Trump vs Powell: The Bitcoin Showdown You Didn’t Know You Needed! 🎭💰

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Ah, Bitcoin! On the brink of a delightful bullish escapade, all thanks to our dear President Trump, who, in a fit of whimsy, is pondering the delightful notion of replacing Jerome Powell as the Federal Reserve’s esteemed chair. Quite the audacious thought, considering he lacks the authority to do so! But who needs authority when you have bravado? 😏

Now, if the markets decide to play nice and start pricing in lower future interest rates, we might just see the dollar take a nosedive, while our beloved Bitcoin (BTC) gets a charming little boost. How quaint! 💸

As of our last rendezvous on this fine Saturday, Bitcoin was frolicking at a delightful $85,232.30, dancing between the support and resistance points of $84,000 and $85,000, a charming 14% above its lowest point this month. Do take a gander below!

Now, let’s not forget the U.S. Federal Reserve Act, which, in its infinite wisdom, prevents the president from firing the chair. Independence, darling! The Fed is meant to be free from political shenanigans, making decisions that may not always tickle the fancy of the White House.

But alas, Trump’s administration has made a sport of challenging political norms, from defying court orders to giving the cold shoulder to less-than-favorable news outlets. How very avant-garde! 🎭

According to Kevin Hassett, the National Economic Council director, Trump is now mulling over whether he can indeed replace Powell. This revelation came after Trump, in a moment of candor, declared:

“I’m not happy with him. I let him know it. And oh, if I want him out, he’ll be out of there real fast, believe me. If we had a Fed chairman who understood what he was doing, interest rates would be coming down.”

Such a charmingly dramatic statement, following Powell’s insistence that the Fed is in no rush to cut interest rates. Instead, they’re preoccupied with Trump’s tariffs and the delightful prospect of inflation. Mary Daly, another Fed official, has suggested that rate cuts might need to be postponed if inflation decides to stick around like an unwelcome guest.

Experts, those ever-so-wise sages, believe that Trump can only fire Powell for cause, which is often interpreted as misconduct. Should he attempt to remove him without cause, we could be in for a legal circus of epic proportions! 🎪

CNN has reported that Trump is eyeing former Fed governor and crypto enthusiast Kevin Warsh as a potential successor to Powell. How thrilling! What does this mean for our dear Bitcoin, you ask?

What does it mean for Bitcoin?

Cryptocurrency aficionados see the potential firing of the Fed chair as a delightful erosion of confidence in the central bank. The theory suggests that such a move would send the U.S. dollar tumbling down while Bitcoin ascends to new heights. How poetic! 📈

Historically, currencies from central banks lacking independence tend to underperform. Just look at the Turkish lira and the Zimbabwe dollar—poor dears!

The 4H chart below reveals that Bitcoin has been playing coy in a tight range these past few weeks, ever so slightly above the 50-period moving average. How intriguing!

Most importantly, our dear coin has formed a bullish pennant—a pattern so widely recognized it could be the belle of the ball! This charming formation often leads to a robust bullish breakout as the triangles near their confluence. How delightful!

Thus, we can expect Bitcoin to embark on a strong bullish breakout, with the next point of interest being a dazzling $88,585, its highest level in April. Cheers to that! 🥂

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2025-04-19 15:59