Bitcoin is comfortably above $100,000 as Donald Trump became the 47th president of the United States.
Experts are convinced that the Trump administration will push forward in the first 100 Days.
When Donald Trump took office in 2017, the price of the largest cryptocurrency by market capital rose more than 300% within months to $2,800.
Art Hogan, chief market strategist at B. Riley Wealth Management, says that the stock market will likely repeat its historic performance after Trump’s return to the White House in January 20 .
The macro-environment is favorable for Bitcoin
The massive rise in the price Bitcoin when Trump won the US election was attributed to the growing interest in the crypto-market and the expectations of crypto friendly policies.
Hogan, in a recent CNBC interview, argued that BTC is likely to unlock significant additional upside in the first hundred days of Trump 2.0. A similar backdrop can be expected in 2025.
After his inauguration on January 8, the President-elect will likely issue executive orders that make crypto a priority for the new government.
Trump is also committed to making America a crypto-capital of the world.
Hogan said that the government’s seal could lead to a broader acceptance of the flagship cryptocurrency and generate meaningful interest, possibly pushing its price to new highs by 2025.
The BTC price could rise if the US dollar falls.
Hogan expects that Bitcoin will continue to grow in the first 100 Days of the Trump Administration this year, also because he believes the President-elect will want a weaker US dollar.
A weaker dollar makes US companies more competitive on the global market, as it lowers the cost of their product relative to other countries.
This will improve exports, and contribute to economic growth.
A weaker US dollar is likely to be a positive for Bitcoin, as historically, they have been inversely correlated.
BTC’s value often increases when the USD weakens as investors seek alternative stores of value.
Bitcoin technicals point to further upside.
The Bitcoin price is also attractive from a technological perspective at the moment of writing.
Despite a recent surge to over $100,000, the Relative Strength Index is currently a little above 50, indicating a significant potential for continued bullish movement.
Plus, the $102,000 mark is currently acting as a support. The price of the largest cryptocurrency in the world is better positioned to rise than to fall.
The US Federal Reserve has already announced two more rate reductions in 2025.
As interest rates continue their downward trend, risky assets such as BTC could become more attractive. This is what they have historically done in a rate cut environment.
This post Bitcoin to repeat historic performance in the first hundred days of Trump presidency: experts say appeared originally on The ICD
This site is for entertainment only. Click here to read more
