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BTC Breaks Out
Crypto fever has returned to the markets this week with Bitcoin breaking above the $100k mark for the time on record. BTC futures have rallied more than 10% off the week’s lows, now trading around the $103 mark as optimism linked to Trump’s return to power next month driving bullish sentiment. BTC is now up around 50% since the Nov 5th elections and looks poised to continue higher while price holds above $100k.
Soaring Institutional Demand
Looking at the latest data, institutional demand for Bitcoin has soared again this week with BTC ETFS seeing a further $700 million in inflows. With expectations of an easier regulatory environment under Trump and wider mainstream uptake, BTC is widely pegged to continue higher into the new year.
Bullish Trump Expectations
The rally in BTC is fuelling a bullish wave across crypto markets this week with smaller coins, alt-coins and meme-coins all seeing strong gains across the board. While near-term volatility is to be expected as we approach year-end, BTC looks well positioned to continue to advance in the coming months. The key now will be getting a first look at Trump’s initial crypto policy shifts in the new year. If Trump starts to make key changes immediately, this will be firmly bullish for crypto markets, sending BTC higher. However, if Trump’s focus is elsewhere, or if discontent within the Republican party starts to become a bigger issue, this could lead to some near-term downside for BTC.
Technical Views
BTC
The rally in BTC has seen the market breaking out above the $100k mark and the prior 2024 highs. While above here, and with momentum studies bullish, the focus is on a continued push higher inside the bull channel which has frame the recent push. In terms of next targets, the 100% extension of the 2023 lows to March 2024 highs rally sits around mid $108s.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.