TradingKey – The Trump 2.0 era is about to begin. Will Trump fulfill his campaign promise of establishing a Bitcoin strategic reserve? And will Bitcoin’s price crash or soar?
As of Monday, January 6, only two weeks remain until the new U.S. president is officially inaugurated. This means the fate of Trump’s proposed Bitcoin strategic reserve plan will soon be revealed. The anticipation has reignited bullish sentiment in the market, with Bitcoin rebounding today and nearing the $100,000 mark.
Bitcoin Price Trend Chart, Source: TradingView.
Despite Trump’s campaign promise to reserve Bitcoin, he has yet to outline a detailed plan since his victory, creating significant uncertainty around the initiative. According to the latest data from Polymarket, there is only a 40% probability that Trump will establish a strategic Bitcoin reserve by 2025.
This uncertainty has divided market analysts. One analyst noted that Bitcoin could either surpass $125,000 in Q1 2025 or drop to $77,000, depending on whether Trump fulfills his commitments to the cryptocurrency industry shortly after taking office.
John Glover, Chief Investment Officer at crypto lending platform Ledn and a former Managing Director, commented, “If Trump does not take any action to fulfill his early commitments, Bitcoin may experience a correction.”
However, Glover also believes that any correction in Bitcoin’s price may not be as severe as some predict. He explained, “Based on Elliott Wave Theory in technical analysis, Bitcoin is expected to drop to $89,000 before breaking through $125,000 in the first quarter of 2025.”
Related Articles
Should Investors Buy Netflix Stock Before Q4 2024 Earnings?
TradingKey - Streaming content to watch, whether from your TV, smartphone or laptop, has taken off over the past decade. And there’s no bigger player in the streaming space than Netflix Inc (NASDAQ: NFLX).
TSMC Delivers Record High Q4 2024 Profit: Shares Rise 4%
TradingKey - For semiconductor companies, there’s a lot of expectation heading into the latest earnings season as the Artificial Intelligence (AI) hype continues.
U.S. Stocks Surge Wednesday on CPI Data and Strong Bank Earnings
TradingKey - The U.S. stock market rebounded from early January's gloom as core consumer price inflation came in better than expected and some of the largest banks kicked off earnings season on a positive note.
What Impact Will California Wildfires Have on The Stock Market?
TradingKey - Right now in the US, there are ferocious wildfires that are destroying acres of both land and homes in California. Being spread by strong winds, the fires are also heading towards major urban centres, like Los Angeles.
