Bitcoin with enhanced security: “It will reach $200,000 by the end of next year”

Bitcoin has successfully landed at the $90,000 level, and expectations are high for it to break through the $100,000 mark. The upward trend is continuing, with the prospect that crypto-friendly figures will be placed in key regulatory agencies such as the U.S. Securities and Exchange Commission (SEC) when the next Trump administration takes office. Notably, unlike past bull markets, Bitcoin's fundamental strength has been further reinforced, suggesting ample room for additional gains. On the afternoon of the 14th, based on CoinMarketCap data, Bitcoin recorded $90,089.66, up 4.06% from the previous day. Bitcoin, which first broke through the $90,000 mark on the 13th of this month, has maintained the $90,000 level for two consecutive days. Bitcoin, which was trading in the $68,000 range on the U.S. presidential election day on the 5th of this month, has surged more than 30% in less than 10 days. The market analyzed that Bitcoin's fundamental strength has been further reinforced compared to the past, allowing it to maintain a stable upward trend. In fact, Bitcoin's hash rate recorded 723.37 exahashes (EH/s) on this day. This is more than 4 times the figure of 170EH/s during the November 2021 bull market. Hash rate refers to the computing power required for Bitcoin mining. As the hash rate increases, it means that more Bitcoin miners have joined the network, indicating higher network security. Upbit D Conference speaker Chung Chi-hyung, chairman of Dunamu, said, "The changes in reality created by blockchain, such as the approval of Bitcoin and Ethereum spot exchange-traded funds (ETFs) and Non-Fungible Token (NFT) tickets, are right in front of us," adding, "Blockchain is no longer an invisible technology." Another reason for the rise is that crypto-friendly figures are being appointed to key positions in Donald Trump's new administration in the United States. The Washington Post reported that Trump's transition team is considering appointing individuals friendly to digital assets as heads of agencies such as the SEC, Commodity Futures Trading Commission (CFTC), and Federal Deposit Insurance Corporation (FDIC). Dan Gallagher, Chief Legal Officer of Robinhood, and Chris Giancarlo, former CFTC chairman, are mentioned as potential successors to SEC Chairman Gary Gensler, whom Trump has vowed to dismiss on his first day in office. Kristine Smith, president of the American Blockchain Association, said that "digital asset industry figures are in contact with the transition team and recommending candidates." The market expects Bitcoin to surpass $100,000 by the end of the year. Jeff Kendrick, an analyst at Standard Chartered Bank, forecast that Bitcoin will reach $125,000 by the end of this year and $200,000 by the end of next year. However, there are also analyses that Bitcoin has entered an overbought phase. Valentin Fournié, an analyst at BRN, said that "increased volatility may occur due to new investors entering at the top."