January 22, 2025 (Globalinvestorideas.com Breaking Stock Market News and Commentary) Market commentary from Quasar Elizundia, Expert Research Strategist at Pepperstone.
“Bitcoin has experienced a slight pullback after two consecutive days of gains largely fueled by growing optimism about the pro-cryptocurrency stance of Donald Trump’s new administration. After hovering around $109,000 and encountering resistance near $107,000, the BTC/USD price dropped approximately 2% on Wednesday, trading at around $104k. However, I believe this negative move may be merely a technical pause as the market awaits more clarity from the White House.
The main driver behind Bitcoin’s recent rally—starting nearly after Trump’s electoral victory in November—is the expectation of a clear and favorable regulatory framework for cryptocurrencies. Mark Uyeda, the new leader of the Securities and Exchange Commission (SEC), confirmed the formation of a task force dedicated to crafting specific guidelines for crypto assets, strengthening the conviction that the U.S. could position itself as the “global cryptocurrency capital.”
Another source of enthusiasm stems from the possibility of creating a national Bitcoin reserve, an idea that President Trump has highlighted as a strategic priority to maintain U.S. competitiveness against powers like China. Additionally, the recent presidential pardon of Ross Ulbricht, founder of Silk Road, has been interpreted as a sign of Trump’s administration’s determination to boost the crypto ecosystem.
Simultaneously, the issuance of tokens linked to the president and the first lady, such as memecoins $TRUMP and $MELANIA, has sparked both notable speculative interest and serious ethical questions. However, their real impact lies in highlighting the growing influence of the Trump brand within the dynamic and expansive digital asset universe.
In the medium term, projections remain optimistic, with institutional players maintaining a positive outlook and recommending the acquisition of cryptocurrencies during pullbacks, with ambitious price targets of up to $200,000 for Bitcoin. In this context, it’s worth noting that the market is also buoyed by strong optimism for more decisive institutional support.
In my opinion, the recent downside movements do not invalidate Bitcoin’s positive outlook. If the Trump administration delivers on its promise to foster cryptocurrency growth—primarily through a clear regulatory framework and the establishment of a strategic reserve—Bitcoin’s price could likely reach new highs, heading toward $120,000 per unit in the short to medium term.”
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