The price of bitcoin has recovered from its January 13. Crash and is now trading at $97,065.0, up 0.42%. Ethereum (ETH) has also surged -0.41% and XRP (XRP) has risen 7%. The price chart for Bitcoin today shows a strong recovery after it dipped below. Bitcoin price prediction The $90,000 psychological level on January 13.
Bullish or Bearish for Bitcoin
In theory, the January 20th inauguration should be a bullish event for Bitcoin price but there have been rumblings that investors who had long positions before the election results would likely sell now, causing a price fall. It has been thus up until this point. Bitcoin price prediction Around 14% of Bitcoin’s value has dropped since January 6. On the other hand, some say that January 20 is a buy.
The news event is because of the crypto-friendly measures he plans to execute. It has been clear from President-elect Trump’s speeches and campaign that he will be the most crypto-friendly president in history. In anticipation of this, following Trump’s victory in the 2024 US elections, the cryptocurrency markets went into a huge bull run. This group of people thinks that the market will keep going up after January 20.
Plans Stir Bitcoin Market Uncertainty
Many of Trump’s cabinet picks are crypto advocates, as was pointed out in an earlier piece. Moreover, it has come to light that cryptocurrency-related matters will constitute Donald Trump’s initial priorities upon becoming the 47th president of the United States. Bitcoin price prediction A lot of people think he could do things.Authorize the US strategic reserve, liberate Ross Ulbricht, or avoid talking about crypto-related policies.
The result is uncertainty, which has kept the price of Bitcoin from moving significantly. With the recovery showing no signs of abating, investors are wondering if a bull run or more chop is ahead. President-elect Donald Trump’s pre-election campaign and his talks since then have proved that he is set to become the most pro-crypto president ever. Anticipating this, the crypto markets triggered a massive bull run after Trump won the 2024 US elections.
Bitcoin Drop After Wave Analysis
Bitcoin pricing expert Coiner-Yadox shared his thoughts on the market. The analyst predicts that Bitcoin will experience a decline shortly. Waves 2 and 3 have finished, according to Elliot Wave analysis, and the maximum upside for wave 4 is roughly $99,400. After the fifth wave is complete, Bitcoin’s price can drop. Bitcoin pricing expert Coiner-Yadox has shared his market outlook, predicting a potential decline in Bitcoin’s price based on Elliott Wave analysis.
The analyst has ended waves 2 and 3, and wave 4 is expected to have a maximum upside of $99,400. After wave 5 concludes, the price of Bitcoin can fall to $85,965. Investors should exercise caution, as this prediction indicates a short-term negative trend. Bitcoin price prediction The study is in line with the unpredictability of the market and highlights the significance of making smart decisions when prices are fluctuating. Even though the forecast warns of dangers.
Summary
Bitcoin price is currently trading at $97,065, indicating a comeback from its recent fall. Due to his pro-crypto position, President-elect Donald Trump’s inauguration on January 20 is expected to be a bullish event, while opinions remain varied. Some think the market will drop from its pre-election highs, while others forecast further rallies spurred by crypto-friendly policies.
The ambiguous policies and possible acts of Trump, such as authorising a Bitcoin reserve or freeing Ross Ulbricht, have caused the price of Bitcoin to remain volatile. Furthermore, according to Elliot Wave research, Bitcoin’s price might reach $99,400 before tumbling to $85,965, indicating a period of caution in the short term but promising prospects in the long run.
