The Fed's most recent rate cut, however, has further propelled Bitcoin, with the cryptocurrency surging to a new all-time high on Monday after spiking to $87,000. Other analysts, including Fundstrat's Sean Farrell had predicted a continually dovish Fed would propel Bitcoin to $115,000 by the end of the year.

Trump’s current stance on crypto is a major departure from his last term as president. In the summer of 2019, Trump criticized cryptocurrency on social media, claiming it could be used to facilitate illegal activities. And during his presidency, the Trump administration’s regulatory actions included the SEC’s controversial lawsuit against Ripple.

Bitcoin rallied past $80,000 for the first time on Sunday, boosted by President-elect Donald Trump’s embrace of digital assets and the prospect of a Congress featuring pro-crypto lawmakers.

Bitcoin's price has seen a significant surge in the past month, driven by the so-called "Trump trade". Analysts expect the token to continue surging towards a six-digit figure. View on euronews

Bitcoin has surged to an all-time high of $81,600 following Donald Trump's victory in the U.S. presidential election. Investors are optimistic about a pro-crypto administration fostering growth in the digital asset market.