Bitcoin, the world’s largest cryptocurrency, saw its price drop by 9% on Thursday, though analysts are optimistic that the market has not factored in recent pro-crypto policies under the Trump administration set to potentially push the price upward.

“We’re currently in an ecosystem that has the most bullish government ever standing behind the whole perspective of tokenizing all assets, decentralized ecosystems and the adoption of Bitcoin into governments balance sheets,” said MN Capital founder Michaël van de Poppe.

“It's actually within the perfect storm of a bull market we've not seen before,” he explained.

“The Trump administration is making it clear that the U.S. needs to take crypto seriously,” Bitcoin Depot CEO Brandon Mintz told TheStreet Crypto.

The world’s leading crypto is currently trading at a price of $96,463 .

Major financial institutions like Standard Chartered predict that Bitcoin could reach $500,000 under a Donald Trump presidency. Jeff Park, Head of Alpha Strategies at Bitwise Asset Management, says that Bitcoin might even hit $1 million this year if the U.S. government creates a Bitcoin strategic reserve, but cautions that the probability of this occurring stands at less than a 10%.

Ether facing a market pullback

Meanwhile, the price of the world’s second-largest cryptocurrency, Ether, has dropped to around $2,686 .

A new crypto trends report from Gemini and Glassnode shows that Ether has lost support from new investors, who are increasingly flocking to Bitcoin and Solana, the world’s fifth-largest crypto.

Overall, the global crypto market is languishing at $3.15 trillion, a 1% drop from the last 24 hours, according to CoinMarketCap .