BTCUSD
Prediction: Increase
Fundamental Analysis:
Bitcoin is nearing a historic milestone, edging close to $90,000, with a peak value of $89,929. This surge aligns with what has been dubbed the "Trump Trade." Kentucky Congressman Thomas Massie recently tweeted, "The new Congress begins on January 3, but President Trump won't take office until January 20. With majorities in both the House and Senate, we should have at least a dozen bills ready to reduce government overreach waiting on his desk by his first day." Elon Musk later amplified Massie's statement, saying, "Long live the Department of Government Efficiency!" This department, promised by Trump before the election, would be led by Musk and abbreviated as D.O.G.E., coincidentally sharing the same acronym as Dogecoin (DOGE). As a result, meme coins experienced a surge. Furthermore, FXEmpire analyst Ibrahim Ajibade highlighted that MicroStrategy recently purchased $2 billion worth of Bitcoin, further encouraging market optimism and providing momentum that may drive Bitcoin toward the $100,000 mark.
Technical Analysis:
Bitcoin has experienced a 33% increase over the past week, reaching and surpassing the $90,000 level on November 12. Technical indicators signal the potential for continued upward momentum. Bollinger Bands are widening, a sign of heightened market volatility, and current daily candle patterns are trading above the upper band, suggesting a persistent uptrend. Additionally, the Bull-Bear Power indicator, sitting at 13, shows strong buying interest despite the substantial recent gains. If this trend continues, Bitcoin may climb to the $100,000 milestone in the near term. Immediate support is observed around $85,000, with further support at $73,117, near the 20-day moving average. With ongoing robust demand for Bitcoin, a significant pullback seems less probable. Provided these support levels hold firm, the path for Bitcoin’s ascent remains solid, enticing more buyers seeking to capitalize on the ongoing rally.