As Donald Trump prepares to take office on January 20th, traders are eagerly anticipating any pro-crypto shifts that may occur. This anticipation is reaching a fever pitch in the Bitcoin market, with investors betting on a historic rally that could propel prices to $120,000 or even higher. One trader on crypto exchange Deribit spent over $6 million to purchase the $100,000 strike call options set to expire on March 28, according to data from Deribitまとめて. This signals expectations for a substantial price increase after Trump's inauguration.
With Bitcoin currently trading at around $101,810, exchanges like Deribit have seen a surge in interest for the $120k BTC call option, which now stands at $1.52 billion. According to Greg Magadini, a director at Amberdata, this bullish momentum could be driven by policy announcements and favorable sentiment surrounding Trump’s stance on crypto.
Technical analysts are keeping an eye on two possible scenarios for Bitcoin’s price. The first scenario involves a bullish breakout. BTC has recently been displaying a Wyckoff accumulation pattern, which was last seen during the FOMC rate cut. Analysts believe that BTC holding the $90,800 support level, with potential wicks to $86,500, would confirm an uptrend.
However, there are also fears of a “brutal” scenario. The immediate resistance level is at $102,760, which marks the recent weekly high. To confirm further gains, a decisive breakout at this level with strong volume is necessary. If BTC manages to cross this level decisively, we could see it heading toward $110,000 or higher in the coming weeks.
If Bitcoin faces resistance at current levels, it could retrace to test support levels around $97,000 or $90,000, presenting buying opportunities for traders. Failure to hold these levels could lead to sharp corrections, testing Bitcoin’s recent gains.
The candlestick pattern on Bitcoin highlights market indecision, as buyers and sellers are evenly matched near resistance. This tug-of-war underscores the high-stakes nature of Bitcoin’s price action as traders anticipate Trump’s potential policy shifts.
As the inauguration approaches, Bitcoin stands at a critical juncture. Whether this triggers an explosive rally or correction, it无疑，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，，
