On the eve of Trump’s impending inauguration, Bitcoin is gradually climbing from a low of $90,000, drawing significant market attention to how high its price could rise with Trump’s endorsement. In response, cryptocurrency analyst Ali tweeted that, from the price chart, Bitcoin has broken through the cup-and-handle pattern, with the potential to reach $276,400.
(Background: Bitcoin breaks through $105,000! Trump-Xi hotline eases trade war concerns, with all four major U.S. stock indices rallying)
(Additional context: Bitcoin surges to $102,000! Bloomberg reports that Trump may issue an executive order on inauguration day to prioritize “cryptocurrency” at the national level.)
Bitcoin’s performance this week has been notably strong, dropping below $90,000 on the 13th and surging past $100,000 following the U.S. CPI data release on the 15th. This morning, it peaked at $105,868, seemingly aiming to challenge its all-time high of $108,353. As of now, Bitcoin is priced at $102,840, reflecting a 1.3% increase in the last 24 hours. Additionally, Bloomberg has reported that Trump plans to issue an executive order at his inauguration ceremony in two days (January 20), designating cryptocurrency as a national priority and granting the industry more influence.
Analysts: BTC Breaks Through Cup-and-Handle Pattern, Targeting $276,400
Current market investors are particularly focused on how high Bitcoin can rise with Trump’s support. Cryptocurrency analyst Ali, who has 114,000 followers on platform X, tweeted yesterday (17th) that Bitcoin’s price has broken through the cup-and-handle pattern, with a potential target of $276,400:
“$BTC has broken through the cup-and-handle pattern, indicating a potential upward target of $276,400!”
The cup-and-handle pattern is a bullish technical formation composed of a rounded “cup” and a slight pullback “handle.” When the price breaks through the resistance level of the cup’s rim accompanied by increased trading volume, it usually signals a new wave of upward movement.
Moreover, Miles Deutscher, a cryptocurrency analyst with 600,000 followers, also tweeted on the 17th that the balance of Bitcoin held on exchanges has hit a seven-year low, suggesting that holders do not intend to sell their Bitcoin in the short term, which is beneficial for Bitcoin’s price development.
“$BTC balance on exchanges just hit a 7-year low. Supply shock.” pic.twitter.com/AK0xuxTqkl
— Miles Deutscher (@milesdeutscher) January 16, 2025
“Probability of Trump establishing a Bitcoin strategic reserve this year rises to 64%”
On another note, in the U.S. compliance prediction market Kalshi, the betting odds for “Trump will establish a national Bitcoin reserve this year” have soared from a low of 41% on January 10 to 64% on the 18th, indicating that market confidence in Trump establishing a Bitcoin strategic reserve is gradually increasing. Additionally, the betting odds on the decentralized prediction platform Polymarket for “Trump will establish a Bitcoin reserve within 100 days of taking office” have also risen from a low of 27% on the 10th to 42% on the 18th.
