Bitcoin could make a ‘decisive move’ in the coming weeks as Donald Trump’s administration prepares to introduce pro-crypto policies. Bitfinex analysts are optimistic that BTC will head upward despite the uncertainty caused by macroeconomic developments.
In their Wednesday report, these analysts noted that Bitcoin has traded within a 14% price range in the last ten weeks. Historically, when BTC consolidates within a 10 – 20% price range for weeks, it tends to make a decisive upward or downward move within 85 days.
Why Bitfinex Analysts Are Bullish on Bitcoin
So why are Bitfinex analysts positive that the coin will witness a strong uptrend? They claim that Bitcoin has shown significant strength in the past few days amid turbulence in the financial markets fueled by Trump, who announced tariffs on China, Canada, and Mexico last week. According to data from CoinGlass, these tariffs saw the crypto markets record the biggest liquidation event, with more than $2 billion wiped out within 24 hours.
Also read:BTC dipped to $92,542 on Monday but has since rebounded to $97,863 as of this writing. Despite the relief rally, Bitfinex analysts are not ruling out another massive price correction in the near term in response to upcoming macroeconomic developments. However, they remain positive in the long term.
More Analysts Express Optimism on Bitcoin
Several other analysts also hold an optimistic long-term view of Bitcoin. On Wednesday, popular analyst on X, Thomas Fahrer, tweeted that BTC would likely hit $120,000 within a day when Trump’s government announces it will be purchasing the coin.
Similarly, MN Capital CEO Michael Van de Popper wrote that if the American government adopts Bitcoin this year, more administrations will follow suit, thus triggering a massive price rally. He added that a Bitcoin rally could lead to a renewed investor interest in altcoins, which he claims ‘are currently criminally undervalued.’
Crypto Markets Today
So, how are altcoins performing today? Ethereum stands out among the top ten after posting a 24-hour rally of 3.4%, reaching $2,846 at press time. Meanwhile, XRP is down 1.9% to $2.45, and Solana has plunged 1.3% to $202. On the other hand, BNB, Dogecoin, and Cardano have recorded minimal gains of 0.8%, 0.6%, and 1.% to trade at $579, $0.26, and $0.76, respectively.
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