Bitcoin (BTC) Market Slows Down After Post-Trump Ecstasy, But Experts Predict the Rush May Just Be the Beginning
- Patricia ArquetteOriginal
- 2024-11-19 15:48:15895browse
The crypto market is slowing down following a frenetic post-Trump ecstasy, with Bitcoin settling at a new support of US $90k (AU $138k).
Cryptocurrency markets are slowing after a frenetic post-Trump euphoria, with Bitcoin settling at a new support of US $90k (AU $138k).
As investors take profits and re-jig their portfolios, several in the industry believe last week’s rush may just be the beginning.
As progressive policies likely hit the sector, experts such as Tom Lee predict the global markets to react as we enter the new year.
Related: Trump to Cool Down on Crypto Crackdown, Shifts Justice Focus to Immigration
Trump’s Economic Policies Encourage Risk-Taking, Primed for Bitcoin Explosion
Speaking on CNBC’s Squawk Box, Fundstrat Global Advisors Head of Research, Tom Lee, discussed how Trump’s leadership might impact the economy.
Lee noted that clarity around monetary policy likely spells good news for Bitcoin, with the president-elect’s overall strategy involving reduced government spending and lower taxes. If these are successfully implemented, it could add liquidity to the markets which encourages risk-taking – something that has historically benefited the price of Bitcoin.
Markets Holding Key Support Lines, Preparing for Potential 2025 Lift-off
Lee also discusses broader the fiscal environment, particularly following Fed Chair Jerome Powell’s comments that they may slow down rate cuts.
While, at first glance, this may appear negative for the industry, Lee says that over the next 12 months the number of rate cuts will remain the same – the short-term timeline has just been altered.
Finally, Lee looks toward traditional markets to assess the potential ramp-up to a bull run moving into 2025.
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