In just three days, the inauguration of Donald Trump as the U.S. President is expected to significantly impact Bitcoin and the entire cryptocurrency market. With the Bitcoin price already on an upward trend, we wonder how far it might climb.
Bitcoin then
On Monday, President Trump’s inauguration may herald a new phase of pro-cryptocurrency policy. It feels like just yesterday when the administration under President Biden, along with a strict Securities and Exchange Commission (SEC), led by Chairman Gary Gensler, were attempting to suppress the growth of this burgeoning and groundbreaking sector.
Was it perhaps the banking sector that leveraged its power to eliminate its sole rival, or could it be that the government found such a powerful and innovative entity too challenging within the financial system?
Bitcoin now
Moving forward, it appears that President Trump has come to realize the potential of Bitcoin as a possible catalyst to address the mounting financial debts facing his administration. This understanding may lead him to establish a strategic Bitcoin reserve upon assuming office.
It’s not yet definitive, but if Trump does indeed place supporters of cryptocurrency in important roles within his administration, it could potentially create a very favorable environment for Bitcoin and the broader crypto market.
Based on Polymarket’s predictions, there’s about a 52% chance that President Trump may issue a cryptocurrency executive order immediately after taking office. Additionally, their forecast indicates an approximately 60% likelihood of the United States establishing a national Bitcoin reserve by the year 2025.
Bitcoin breaking out – back to all-time high?
On the 8-hour Bitcoin chart, there’s a notable break of the downward trendline, with approximately $102,000 being the last significant resistance level. If buyers manage to push the price beyond this point, we might be looking at reaching a new all-time high, which is slightly above $108,000.
Bitcoin faces last resistance
The weekly Bitcoin (BTC) graph offers a clear understanding of its current position and potential future directions. Noticeably, BTC is currently touching a minor downward trendline and is also encountering a significant 1.618 Fibonacci level that has been established throughout this entire bull market. A breakout at this point could lead to a powerful surge, whereas a rejection might cause the price to fall back towards the major upward trendline again.
If the breakthrough happens as suggested, and given our confirmation, the following Fibonacci levels become significant:
– The next major Fibonacci level lies at approximately $155,600, with a value of 2.618
– Another important Fibonacci level, known as the 2.3 Fibonacci, based on previous market tops during bull runs, can be found around $138,600
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2025-01-17 14:03