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The so-called ‘Trump trade’ has lost steam as Bitcoin faces repeated rejection at $98,000. Crypto analysts see a path to $110,000, with macroeconomic liquidity driving optimism for a breakout, but short-term selling pressure tempers expectations.
Bitcoin Faces Critical $98,000 Resistance After ‘Trump Trade’ Rally
Upward momentum in Bitcoin following the so-called "Trump trade" might be coming to a close until the first cryptocurrency ever breaks through the critical $98,000 resistance.
As of 11:39 am UTC on Dec. 3, according to data from Cointelegraph, the price of Bitcoin had declined to $94,812 after four straight rejections of the $96,000 mark.
Analysts Highlight $98,000 Barrier as Key to Bitcoin's Next Surge
Bitcoin would not have substantial upward momentum until it surpasses the $98,000 barrier, as stated by crypto trader, analyst, and entrepreneur Michaël van de Poppe in a post dated December 3rd:
It was speculated by some analysts that Bitcoin was traded as a proxy for Donald Trump's victory in the 2024 US presidential election. However, the rally failed to produce the necessary fundamental macroeconomic conditions, and Bitcoin only reached a new all-time high of $99,800 on November 22, two weeks after Trump's victory.
Six-Figure Bitcoin Prices Expected Despite Current Resistance
Still, many in the cryptocurrency industry expect Bitcoin's price to reach six figures soon.
The Global Macro Investor’s Total Liquidity Index provides an aggregate assessment of all major central bank balance sheets, and it suggests that Bitcoin might reach a local top of $110,000 in January 2025.
After breaking through the $98,000 barrier, Bitcoin might potentially reach $110,000 as per the patterns seen in technical charts, according to anonymous analyst DonAlt, who stated in a post on December 2nd:
The analyst did note, though, that Bitcoin may stay inside its present range if neither side makes a big move.
Short-Term Holders and $2 Trillion Investments Could Shape Bitcoin's Future
Since the selling patterns of Bitcoin short-term holders (STHs) determine the short-term momentum of Bitcoin, the fact that they have ceased selling Bitcoin is encouraging for the price trajectory.
According to Sina G, co-founder and chief operating officer of 21st Capital, who said in a post on December 2nd: STH selling was the reason Bitcoin failed to break $100,000 in November.
Because it has the potential to absorb about 10% of the newly produced money supply—which is predicted to climb to $127 trillion due to the US Federal Reserve’s liquidity concerns—the $2 trillion in investments in 2025 might also be good for Bitcoin pricing.
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