Bitcoin's Future Hinges On Trump: Will His Victory Ignite A Bull Run? Clem Chambers
Bitcoin's future depends on Trump: will his win ignite Bull Run?
Clem Chambers
Fernando Gensol/iStock editorial via Getty Images
Trump supports Bitcoin. If he wins in November, he appears to be implementing a policy that will move 180 degrees away from the Democratic Party government's crypto-killing attitude. You can't really blame the government for hating private sector money. After all, the private sector is far more innovative and creative than any national sector, and it would be debatable that private companies compete with major government monopolies. If Bitcoin becomes a strategic asset, that doesn't mean it will replace paper dollars, and if Bitcoin becomes “digital gold” for the US government, it won't circulate more like money than gold. So, bitcoin and dollar can coexist, and it's good to remember Gresham's law. Bad money drives out good things. As such, it's a dollar in your pocket and a bitcoin in your safe, a result that Bitcoin Maxi won't discuss.
Bitcoin relies on belief in the same way as a green piece of paper with $20 printed on it, and for millions of people, the belief in Bitcoin is strong. Therefore, if the US government lays on a pile of BTC, it won't harm crypto. A large amount of mopping up, in addition to the reliability of such actions, will undoubtedly drive up the price. Bitcoin has already reflected Trump's support in the current rally to the top of the horizontal trading range.
It's best to be bullish when prices fall and bearish when they rise. This way, you're more likely to buy near the bottom and sell close to the top instead of buying the top and selling the bottom the other way around.
So, here we are once again nearing the peak of a trend that Bitcoin has been around for months.
Unless you're the type to “hold Bitcoin forever,” you'll expect the next event.
ADVFN
Why don't you do that?
Don't forget what bears are thinking. Here's a chart depicting Bull's and Bear's expectations.
ADVFN
You can certainly see that we're likely to be nearing the top of our current range, and if there's anything in the recent past, Bitcoin will fall to $60,000 again.
But I have to say there's a solid chance for a long-awaited breakout. First, Trump's pump has legs if he continues to lead the polls. Also, within the market itself, there is a serenity in the crypto news flow which suggests that the market is naturally bullish, and is not artificially pumped up by boosters that lift crypto every time.
To reach dream heights of 0.1 million dollars or more, a breakout of a compelling nature is necessary. Well, that's over $76,000, for example, through the top of the box surrounded by pens. Alternatively, somewhat bearish expectations are that the fallback from current levels will continue the mild drawdown we've seen since the initial high, and we expect Hardcore Bears to begin a new crypto winter below $40,000.
However, as the half-life progresses, this should eventually be a dynamic that will make Bitcoin higher.
I'm not a fan of this kind of consumable market. The Bitcoin market isn't an old joy where sudden large-scale verticals carried huge capital gains. Bitcoin is a very heavy asset, and now that there are no miraculous months, this slump is inevitable.
I still have all my Ethereum, so I must be a bull, but I'm certainly far from the raging bulls of the old days.
Reclaiming that old magic requires new technological developments in crypto and White House Trump, but both are in the realm of probability rather than certainty. The market knows this, so it's hesitating at these levels.
I feel like it can be said that if Bitcoin breaks 0.08 million dollars, it will break 0.1 million dollars. This might be a useful hint, but it's a long way from results like those seen in 2017 and 2021. Bitcoin has matured.
Clem Chambers
Fernando Gensol/iStock editorial via Getty Images
Trump supports Bitcoin. If he wins in November, he appears to be implementing a policy that will move 180 degrees away from the Democratic Party government's crypto-killing attitude. You can't really blame the government for hating private sector money. After all, the private sector is far more innovative and creative than any national sector, and it would be debatable that private companies compete with major government monopolies. If Bitcoin becomes a strategic asset, that doesn't mean it will replace paper dollars, and if Bitcoin becomes “digital gold” for the US government, it won't circulate more like money than gold. So, bitcoin and dollar can coexist, and it's good to remember Gresham's law. Bad money drives out good things. As such, it's a dollar in your pocket and a bitcoin in your safe, a result that Bitcoin Maxi won't discuss.
Bitcoin relies on belief in the same way as a green piece of paper with $20 printed on it, and for millions of people, the belief in Bitcoin is strong. Therefore, if the US government lays on a pile of BTC, it won't harm crypto. A large amount of mopping up, in addition to the reliability of such actions, will undoubtedly drive up the price. Bitcoin has already reflected Trump's support in the current rally to the top of the horizontal trading range.
It's best to be bullish when prices fall and bearish when they rise. This way, you're more likely to buy near the bottom and sell close to the top instead of buying the top and selling the bottom the other way around.
So, here we are once again nearing the peak of a trend that Bitcoin has been around for months.
Unless you're the type to “hold Bitcoin forever,” you'll expect the next event.
ADVFN
Why don't you do that?
Don't forget what bears are thinking. Here's a chart depicting Bull's and Bear's expectations.
ADVFN
You can certainly see that we're likely to be nearing the top of our current range, and if there's anything in the recent past, Bitcoin will fall to $60,000 again.
But I have to say there's a solid chance for a long-awaited breakout. First, Trump's pump has legs if he continues to lead the polls. Also, within the market itself, there is a serenity in the crypto news flow which suggests that the market is naturally bullish, and is not artificially pumped up by boosters that lift crypto every time.
To reach dream heights of 0.1 million dollars or more, a breakout of a compelling nature is necessary. Well, that's over $76,000, for example, through the top of the box surrounded by pens. Alternatively, somewhat bearish expectations are that the fallback from current levels will continue the mild drawdown we've seen since the initial high, and we expect Hardcore Bears to begin a new crypto winter below $40,000.
However, as the half-life progresses, this should eventually be a dynamic that will make Bitcoin higher.
I'm not a fan of this kind of consumable market. The Bitcoin market isn't an old joy where sudden large-scale verticals carried huge capital gains. Bitcoin is a very heavy asset, and now that there are no miraculous months, this slump is inevitable.
I still have all my Ethereum, so I must be a bull, but I'm certainly far from the raging bulls of the old days.
Reclaiming that old magic requires new technological developments in crypto and White House Trump, but both are in the realm of probability rather than certainty. The market knows this, so it's hesitating at these levels.
I feel like it can be said that if Bitcoin breaks 0.08 million dollars, it will break 0.1 million dollars. This might be a useful hint, but it's a long way from results like those seen in 2017 and 2021. Bitcoin has matured.
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