The cryptocurrency market has been increasingly volatile over the past week. The world’s largest cryptocurrency Bitcoin (BTC), recorded a notable spike in its price. The king coin had been lingering below the coveted $100,000 zone for a while now. But as we inch closer to Donald Trump’s inauguration day, the asset managed to surge. This led to the community widening their expectations and looking forward to BTC recording a new peak before Trump takes office.
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Looking Into Bitcoin’s Weekly Spike
Throughout the past week, Bitcoin recorded a nearly 8% rise. The asset went from trading at a low of $92,371 all the way to a high of nearly $102,000. At the time of writing, BTC was priced at $101,780.09, with a 2.10% spike over the last 24 hours.
Bitcoin is currently trading 6.39% below its all-time high of $108,268.45. This peak was achieved back in December exactly a month ago. The community believes that BTC could benefit from Donald Trump’s inauguration and record a new high before the event.
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Price Prediction
On Monday, January 20, Donald Trump will take the oath of office as the 47th president of the United States. Fireworks will officially begin the swearing-in ceremonies on Saturday, January 18. In addition, the four-day itinerary will feature a Make America Great Again (MAGA) victory rally on Monday’s eve of the oath-taking, as well as three VIP events at Trump’s golf property outside of Washington, DC.
According to data from CoinCodex, BTC certainly has the potential to surge to the coveted $110,000 mark, but it might have to wait longer. The firm revealed that the highest price level that Bitcoin will trade at is $107,161 on the day of the inauguration. Therefore, the chances of BTC rising to $110,000 before Trump takes oath were diminished. Nevertheless, CoinCodex revealed that the asset could rise to $128,399 later this month.
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