BTC had a very strong performance this week, falling below the $90,000 mark on the 13th, then surging above $100,000 after the release of the US CPI data on the 15th, and reaching a high of $105,868 this morning, seemingly with a trend to challenge the historical high of $108,353. As of now, BTC is trading at $102,840, up 1.3% in the last 24 hours.
Additionally, Bloomberg previously reported based on sources that Trump plans to issue an executive order on his inauguration day (1/20), making cryptocurrency a national priority and giving the industry more say.
Analyst: BTC breaks out of cup and handle pattern, targeting $276,400
Current market investors are particularly focused on how high BTC can go with Trump's support. Crypto analyst Ali, who has 114,000 followers on the social platform X, tweeted yesterday (17th) that BTC price has broken out of the cup and handle pattern, with the potential to reach $276,400:
$BTC has broken out of the cup and handle pattern, suggesting a potential upside target of $276,400!
Additionally, crypto analyst Miles Deutscher, who has 600,000 followers, also tweeted on the 17th that exchange BTC balances are reaching new 7-year lows, meaning holders are not planning to sell their BTC in the short term, which is bullish for BTC price.
Odds of "Trump establishing a BTC reserve this year" surge to 64%
On the other hand, on the US compliance prediction market Kalshi, the odds of "Trump establishing a national BTC reserve this year" have surged from the low of 41% on January 10th to 64% on the 18th, indicating that the market's confidence in Trump establishing a BTC strategic reserve is gradually increasing.
Additionally, the odds of "Trump establishing a BTC reserve within his first 100 days in office" on the decentralized prediction platform Polymarket have also risen from the low of 27% on the 10th to 42% on the 18th.
