- Bitcoin’s post-halving surge, fueled by supply-demand imbalances, continues to drive its price higher.
- Anthony Scaramucci supported Bitcoin’s long-term potential, while Peter Schiff remained skeptical.
As an analyst with over two decades of experience in the financial markets, I find myself intrigued by the ongoing narrative surrounding Bitcoin [BTC]. The cryptocurrency’s latest surge past $89,000 is indeed impressive, and it’s fascinating to see how opinions diverge among industry experts.
Previously finding it challenging to surpass the $60,000 level not long ago, Bitcoin (BTC) has been garnering attention due to its strong upward trend.
According to the most recent data from CoinMarketCap, Bitcoin (BTC) has experienced an impressive jump, reaching a new high of $88,683. This surge represents a substantial 8.81% increase over the past day.
Over the last seven days and the previous month, the cryptocurrency has shown remarkable growth, recording a rise of approximately 28.72% weekly and an impressive 41.21% monthly.
Is Trump behind the crypto market surge?
This extraordinary rise in Bitcoin’s value has pushed it beyond the $89,000 mark, leading to an increase across the entire cryptocurrency market. This market growth has now exceeded its previous high point during the pandemic.
A significant portion of this expansion was driven by market enthusiasm, as investors wagered that an ongoing prosperity would persist during the presidency of Donald Trump.
Indeed, Anthony Scaramucci, head of SkyBridge Capital who was known for his criticism of Trump during the election period, has admitted that the Republican win played a role in Bitcoin’s recent surge in value.
Scaramucci is becoming more optimistic about the possibility of establishing a Strategic Bitcoin Reservation for the U.S., an action that might encourage larger investments from institutions and potentially boost the value of the primary digital currency.
He said,
Bitcoin’s surge on Trump’s win is not the main story
Yet, it appears that not all individuals agree with Jesse Myers, co-founder of OnrampBitcoin, on this matter.
“Yes, the incoming Bitcoin-friendly administration has provided a recent catalyst…But, that’s not the main story here.”
He claimed,
“The main story here is that we are 6+ months post-halving.”
In simpler terms, Myers noted that the reduction in the production of Bitcoins (referred to as a “halving event”) has resulted in a situation where there’s not enough supply to match the growing desire or demand for Bitcoins at their current prices.
Due to his imbalance, there’s been a significant increase in prices as a means to reestablish balance, which is usually observed following every halving incident.
Based on past patterns observed after halvings in 2012, 2016, and 2020, Myers anticipates a similar pattern following the 2024 halving. This could lead the market into an upward trend, causing Bitcoin’s price to further increase.
According to Myers, after the halving event, there should be a significant increase in the price of cryptocurrency, marking the start of its next significant rise.
Myers agrees that Trump might not solely cause Bitcoin’s growth, but he remains optimistic about Bitcoin’s potential longevity.
Despite Bitcoin making news Schiff remains unaffected
In contrast, Peter Schiff, a vocal critic of Bitcoin, expressed his skepticism on X.
Schiff expressed skepticism about the recent surge in Bitcoin value, emphasizing again his long-standing opinion that its growth is based on speculation rather than solid foundations, and urging investors to be aware of potential hazards in the future.
He said,
“Over the years, Bitcoin promoters have corrupted many.”
Consequently, since Bitcoin neared $90K while its Relative Strength Index (RSI) indicated oversold conditions, the upcoming stage for this digital currency is eagerly awaited.
Read More
- ZK PREDICTION. ZK cryptocurrency
- SHIB PREDICTION. SHIB cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- ETH PREDICTION. ETH cryptocurrency
- CYBER PREDICTION. CYBER cryptocurrency
- JASMY PREDICTION. JASMY cryptocurrency
- BCH PREDICTION. BCH cryptocurrency
- COMP PREDICTION. COMP cryptocurrency
- AVAX PREDICTION. AVAX cryptocurrency
2024-11-12 20:08