- Pro-crypto U.S President Donald Trump could fan the bullish crypto flames once in office
- Dogecoin is also highly likely to benefit enormously and could be aided by Elon Musk
As a seasoned researcher with years of experience in following the crypto market, I have witnessed the dynamic interplay between technology, finance, and politics. The recent surge in Bitcoin‘s price to nearly $100k has indeed been intriguing, especially given its timing post the U.S presidential elections.
Currently, as I’m typing this, Bitcoin [BTC] was hovering around the $100,000 level following significant increases over the last six weeks. This upward surge started following the official declaration of the U.S Presidential election results on 5th November.
As regulatory clarity continues to favor cryptocurrency, similar to Ripple‘s stablecoin RLUSD, it is expected that other digital assets will also reap benefits. Among these, which crypto assets could potentially gain the most under a potential Trump presidency?
Bitcoin strategic reserve for the United States?
As an analyst, on Thursday, I heard President-elect Donald Trump express his views about a possible Bitcoin reserve during an interview. In response to a question posed by Jim Cramer, he stated, “We have plans to achieve something remarkable with cryptocurrencies,” while standing at the New York Stock Exchange.
During his prior term as president, Trump often linked increasing stock market values to the strength of the economy and proclaimed that America was on its way to greatness once more. In the future, there’s a possibility he might use Bitcoin’s price increases as evidence, implying that his pledges regarding cryptocurrency were validated.
As a researcher delving into the intricacies of digital currency, I found an interesting development: a proposed national strategic Bitcoin reserve. This initiative, spearheaded by legislators in the Texas House of Representatives, was unveiled on December 12th.
This current Bitcoin price action differs significantly from the previous cycle. Unlike in early 2020 when Bitcoin surpassed its all-time high (ATH) within just a few weeks, this year saw a prolonged consolidation period lasting from March to early November after reaching a new high against the USD. In contrast, the price resistance at ATH was met earlier in 2020, but it was quickly overcome in less than three weeks.
After that, it achieved nearly quadruple returns by April 2021. A comparable surge could bring Bitcoin to around $300,000 by April 2025; however, subsequent cycles tend to last longer and offer smaller percentage increases.
1) It hasn’t happened yet that the previous all-time high (ATH) is broken before the Bitcoin halving date arrives. Additionally, a prolonged consolidation for eight months within those highs during a halving year represents an unprecedented event. This cycle could potentially surge towards unimaginable levels of $280,000 to $300,000 with President Trump in office, setting new all-time highs each week as his term progresses.
D.O.G.E. co-head Musk could drive the memecoin market
Other important figures or Key Opinion Leaders could contribute to the growth of other market segments. A few weeks ago, Murad Mahmudov became a significant figure in the meme coin sector, but it’s hard to surpass the top Dogecoin promoter position from the previous cycle. During the last cycle, Elon Musk, the owner of X (previously known as Twitter), played a role in the rise of Dogecoin.
His vast reach and public perception of technological genius meant people put a great deal of faith in his words. When he shared memes related to DOGE or news of Tesla accepting Dogecoin as payment, these updates contributed to DOGE’s rise. And yet, his influence waned as the cycle matured.
Read Bitcoin’s [BTC] Price Prediction 2024-25
In the role of a joint leader for the Department of Government Efficiency (D.O.G.E.), any public references made about this department might potentially trigger an increase in the value of Dogecoin.
In mid-October, there was a notable example where DOGE experienced a significant surge. Specifically, four days later, its value had increased by 26%. While the tweet alone wasn’t solely responsible (Bitcoin was also experiencing a rise at that time), it certainly boosted the prominence of the most well-known memecoin.
On the graph, the similarity in timing and maturity of the peak formations that occurred at the end of past cycles was emphasized. Around early 2024, a breakout followed by a retracement mirrored the February 2021 rally to $0.088. Interestingly, another significant 1,400% surge transpired within just six weeks as well.
It’s not expected to happen again, but if Dogecoin delivers performances similar to its recent ones in the next few months, it could reach around $1.334. That’s a reasonably optimistic prediction, but it might be too cautious given its current momentum. Elon Musk’s tweets and potential shifts in capital from Bitcoin to top-performing altcoins near the end of the cycle could significantly impact this scenario.
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2024-12-14 11:03