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The Bitcoin rally and Trump’s victory
Bitcoin has recently crossed the psychological threshold of 80 thousand dollars, reaching a peak of 81,893 dollars. This significant increase occurred in conjunction with Donald Trump’s victory in the American elections, which generated a wave of optimism in the cryptocurrency market. Already last Thursday, Bitcoin had reached 75 thousand dollars, but the weekend saw a further upward sprint
.
Factors that fuel growth
It’s not just the spot price that’s rising; futures premiums have also soared. Open interest for a Bitcoin worth 90 thousand dollars has exceeded 2.8 billion dollars on Deribit, the main exchange for cryptocurrency derivatives. Trump’s statements, who promised to transform the United States into the ‘crypto capital of the planet’, have further fueled investor interest. Among his proposals, the idea of launching a national cryptocurrency reserve stands out, using the 16 billion dollars in Bitcoin accumulated by the American government through asset seizures
.
Monetary policy and future forecasts
In addition to the Trump effect, the easing of monetary policy has historically favored the rise in cryptocurrency prices. With a president in favor of lower interest rates, the market expects this trend to continue. In addition, the wait for the next Bitcoin ‘halving’, scheduled for 2024, helps to create a climate of scarcity that tends to increase the value of the asset. Bitcoin ETFs, introduced in January, raised 69.28 billion dollars, representing about 5% of Bitcoin in circulation, and played a crucial role in
this growth.
Technical analysis and forecasts
According to Gabriel Debach, market analyst at eToro, Bitcoin has registered an increase of 86% since the beginning of the year, outperforming other assets such as stocks and gold. With the S&P 500 approaching 6,000 points, Bitcoin seems to be ahead of Wall Street. From a technical point of view, the RSI (Relative Strength Index) reached an overbought level at 75.95, but historically this has not prevented further increases. In fact, in the past, when the RSI surpassed similar levels, there were average increases of 42% over the next 23 days. Therefore, starting from 75 thousand dollars, many analysts start betting on a possible achievement of
100 thousand dollars.
