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With only a few hours remaining of President-elect Donald Trump’s oath-taking ceremony for the second time, the BTC Price has successfully smashed a new all-time high of $109,114. This highlights an optimistic behavior among investors toward the growing blockchain technology.
Reportedly, the Bitcoin price has surged 16.93% in seven days, resulting in it achieving a new all-time high (ATH) today. will the pro-crypto policies of Donald Trump act as a catalyst in Bitcoin price achieving new heights this year?
Bitcoin Witnesses Increased BTC ETF Inflow!
Between 13th January 2025 and 17th January 2025, BlackRock’s “IBIT” recorded the highest inflow of $745.7 million, followed by Fidelity’s “FBTC” with $680.2 million.
Source: SoSoValue
However, Grayscale’s “GBTC” recorded the highest outflow of $87.7 million this week. With this, the Bitcoin ETF concluded the week with a total net flow of +$1,862.9 million, making this a positive week for the largest digital ETF.
Donald Trump’s Oath-taking Ceremony’s Possible Impact On Crypto Market!
The world awaits the oath-taking ceremony of Donald Trump, the President-elect candidate for the second time. However, he gained massive attention over the weekend with his launch of the Trump coin. The TRUMP memecoin experienced a 10x rally, highlighting a strong bullish outlook.
With a pro-crypto policy, the blockchain and Web3 industry is projected to transform forever under his leadership. This could push the price of top cryptocurrencies like Bitcoin, Ethereum, Solana, & XRP toward a new high.
However, taking into consideration a possible dump, the market could experience a short pullback as traders could ignite a chain of profit-booking amid rising greed in the crypto space.
What’s Next For The Price Of Bitcoin This Week?
The technical indicator, RSI, shows a sharp rise toward the overbought range. Further, the EMA 50-day constantly supports the Bitcoin price chart. This suggests an increase in the buying pressure for the BTC token in the crypto market.
TradingView: BTC/USDT
In an optimistic situation, the price of Bitcoin could head toward its target price of $110,000 this week. However, if the crypto market experiences a bearish reversal, the BTC price could hit its important support of $100k.
Wondering about the long-term projections of the largest crypto token by market cap? Read CoinPedia’s Bitcoin Price Prediction!
FAQs
With increasing bullish influence in the crypto market, the BTC price hits a new ATH today.
Amid increased bullish action and rising adoption, the largest crypto token by market cap could reach a high of ~$170,000 this year.
The launch of multiple TRUMP memecoins ahead of Donald Trump’s oath-taking ceremony has resulted in the crypto market experiencing a strong bullish reversal.
With a surge of over 100% in its intraday trading volume, the price of Bitcoin is $107,145.31.