The crypto markets have become extremely volatile, mainly after the launch of Donald Trump’s official memecoin, OFFICIAL TRUMP. It has attracted huge liquidity that has helped the token enter the top 20 cryptos in the market. Meanwhile, Bitcoin, which traded within a narrow range and was believed to head back below $100K, suddenly surged and formed a new ATH above $109K in no time. Hence, there is a huge possibility that the BTC price will break above $110K soon after the new president’s inauguration.
Along with the new president, the SEC is expected to get a new chairman, Gary Gensler, who will take an exit from his position. With this, the market is anticipated to take a major shift towards less stringent regulations under Trump’s inauguration. This may further usher in a new era for digital assets, bolstering the growth across the board. With a potential Bitcoin reserve announcement, there has not been any major correction in the BTC price.
The Bitcoin price is sitting at a new ATH, which suggests investor sentiment is moving around the long-term prospect instead of short-term profit-making. Presently, BTC has entered into the profit-taking stage but this could be just a start.
The BTC price has entered the final resistance before entering the discovery phase, which is also the neckline of the ‘w-shaped’ or double bottom pattern. The supertrend has turned bullish, which suggests more upside potential is on the horizon. Besides, the RSI is heading towards the upper threshold and once these levels enter the overbought zone, Bitcoin is expected to mark a new ATH at around $115K.
A minor retracement to the resistance-turned-support zone between $107.9 and $109.3 is possible but it could be for a short time frame. However, the ongoing TRUMP & MELANIA mania is assumed to be the reason for the volatility within the markets. Therefore, a major change is expected in the next few days, but the sustainability of the rally above the gains remains unclear.
