Why Bitcoin Price is Up Today? Donald Trump Inauguration Plans Fuel Bitcoin Reserve Rumors

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Ahead of pro-crypto leader Donald Trump’s inauguration as the 47th President of the United States of America, the Bitcoin market has reached a new all-time high of $109,588.08.

In the last seven days, the market has experienced a growth of 16.1%. In the last 24 hours alone, the market has surged by around 3.5%.

Many think that speculations about pro-crypto policies and a Bitcoin reserve have enabled the market to achieve this growth.

Bitcoin Reaches New Highs 

The day when Donald Trump Donald Trump Donald Trump is an American former president politician, businessman, and media personality, who served as the 45th president of the U.S. between 2017 to 2021. Trump earned a Bachelor of science in economics from the University of Pennsylvania in 1968. Trump won the 2016 presidential election as the Republican Party nominee against Democratic Party nominee Hillary Clinton while losing the popular vote. As president, Trump ordered a travel ban on citizens from several Muslim-majority countries, diverted military funding toward building a wall on the U.S.–Mexico border, and implemented a family separation policy. Trump has remained a prominent figure in the Republican Party and is considered a likely candidate for the 2024 presidential election President defeated Kamala Harris Kamala Harris Kamala Harris is an American politician attorney, and currently serving as vice president of the United States. She is the first female vice president and the highest-ranking female politician in the U.S. Kamala was Born in Oakland, California, and graduated from Howard University with a degree in political science and economics, and later pursued her law degree from the University of California, Hastings College of the Law. As a politician, she implemented stricter laws, the DREAM Act, and federal legalization of cannabis, healthcare, and taxation reform. Harris secured enough non-binding support from delegates to become the speculative nominee of the Democratic Party. Vice President in the US Presidential Election, the Bitcoin price stood at around $69,377.56. Since then, the market has recorded a rise of 55.7%. Between November 6 and 15 alone, the market experienced a growth of 34.19%.

On November 19, the market entered a range of $91,976.73 and $106,169.45. With a single-day growth of 6.52%, the market has broken above the range today. 

At the time of writing, the BTC price stands at $108,060.38. 

Trump’s Plans and Crypto Market Speculations 

The new Trump administration is expected to bring in several pro-crypto policies. Many believe that he will create a BTC reserve. 

Source: Polymarket

Polymarket bettors give the BTC reserve proposal a 60% probability of becoming reality. 

There are rumours that Trump may establish a cryptocurrency advisory council, using the presidential special power to make executive orders.  

If materialized, the council can become an ideal forum of crypto leaders and policymakers for effective crypto policy discussions and negotiations. 

Institutional Investments Through Bitcoin ETFs

As per Data published in Coinglass, the total Bitcoin Spot ETF Net Inflow stands at +38.27B. On January 15, the market saw an inflow of +755.10M. On January 16 and 17, it witnessed +626.10M and +975.60M inflows, respectively.

This implies that in these three days alone, the market experienced an inflow of 2,356.8M. What this indicates is: growing institutional confidence in Bitcoin.

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What Next For Bitcoin Price?

BTC/USD 1-day chart. Source: IncomeSharks/X

A symmetrical triangle pattern was observed recently in the weekly chart of Bitcoin. Crypto technical analysts note that the market has broken above the pattern today.

Given that when the price breaks above the triangle’s upper trendline, it rises by as much as the maximum distance between the upper and lower trendline, the analysts predict that the BTC price may rise as high as $128,000 in the near future. 

In conclusion, Bitcoin’s surge to new highs and Trump’s pro-crypto stance mark a pivotal moment for the market. As speculation and policy changes unfold, the crypto landscape may see unprecedented growth and volatility.