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Will Trump’s Inauguration Trigger Bitcoin’s Next Big Rally?
The crypto market is abuzz with speculation about the potential impact of Donald Trump’s inauguration on the price of Bitcoin. Amidst the uncertainty, we take a closer look at the perspectives of prominent analysts and their predictions.
In the aftermath of Trump’s victory in the US presidential election, his endorsement of cryptocurrency at a Bitcoin conference sparked excitement among investors. Furthermore, Trump’s announcement to form a US strategic Bitcoin reserve has led to increased positivity surrounding Bitcoin’s future outlook.
Recent developments have also seen Paul Atkins appointed as the new chair of the SEC, which could pave the way for more favorable policies and comprehensive regulation of cryptocurrencies in the United States. This shift in government approach could lead to an increase in institutional investment and a broader acceptance of digital currencies by investors and regulators alike.
Not everyone shares Trump’s optimistic outlook on Bitcoin, however. Some experts foresee a temporary sell-off as the market adjusts to the new political landscape. According to Arthur Hayes, co-founder of BitMEX, there is a risk of a short-term pullback before any significant gains. He warns that “Trump’s policies might lead to the dollar’s devaluation, which could cause a temporary sell-off in the market.”
On the other hand, some analysts believe that breaking through key resistance levels could propel Bitcoin to new heights. Ali Martinez points out that surpassing $97,500-$99,800 would indicate a strong trend reversal and open the door to new all-time highs.
The views of Trump’s inauguration on Bitcoin’s future remain inconclusive, with both bearish and bullish perspectives being presented by various analysts.
Source: cryptotale.org
