Published on 11/19/2024 at 5:15 p.m.
Bitcoin is still benefiting from the Trump wave this Tuesday…
(Boursier.com) — It has climbed 75% since the beginning of September and even 35% since the election of Donald Trump on November 5. Will bitcoin soon reach $100,000? The symbolic bar is getting closer, since the most popular cryptocurrencies gained another 1.4% on Tuesday, around 92,200 dollars.
Bitcoin is once again riding the “Trump effect” this Tuesday: the ‘Financial Times’ claims that Trump Media & Technology Group, parent company of Donald Trump’s Truth Social platform, would be leading discussions with a view to acquiring it from the Bakkt crypto trading platform. THE FT even mentions advanced talks. During his campaign, the president-elect expressed strong support for digital assets, even announcing plans to establish a national bitcoin reserve and promote cryptocurrencies nationwide.
Movement
“The crypto scene is moving again,” writes Chris Weston, head of research at Pepperstone Group, in a note, for whom Trump’s interest in Bakkt is “another positive element.” The timetable for implementing the president’s promises, as well as the feasibility of the announcements. Yet the highest concentration of open interest – or outstanding contracts – in the options market is in bullish bets that bitcoin will hit $100,000.
“The question of a Bitcoin at 100,000 dollars (or not) in the coming days seems more akin to an objective of the end of a temporary rally at first, than to a crossing point which would immediately propel the asset at a significantly higher level”, estimates Alexandre Baradez, chief analyst at IG. According to him, the “pricing” of the Trump effect on the crypto market is already well integrated at the moment.
Prediction
It is therefore difficult to predict whether the symbolic bar will soon be hit, but “we can consider that a correction towards the $75,000/$80,000 zone would then be legitimate, particularly in a market environment where American rates have experienced a powerful rise (more than 90 basis points in two months) as well as a strong rise in the dollar (+7% for the Dollar Index since the beginning of October).
