Takeaways NEW
- The cryptocurrency Bitcoin faces possible highs or setbacks, depending on political developments under Trump.
- Analyst John Glover anticipates price movements between 89,000 and 125,000 dollars based on the Elliott Wave Theory.
The cryptocurrency Bitcoin is at a crossroads: a record high above $125,000 or a decline towards $77,000 may be imminent in the first quarter. This could be significantly influenced by the new political direction under the administration of President-elect Donald Trump, according to an analyst.
For several days now, Bitcoin, the world's largest cryptocurrency, has been oscillating below the $100,000 mark. This fluctuation followed a record high of $108,309 on December 17, as data from Dow Jones Market shows.
Former Barclays manager and investment expert John Glover predicts, using Elliott Wave Theory, a drop to about $89,000 before the $125,000 mark could be surpassed - and this could happen as early as the first quarter of 2025. This theory assumes that the price of an asset moves in five waves in the direction of the main trend and in three corrective waves against the trend.
An early low below $92,000 this week may have already marked the end of the correction, according to Glover, which would pave the way for a rise above the targeted mark. However, if Bitcoin rises above $125,000, a renewed correction may occur before a potential peak of around $160,000 is reached.
Ahead of Trump’s inauguration on January 20, a pullback could occur, triggered by profit-taking by investors, Glover notes. Crypto enthusiasts are counting on a more favorable regulatory environment under Trump. Particular attention is being paid to his promise to build a strategic Bitcoin reserve in the U.S. Specific plans for this have yet to materialize.
If Trump does not take concrete actions within the first 100 days of his term, Bitcoin could come under pressure again, Glover warns. This period is often used as a measure of the effectiveness of new U.S. presidents.
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