The $100,000 level is the “next magnet” for Bitcoin investors if the top crypto continues its price rally, according to Luca Köymen, investment strategist at Sygnum Bank.

He told DL News that two changes in the US could cement the rally: the potential signing of the Clarity Act and new leadership at the Federal Reserve.

“The structural story is where we see the bigger signal,” he said. “Clearer bank access, no CBDC competition, and a chair who treats crypto as embedded rather than exotic is a bigger deal than a quarter or two of marginally more hawkish tone.”

US President Donald Trump has banned the creation of a central bank digital currency in the US through an executive order.

Köymen’s view lands as Bitcoin has rallied about 10% over the past two weeks to trade near $78,000. It remains roughly 38% below its October peak, even as the S&P 500 pushed to a new all-time high in April.

Fed regime change

Fed Chair Jerome Powell is set to complete his term on May 15.

Trump has nominated Kevin Warsh, who is seen as a crypto bull, to replace Powell. Warsh being confirmed would mark a turning point for Bitcoin, Köymen said.

“He’s the most crypto-literate chair in Fed history,” Köymen said. “He understands the technology and has publicly called Bitcoin a disciplining force on bad policy.”

In testimony before the Senate Banking Committee on Tuesday, Warsh described himself as an “independent actor” and signalled a focus on balance-sheet reduction, stricter inflation measurement and data-driven policy.

Warsh’s near-term stance marginally reduces the probability of immediate rate cuts. Yet Fed Funds futures have not meaningfully repriced since his hearing. Over the medium term, Köymen sees the framework as supportive for risk assets.

But caveats remain. Warsh’s confirmation faces political hurdles, including a hold from Republican Senator Thom Tillis. The politician from North Carolina has raised concerns over market stability if Warsh gets his way.

Polymarket punters don’t like his chances, though. Following the Senate’s Tuesday grilling of Warsh, the prediction market bettors put the chances of Warsh being confirmed by May 15 at 28%, down from 92% in March.

And even if confirmed, Warsh requires consensus with 11 other Fed governors members to meaningfully shift policy direction.

Still, Köymen views the potential regime change as a structural win.

“Over the medium to long term, we view the Warsh appointment as a net positive for Bitcoin and broader crypto assets,” he said.

Potential governance changes at the Fed, alongside adjustments to the Supplementary Leverage Ratio, point toward improving financial conditions, according to Köymen.

Clarity Act

The Clarity Act, the most consequential US crypto market structure bill to date, would also prove a boon to Bitcoin if it was signed into law, Köymen said.

Yet, the window for it getting the piece of legislation finalised is closing fast.

On Monday, Galaxy Digital’s Alex Thorn warned that the bill has roughly 50–50 odds of passage this year, with the Senate juggling Iran debates, Department of Homeland Security funding and a crowded nomination schedule.

Fed regime change

Clarity Act

Crypto market movers

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