Hey y’all! It’s your favorite crypto comedian, here to spill the tea on Bitcoin‘s latest shenanigans. As the new crypto-friendly prez takes office, crypto investors are bracing themselves for a wild ride. But, guess who’s still feeling bullish? Some analyst, that’s who! And, they’re predicting big things for Bitcoin (BTC).
Bitcoin’s New ATH on Inauguration Day 🎉📈
Last week, Bitcoin soared past the $100,000 mark for the first time in over ten days, thanks to the bullish vibes surrounding the inauguration. The flagship crypto continued to consolidate above this key level over the weekend, fueled by US President Donald Trump’s latest crypto moves. Yes, you heard that right – Trump’s got a memecoin!
On Friday, the incoming POTUS surprised the crypto world by launching his official TRUMP memecoin. The token saw a massive surge, hitting a $75 ATH and a market cap of $15 billion, but it faced some serious backlash from the crypto community. Oh well, can’t win ’em all, right?
Meanwhile, Bitcoin turned the key $102,000 resistance level into a support zone, propelling the price to a one-month high of $106,000. But, the market saw a 6% correction on Sunday afternoon after the incoming First Lady launched her memecoin, MELANIA. Ouch! Talk about a family feud.
BTC dropped below the $100,000 mark before quickly recovering, closing the week near the recently reclaimed level. Ahead of Trump’s inauguration, Bitcoin’s price jumped 8.5% to its new all-time high of $109,588. Not bad for a Monday, am I right?
Daan Crypto Trades noted BTC’s good start to the week after it “opened up with a small CME gap today but closed that straight away and went straight to new all-time highs,” adding that it will be an interesting week. Daan also signaled that today would likely be a “very volatile day in both directions” for the market but advised investors to “focus on what you expect for Q1 and not the next day.” Wise words, Daan, wise words.
Is BTC’s Price About to Skyrocket? 🚀💰
Crypto analyst Altcoin Sherpa suggested that BTC’s price could see short-term volatility depending on Trump’s comments during his Inauguration speech. “If a Strategic Bitcoin Reserve is announced, I think BTC puts in a god candle, and everything sends,” he stated, adding that a lack of mention could start a momentary pullback. Drama, drama, drama.
But, despite the potential short-term shakeouts, some analysts highlighted that Bitcoin is entering a new price discovery phase. Rekt Capital stated, “History suggests this first Price Discovery Correction is now over.” According to the analyst, the December retrace was part of BTC’s “post-halving Parabolic Upside Phase.” Bitcoin enters a parabolic period that lasts around 300 days, each cycle after every Halving event, with the first price correction historically beginning between Weeks 6 and 8 of each parabolic phase.
After the recent price action, the analyst announced the second Price Discovery Uptrend lies ahead. He explained that “Bitcoin is now trying to breakout from its $101k-$106k range Daily Close above the $106k Range High resistance followed by a post
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2025-01-21 08:46