Ahead of Donald Trump’s inauguration this week, bitcoin reached a new record high of around US$109,000 in anticipation of what is widely being regarded as a “pro-crypto” leadership change.

On Thursday afternoon, the cryptocurrency was trading above US$102,000 and was up more than 157 per cent over the last 12 months.

Now, bitcoin could be on track to hit US$120,000, with institutional and retail buyers supporting the rally, Global X’s Billy Leung said.

“The road for bitcoin to reach US$120,000 is plausible, supported by increasing adoption from institutional investors and Trump’s stated commitment to making the US a global crypto hub,” Leung added.

“Speculation around a potential…