The price of Bitcoin hasn’t budged in the past 24 hours, with BTC sticking to $95,275 on a day when the crypto market as a whole has risen by 1%.
BTC is now up by 2% in a week and by 39% in the past month, with the token consolidated at a level just below $100,000.
Yet a growing number of traders are rallying around the possibility that incoming crypto-friendly policies could help Bitcoin zoom towards $150,000 next year.
Making it to six figures is likely even if Trump doesn’t announce anything specific upon his inauguration, but if any states or even the federal government were to announce BTC reserve policies, the coin could end up surging.
Bitcoin Price Forecast: Analyst Says Trump’s Policies Could Fast-Track $150,000 BTC – Here’s How
Posting on X, Dennis Porter – the CEO of the non-profit Satoshi Action Fund – declared overnight that ten states will be “introducing ‘Strategic Bitcoin Reserves’ legislation” in the near future.
In other words, Porter is claiming that ten states are seriously weighing up whether to begin buying Bitcoin as a store of value.
However, the manner in which they’re considering such a policy currently varies from one state to another.
For example, Pennsylvania’s legislature has actually seen a bill to this effect, whereas representatives from Texas have merely spoken with Porter in recent days.
This follows moves from the cryptocurrency industry to sway President-elect Donald Trump into starting a federal Bitcoin reserve.
Again, given the massive funds at the disposal of the US federal government, such a move would potentially send BTC skyrocketing.
Some industry figures (e.g. Mike Novogratz) have suggested that the odds of a federal BTC reserve are low, yet if it does happen, it could kickstart an arms race among nations to stockpile the cryptocurrency.
We have also seen recent calls for major corporations such as Microsoft to begin allocating their reserves to BTC.
Now is therefore a very exciting time for Bitcoin, which is about to hit a short-term bottom, having struggled over the past couple of days.
Source: TradingView
Its 30-period average (orange) is just about to fall below the 200-period average (blue), while its RSI has been low for the past few days.
This suggests it’s ready to attempt a climb towards $98,000 again, with the coin on course to pass $100,000 by the end of the year.
Diversifying into New High-Potential Alts
BTC is the closest thing crypto has to a safe bet, yet traders looking to maximise their profits should also consider diversifying into various newer tokens.
New small-cap coins can often outperform the market, given that they start from a low base and can surge if they gain new listings.
One promising new coin at the moment is Catslap (SLAP), an Ethereum-based token that listed on Uniswap last month..
It’s now up by more than 5,000% from its listing price, according to DEXTools, and is up by over 80% in the past 24 hours.
SLAP now boasts around 10,000 holders since listing on November 21, with the coin already having a market cap of $13.6 million.
What’s interesting about Catslap is that it’s not simply a no-utility meme token, with the coin also operating in conjunction with its own slap-to-earn mini-game.
Users can play this game via Catslap’s official website, where they can tap on or click the screen in order to animate a cat-slap GIF.
This sounds simple enough, but what incentivizes engagement is the fact that players receive rewards in SLAP.
So the more they slap, the more SLAP they receive, with the coin also having a staking mechanism for added rewards.
Boosting the bull case for SLAP further is the coin’s burn mechanism, which so far has destroyed around 38.6 million tokens.
Investors can either trade it on Uniswap or buy it directly via the Catslap website, where 1 SLAP is approx. $0.00591.
Check Out Catslap Here
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