Why Bitcoin Price is Up Today? Donald Trump Inauguration Plans Fuel Bitcoin Reserve Rumors

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Ahead of pro-crypto leader Donald Trump’s inauguration as the 47th President of the United States of America, the Bitcoin market has reached a new all-time high of $109,588.08.

In the last seven days, the market has experienced a growth of 16.1%. In the last 24 hours alone, the market has surged by around 3.5%.

Many think that speculations about pro-crypto policies and a Bitcoin reserve have enabled the market to achieve this growth.

Bitcoin Reaches New Highs 

The day when Doanld Trump defeated Kamala Harris in the US Presidential Election, the Bitcoin price stood at around $69,377.56. Since then, the market has recorded a rise of 55.7%. Between November 6 and 15 alone, the market experienced a growth of 34.19%.

On November 19, the market entered a range of $91,976.73 and $106,169.45. With a single-day growth of 6.52%, the market has broken above the range today. 

At the time of writing, the BTC price stands at $108,060.38. 

Trump’s Plans and Crypto Market Speculations 

The new Trump administration is expected to bring in several pro-crypto policies. Many believe that he will create a BTC reserve. 

Polymarket bettors give the BTC reserve proposal a 60% probability of becoming reality. 

There are rumours that Trump may establish a cryptocurrency advisory council, using the presidential special power to make executive orders.  

If materialized, the council can become an ideal forum of crypto leaders and policymakers for effective crypto policy discussions and negotiations. 

Institutional Investments Through Bitcoin ETFs

As per Data published in Coinglass, the total Bitcoin Spot ETF Net Inflow stands at +38.27B. On January 15, the market saw an inflow of +755.10M. On January 16 and 17, it witnessed +626.10M and +975.60M inflows, respectively.

This implies that in these three days alone, the market experienced an inflow of 2,356.8M. What this indicates is: growing institutional confidence in Bitcoin. 

What Next For Bitcoin Price?

A symmetrical triangle pattern was observed recently in the weekly chart of Bitcoin. Crypto technical analysts note that the market has broken above the pattern today.

Given that when the price breaks above the triangle’s upper trendline, it rises by as much as the maximum distance between the upper and lower trendline, the analysts predict that the BTC price may rise as high as $128,000 in the near future. 

In conclusion, Bitcoin’s surge to new highs and Trump’s pro-crypto stance mark a pivotal moment for the market. As speculation and policy changes unfold, the crypto landscape may see unprecedented growth and volatility.