A crypto veteran believes Bitcoin (BTC) and the remainder of the digital asset market will stay listless within the first few weeks of 2025.
Pseudonymous dealer The Crypto Canine tells his 853,00 followers on the social media platform X that he thinks the market won’t regain bullish momentum till President-elect Donald Trump is sworn into workplace.
The analyst believes that Trump’s inauguration on January twentieth will act as a robust catalyst that sends Bitcoin and altcoins to better heights.
“The inauguration seemingly acts simply the identical as election day – it’s going to pin us down till it’s over.
We’re not precisely bearish, however we’re in all probability not going increased till Trump is in workplace.
Simply had a bunch of individuals excited longing the highs, they in all probability get rinsed now.”
Taking a look at historic knowledge, The Crypto Canine notes that Bitcoin rallied in 2021 after President Joe Biden took over the White Home.
“You’ll be able to see how we behaved Jan 2021… Downtrend till inauguration then ripped +100% afterward.”
Supply: The Crypto Canine/X
The analyst additionally notes that the identical habits will be seen in the course of the 2017 cycle.
“2017 breakout occurred just about proper on inauguration.”
Supply: The Crypto Canine/X
Whereas the analyst says historic developments name for extra consolidation, he notes that his stance will likely be invalidated if the S&P 500 continues to indicate energy.
“Appears to be like like post-election January is just about up just for equities. For the reason that [launch of Bitcoin exchange-traded funds] we’ve been fairly lockstep so up solely makes loads of sense.”
At time of writing, Bitcoin is price $98,219.
Generated Picture: DALLE3
