One crypto veteran believes Bitcoin (BTC) and the rest of the digital asset market will remain lethargic for the first few weeks of 2025.
Pseudonymous trader The Crypto Dog tells his 853,00 followers on social media platform
The analyst believes that Trump’s inauguration on January 20 will act as a strong catalyst that will send Bitcoin and altcoins to greater heights.
“The inauguration will probably work exactly like Election Day: It will keep us pinned down until it’s over.
We’re not exactly bearish, but we probably won’t move higher until Trump is in power.
There were just a few people excited and eager for the highlights, they’re probably being rinsed off now.
Looking at historical data, The Crypto Dog notes that Bitcoin rebounded in 2021 after President Joe Biden took over the White House.
“You can see how we behaved in January 2021… The downtrend until the inauguration then ruptured by +100%.”
The analyst also notes that the same behavior is seen during the 2017 cycle.
“The 2017 outbreak occurred almost immediately at the inauguration.”
While the analyst says historical trends call for more consolidation, he notes that his position will too invalidated if the S&P 500 continues to show strength.
“It looks like January has been up almost exclusively for stocks after the election. Since the [launch of Bitcoin exchange-traded funds] we’ve been pretty locked down, so up only makes sense.
At the time of writing, Bitcoin is worth $98,219.
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