With a fresh, cryptocurrency-friendly administration taking office, cryptocurrency investors are likely to expect a volatile market. However, some analysts shared their bullish predictions as Bitcoin (BTC) hit its latest all-time high (ATH) of $109,000.

Bitcoin Hits Novel ATH on Inauguration Day

Last week, Bitcoin broke through the $100,000 barrier for the first time in over ten days amid bullish expectations from January 20. The flagship cryptocurrency continued to consolidate above this key level over the weekend, fueled by US President Donald Trump’s latest crypto moves.

On Friday, the fresh US president surprised the cryptocurrency industry by launching his official memecoin TRUMP. The token has seen tremendous growth, reaching an all-time high of $75 (ATH) and a market capitalization of $15 billion, but has faced significant opposition from the crypto community.

As the token outshone the market, Bitcoin turned the key resistance level at $102,000 into a support zone, driving the price to a one-month high of $106,000. However, on Sunday afternoon, the market saw a 6% correction after the then First Lady launched her memecoin, MELANIA.

BTC dropped below the $100,000 level before quickly rebounding to close the week near the recently recovered level. Ahead of Trump’s inauguration, Bitcoin’s price surged 8.5% to a fresh all-time high of $109,588.

Daan Cryptocurrency Transactions excellent A good start to the week for BTC after it “opened today with a small gap on the CME, but immediately closed it and immediately hit new all-time highs,” adding that it will be an fascinating week.

Daan also signaled that today is likely to be “very volatile in both directions” for the market, but advised investors to “focus on what you expect in the first quarter, not the next day.”

Will the BTC price continue to rise?

Altcoin Sherpa cryptocurrency analyst suggested that the price of BTC may experience short-term volatility depending on Trump’s comments during his inaugural speech. “If a strategic bitcoin reserve is announced, I think BTC will insert a divine candle and everything will be sent,” he said, adding that the lack of mention could trigger a short-lived pullback.

Despite the potential for short-term shocks, some analysts stressed that Bitcoin is entering a fresh phase of price discovery. Rekt Capital he stated“History suggests that the first price discovery correction has already ended.”

According to the analyst, the December retracement was part of BTC’s “parabolic post-halving growth phase.” Bitcoin enters a parabolic period, which lasts approximately 300 days, each cycle after each Halving, with the first price correction historically starting between weeks 6 and 8 of each parabolic phase.

After the latest price action, the analyst announced that the second Price Discovery uptrend is coming. He explained that “Bitcoin is now trying to break out of the 101k range. dollars – 106 thousand dollars Daily Close above the 106 thousand range dollars. High resistance followed by a retest after a breakout would confirm the breakout and move Bitcoin one step closer to additional price discovery.”

Crypto Jelle analyst highlighted BTC’s multi-year cup and handle pattern that “looks like Bitcoin wants to get this over with.” The analyst suggested that the flagship cryptocurrency won’t wait “much longer,” adding that the long-term target remains $140,000.

At the time of writing, Bitcoin is trading at $104,564, down 1% on the daily time frame.

Featured image from Unsplash.com, chart from TradingView.com