform Arkham, the treasury for Trump’s World Liberty Financial (WLFI) project, has acquired at least $50 million worth of crypto assets, including Ethereum (ETH), Chainlink (LINK) and Aave.
Arkham’s data also shows that Donald Trump’s personal wallets currently hold over $12 million in altcoins, though most of it appears to be memecoins sent to him for promotional purposes.
In an interview with CNBC’s Jim Cramer, Trump also appeared to still be open to the idea of a national Bitcoin reserve.
Said Trump,
“We’re going to do something great with crypto because we don’t want China, or anybody else… but others are embracing it, and we want to be ahead.”
Tony Sycamore, an analyst at IG told Reuters that Trump’s comments have likely foiled hopes for a correction in BTC.
“We’re in blue sky territory here… The next figure the market will be looking for is $110,000. The pullback that a lot of people were waiting for just didn’t happen, because now we’ve got this news.”
Pseudonymous crypto analyst TechDev shared a chart with his 489,000 followers on the social media platform X suggesting that Bitcoin is about halfway through a parabolic advance toward the $180,000 mark.
TechDev also recently forecasted the beginning of an “altseason,” partially based on a Wyckoff accumulation pattern on the OTHERS chart, which measures the market cap of all digital assets excluding the top ten.
At time of writing, OTHERS is about a 23% move away from its 2021 highs.
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