On the eve of Trump’s inauguration, Bitcoin is gradually climbing from its low of $90,000, attracting significant market attention regarding how high its price could rise under Trump’s influence. In this regard, cryptocurrency analyst Ali tweeted that, based on the price chart, Bitcoin has broken through the cup and handle pattern, with a potential upward target of $276,400.
(Background: Bitcoin breaks through $105,000! Trump-Xi hotline eases trade war concerns, all four major U.S. stock indices rise)
(Additional context: Bitcoin surges to $102,000! Bloomberg: Trump may issue an executive order on inauguration day to make “cryptocurrency a national priority”)
Bitcoin has shown a very strong trend this week, dropping below the $90,000 mark on the 13th and then surging past $100,000 after the U.S. CPI data was released on the 15th, reaching a high of $105,868 this morning, seemingly aiming to challenge the historical high of $108,353. As of now, Bitcoin is priced at $102,840, up 1.3% in the last 24 hours.
Additionally, Bloomberg previously reported that Trump plans to issue an executive order on his inauguration day (January 20) to designate cryptocurrency as a national priority and grant the industry more influence.
Analyst: BTC breaks through cup and handle pattern with a target of $276,400
Current market investors are particularly focused on how high Bitcoin can rise with Trump’s backing. Cryptocurrency analyst Ali, who has 114,000 followers on social media platform X, tweeted yesterday (17th) that Bitcoin’s price has broken through the cup and handle pattern, indicating a potential upward target of $276,400:
“$BTC has broken the cup and handle pattern, signaling a potential upward target of $276,400!”
The cup and handle pattern is a bullish technical formation composed of a rounded “cup” and a slight pullback “handle.” When the price breaks through the resistance level at the cup’s rim accompanied by increased trading volume, it typically signals the start of a new upward trend.
Furthermore, cryptocurrency analyst Miles Deutscher, who has 600,000 followers, also tweeted on the 17th that the balance of Bitcoin on exchanges has reached a seven-year low, indicating that holders do not intend to sell their Bitcoin in the short term, which is favorable for Bitcoin’s price development.
“$BTC balance on exchanges just hit a 7-year low. Supply shock.”
pic.twitter.com/AK0xuxTqkl
— Miles Deutscher (@milesdeutscher) January 16, 2025
“Trump’s establishment of a Bitcoin strategic reserve this year” betting odds soar to 64%
On the other hand, in the U.S. compliance prediction market Kalshi, the betting odds for “Trump will establish a national Bitcoin reserve this year” have surged from a low of 41% on January 10 to 64% on January 18, indicating increasing market confidence in Trump’s establishment of a Bitcoin strategic reserve.
Additionally, the betting odds on the decentralized prediction platform Polymarket for “Trump will establish a Bitcoin reserve within 100 days of his inauguration” have risen from a low of 27% on January 10 to 42% on January 18.
