- Bitcoin’s post-halving surge, fueled by supply and demand imbalances, continues to drive its price higher.
- Anthony Scaramucci supported Bitcoin’s long-term potential, while Peter Schiff remained skeptical.
Bitcoin [BTC]which struggled to break the $60,000 barrier a few weeks ago, made headlines with its impressive bull run.
From the last update of CoinMarketCapBTC had risen to $88,683, reflecting a significant increase of 8.81% in just 24 hours.
The cryptocurrency’s performance over the past week and month has been equally astounding, with gains of 28.72% and 41.21% respectively.
Is Trump behind the strong rise of the crypto market?
This remarkable rally has pushed Bitcoin past the $89,000 threshold, contributing to a surge in the overall crypto market, which has now surpassed its pandemic-era peak.
Much of this growth was fueled by market optimism, with traders betting on a continued boom under current President Donald Trump.
Anthony Scaramucci, CEO of SkyBridge Capital and previously an outspoken critic of Trump during the election cycle, had acknowledged the impact of the Republican victory on BTC’s recent bull rally.
Scaramucci expressed growing confidence in the potential for the US to create a strategic Bitcoin reserve, which could spur larger institutional allocations and further boost the price of the leading cryptocurrency.
He said,
Source: Anthony Scaramucci/X
Bitcoin’s rise after Trump’s victory is not the main story
However, not everyone seems to share the same thought as Jesse MyersOnrampBitcoin co-founder noted:
“Yes, the incoming Bitcoin-friendly government has provided a recent catalyst… But that’s not the main story here.”
He claimed,
“The main story here is that we are more than six months after the halving.”
Myers pointed out that Bitcoin’s halving created an imbalance between supply and demand, with available supply insufficient to meet increasing demand at current price levels.
Its imbalance has led to a rise in prices to restore equilibrium, a phenomenon that typically occurs after each halving.
Based on historical trends after the 2012, 2016, and 2020 halvings, Myers predicts a similar outcome after the 2024 halving, with the market entering a bull run that will continue to drive the price of BTC higher.
So, according to Myers, the post-halving surge is expected to fuel the next major upward trajectory for the cryptocurrency.
Source: Jesse Myers/X
While Myers acknowledged that Trump may not be the sole driving force behind Bitcoin’s rise, he shares confidence in Bitcoin’s long-term viability.
Despite Bitcoin making news, Schiff remains unaffected
Peter Schiff, a vocal critic of Bitcoin, on the other hand, expressed skepticism about X.
Schiff dismissed the current rally and reiterated his long-held belief that Bitcoin’s rise was speculative and unsustainable, warning investors of potential long-term risks.
He said,
“Over the years, Bitcoin promoters have corrupted many.”
So as Bitcoin approached the $90,000 mark with the RSI in the overbought zone, the next phase for the cryptocurrency remains highly anticipated.
Source: trading view