Bitcoin (BTC) Surges as Trump’s Team Explores Creating a White House Crypto Policy Role

BTC could reach $135K by year-end, while Ethereum (ETH) struggles against Bitcoin’s dominance.

Bitcoin is continuing its price rally on Wednesday, with members of Donald Trump's administration reportedly attempting to secure a position in the White House specifically for the purpose of digital asset policy. This news is adding to the momentum created by strong ETF inflows.

As Bitcoin outperforms altcoins in the market, the ETH/BTC pair has hit a three-year low, putting the upcoming altcoin season on hold, according to Coingape.

“I believe ETH/BTC could bottom next month. Historical data supports this – December has marked the ETH/BTC bottom in 6 of the last 8 years. If December follows its usual pattern, we could see ETH/BTC find its footing soon,” Bitcody stated.

Cryptos are reversing last week's gains as Bitcoin continues to hide its true power. According to QCP recently, alt season is defined by ETH/BTC strength. But until that recovers and shows strength, it is highly unlikely to begin.

However, analysts believe that Bitcoin's price rally might continue for a bit longer. According to renowned crypto analyst Ali Martinez, Bitcoin is following a pattern that was last seen four years ago, around this time in December 2020. He also noted that the Bitcoin RSI shares some interesting characteristics.

“If history repeats itself, then the apex of the rally would first take BTC to $108,000, followed by a correction to $99,000, en route to a final rally to about $135,000,” Martinez predicted.

Another well-known trader who shared a similar Bitcoin chart following the US elections is Peter Brandt. The price of bitcoin is depicted as forming a flag-and-pole pattern, with the most recent breakout indicating a possible climb to $125,000 and possibly higher.

This price surge comes amid reports that members of Donald Trump's administration are attempting to secure a position in the White House specifically for the purpose of digital asset policy.

On Wednesday, it was reported that members of Donald Trump's team are courting prominent figures in the cryptocurrency industry and attempting to secure a position that would grant them direct access to the president. This news is generating renewed buzz in the crypto market.

Commenting on today's Bitcoin price action, Tony Sycamore, Analyst at IG Australia Pty Market, said: “Buyers are strangling the sellers. While I’m not sure it’s all going to be smooth sailing as it edges closer to the $100,000 mark, the demand appears to be insatiable.”

According to data from Coinglass, 24-hour long liquidations for Bitcoin have reached $119 million, with longer liquidations at over $25 million and shorter ones at $93 million.

Meanwhile, MicroStrategy stock recorded record trading volumes on Wednesday as it approached the $500 mark, coinciding with Bitcoin's price moving towards 100,000 levels.

On the other hand, spot Bitcoin ETF inflows have seen a drastic increase over the last three days.

With over $626 million coming from BlackRock's IBIT, the total spot Bitcoin ETF inflows on Wednesday, November 20, were $773 million. According to data from Farside Investors, Fidelity's FBTC also saw inflows of $133 million.

A day before the debut of spot Bitcoin ETF options on Nasdaq, the trading volume for IBIT was over $2 billion the previous day.