The sudden rise in the price is in my opinion temporary.

Taking into account big investors, PayPal announcements and more exposure and enthusiasm shown my role models of millions of people has led to this high spike.

We already saw that it reached its peak at 42k and since then it is gradually coming down, so I think your question is already answered.

I don’t think with Biden would do any good to the crypto market but he would actually try to apply new financial sanctions to control the growth of bitcoins so that people wouldn’t avoid taxes.

We cannot expect any government to actually be in favour of cryptocurrency as it is difficult to track it and it is almost anonymous.