Analyst: Trump's Jan. 20 Inauguration Could Signal Bitcoin Bottomed Out
On December 30, analyst James Van Straten posted that U.S. Treasury Secretary Janet Yellen sent a letter to congressional leaders stating that the Treasury Department expects the U.S. to hit its debt ceiling as early as January 14-23, 2025, and that 'extraordinary measures' may be needed to prevent the federal government from falling into debt default.
Raising the debt ceiling has historically been a negative sign for Bitcoin, and in the last five such instances, Bitcoin has declined or underperformed in the days that followed.
Since the November 2022 cycle low, Bitcoin has moved in line with the previous two cycles.
Both the 2018-2022 and 2015-2018 cycles saw significant retracements at this point in the then-cycle. Trump's January 20 inauguration could signal a bottom for Bitcoin.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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