Analyst Sees Bitcoin (BTC) and Crypto Getting Pinned Down Until Later This Month – Here’s Why
A crypto veteran believes Bitcoin (BTC) and the remainder of the digital asset market will stay listless within the first few weeks of 2025.
Pseudonymous dealer The Crypto Canine tells his 853,00 followers on the social media platform X that he thinks the market is not going to regain bullish momentum till President-elect Donald Trump is sworn into workplace.
The analyst believes that Trump’s inauguration on January twentieth will act as a robust catalyst that sends Bitcoin and altcoins to higher heights.
“The inauguration possible acts simply the identical as election day – it’s going to pin us down till it’s over.
We’re not precisely bearish, however we’re in all probability not going increased till Trump is in workplace.
Simply had a bunch of individuals excited longing the highs, they in all probability get rinsed now.”
historic information, The Crypto Canine notes that Bitcoin rallied in 2021 after President Joe Biden took over the White Home.
“You’ll be able to see how we behaved Jan 2021… Downtrend till inauguration then ripped +100% afterward.”
The analyst additionally notes that the identical conduct will be seen in the course of the 2017 cycle.
“2017 breakout occurred just about proper on inauguration.”
Whereas the analyst says historic traits name for extra consolidation, he notes that his stance can be invalidated if the S&P 500 continues to indicate power.
“Seems like post-election January is just about up just for equities. For the reason that [launch of Bitcoin exchange-traded funds] we’ve been fairly lockstep so up solely makes loads of sense.”
At time of writing, Bitcoin is price $98,219.
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