Summary:
The Bitcoin price surged to a new all-time high of $75,407 on Binance following the announcement of Donald Trump winning a second term as US president. Trump's promises to establish Bitcoin as a national strategic stockpile and enforce a crypto-friendly policy contributed to the market euphoria. However, economist Henrik Zeberg cautioned that Trump's economic policies, particularly his plan to replace certain taxes with tariffs, could lead to a US recession and potentially cause a "blow-off top" scenario for Bitcoin and the broader crypto market. Zeberg drew parallels with the Smoot-Hawley Tariff Act of 1930, which deepened the Great Depression. Despite this cautionary perspective, Zeberg projected a significant surge in Bitcoin's price to a target range of $115,000 to $123,000 based on Fibonacci extension levels. The critical level to monitor is the 1.618 Fibonacci extension at $114,916.16, which Zeberg suggests could be the top before a significant reversal. Other key Fibonacci levels that may serve as resistance points during Bitcoin's ascent are also highlighted. At the time of writing, BTC traded at $73,742.
- Content Editor ( newsbtc.com )
- 2024-11-06
Economist Predicts ‘Blow-Off Top’ For Bitcoin At $123,000 Post-Trump Win