Bitcoin Price Analysis: BTC Surges To New ATH Ahead Of Trump Inauguration

Bitcoin (BTC) surged to a new all-time high as the US readies for Donald Trump’s inauguration. The flagship currency rallied over 3% in the past 24 hours as optimism and excitement in the market continue to grow. 

Meanwhile, Donald Trump’s meme coin, TRUMP’s market cap soared to $12 billion just hours after launch, raking in billions in trading volume. 

Bitcoin Surges To New High 

Bitcoin (BTC) has surged to a new all-time high of $109,114 as markets brace for Donald Trump to be sworn in as the President of the United States. The flagship currency saw a sudden surge earlier today, allowing it to surge above $105,000 to its new all-time high, easily surpassing levels last seen in November following Trump’s election victory. The jump came after Trump and incoming First Lady Melania Trump launched rival meme coins, stunning the crypto market and community and forming the “God Candle” on the BTC price chart. The God Candle is a candle on the price chart that forms after the price witnesses a dramatic increase. 

Analysts have predicted BTC will surge to $150,000 in 2025, while more optimistic predictions put the flagship cryptocurrency at $1,000,000 in 2025. Lark Davis, a Bitcoin and crypto influencer and the writer of the Wealth Mastery newsletter stated,

“History will be made on Monday when Trump becomes the first pro-crypto president in the U.S., and new all-time highs could be imminent.”

A Strategic National Bitcoin Reserve 

Trump promised to create a strategic national Bitcoin reserve, adding that BTC could eclipse gold’s market capitalization when speaking at the Bitcoin 2024 conference. Ed Hindi, the Chief Investment Officer at Tyr Capital, believes Trump will make good on his promises within the first 90 days in office, leading to a substantial price increase.

“We believe Trump will turn some of his crypto rhetoric into action in his first 90 days in office, and this should catapult prices. Creating a U.S. Bitcoin strategic reserve will be one of them. Other countries will be forced to follow suit and hence create a price action virtuous cycle.”

Bitcoin (BTC) Price Analysis 

Bitcoin (BTC) has surged to a new all-time high during the current session as markets rebounded after a sluggish start to the day. BTC is up almost 4% over the past 24 hours and has registered gains of over 18% over the past week. Bullish sentiment began building last week despite BTC starting on a very negative note, plummeting below $90,000 on Monday to an intraday low of $89,397. However, the price rebounded from this level to reclaim $90,000 and settle at $94,492. Sentiment changed on Tuesday as BTC went above the 20-day SMA and settled at $96,566. Buying activity registered a substantial increase on Wednesday as BTC surged past the 50-day SMA, rising nearly 4%, going above $100,000 and settling at $100,050.

Source: TradingView

However, it was back in the red on Thursday, dropping to an intraday low of $97,094 before settling at $99,798. BTC recovered on Friday, rising 3.94% to surge past $100,000 and settle at $103,732. However, it lost momentum over the weekend, dropping to an intraday low of $101,591 on Saturday before settling at $103,579, ultimately registering a marginal drop. BTC rose to an intraday high of $106,552 on Sunday as buyers attempted a recovery. However, it lost momentum after reaching this level, dropping just over 2% to $101,434. BTC has rallied during the current session, surging to a new all-time high of $109,350. However, it has since registered a marginal decline and is currently trading around $107,667.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.