Analysts eye Bitcoin rally after bullish CPI print
Sustained outperformance may hinge on whether US President-elect Donald Trump implements pro-crypto policies once he takes office on Jan. 20.
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Sustained outperformance may hinge on whether US President-elect Donald Trump implements pro-crypto policies once he takes office on Jan. 20.
Bitcoin futures markets may still be overheated, and a hotter-than-expected CPI could trigger further drawdowns, Steno said.
The company now owns more than $192 million worth of BTC and touts a “Bitcoin yield” of more than 99%, it said.
Despite a potential supply shock-driven rally, Bitcoin currently lacks trading volume to recapture the $100,000 resistance, analysts told Cointelegraph.
According to the SaylorTracker website, MicroStrategy’s Bitcoin holdings are up around 51%, with unrealized gains of over $14 billion.
Bitcoin may experience short-term corrections up to and following the Jan. 20 inauguration of President-elect Trump in the United States.
The Bitcoin Act’s passage could eventually send BTC’s price past $1 million per coin, industry executives say.
“Due to its verifiable fixed supply, Bitcoin is the most inflation-resistant store of value available,” the proposal read.
The upcoming US presidential inauguration could be a positive catalyst, the asset manager said.
Bitcoin price is chasing $95,000 after showing modest gains today as several onchain BTC metrics are hinting at signs of a potential bottom.
