David Puell, an analyst at the investment company Ark Invest, said that Bitcoin is now in a “breathing stage” before the level of $100,000. In his opinion, by the beginning of January the rate of the first cryptocurrency will exceed $104,000.

David Puell emphasized that the arrival of the administration of newly elected US President Donald Trump to power will certainly affect Bitcoin prices.

“We expect price targets of $104,000 to $124,000 by the end of the year. With the caveat that this is not a recommendation, so far the dynamics have corresponded to this forecast,” the specialist noted.

According to him, it is now necessary to monitor what monetary policy and the position of the US Securities and Exchange Commission (SEC) will be in relation to the crypto industry.

“The current market environment is in the middle of a bull cycle, about 55-65% of the way through. This puts the Bitcoin cycle top at around $126,000-$134,000 in the medium term,” Puell said.

At the same time, we should not forget about the seasonal fluctuations of the first cryptocurrency. Over time, the market will enter a bearish phase, and the price of Bitcoin may correct to a significant extent, the expert said.

Earlier, analysts at 10X Research reported that the Bitcoin rally is far from over. According to experts, by the end of December the rate of the first cryptocurrency may reach $115,000.