The cryptocurrency market seems to be recovering from its recent dip. Bitcoin (BTC), the leading crypto asset, has reclaimed the $99,000 mark after its recent descent to sub-$92,000 levels. The global crypto market cap has also climbed 1.5% in the last 24 hours to $3.64 trillion.

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Bitcoin’s Price Movements

BTC has risen 2.4% in the daily charts, 5.3% in the weekly charts, 4.1% in the 14-day charts, and 132.5% since January 2024. Despite the rally, the asset is down 6.7% over the previous month.

Why Is The Asset Rallying?

BTC’s latest rally could be due to rising investor sentiment. Investors may be betting on a market-wide rally after US President-elect Donald Trump assumes office. Trump will be inaugurated into office on Jan. 20, 2025.

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Bitcoin (BTC) fell below $92,000 earlier this week during a market-wide correction. The market faced a dip after US jobs data came in better than expected. The market faced another correction last month after inflation in the US rose to 2.7%.

Will BTC Hit a New All-Time High Before Donald Trump’s Oath?

Bitcoin (BTC) hit an all-time high of $108,135 on Dec. 17, 2024. The asset is currently down by 8.1% from its peak.

According to CoinCodex, BTC will hit a new all-time high of $108,164 on the day of Trump’s inauguration. The platform anticipates the asset to continue rallying over the next few months, hitting a peak of $142,540 on Apr. 5, 2025. Hitting $142,540 from current price levels will entail a rally of about 43.39%.

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There is also a possibility that BTC will not hit a new peak. The Federal Reserve has taken a hawkish stance with its monetary policy, announcing only two interest rate cuts in 2025 instead of three. The move could lead to investors being weary of risky assets, such as cryptocurrencies.