Bitcoin is surging as Trump’s team explores creating a White House crypto policy role, adding to momentum from strong ETF inflows. Analysts predict BTC could reach $135K by year-end, while Ethereum struggles against Bitcoin’s dominance.
ETH/BTC Pair Hits Three-Year Low
Today, the Ethereum/Bitcoin pair struck a three-year low, its lowest level since March 2021, after breaking the trendline. As long as Bitcoin keeps outperforming altcoins in this market, this scenario could put the upcoming altcoin season on hold, Coingape reports.
On this topic, market analyst Bitcody wrote:
Cryptos are reversing last week's gains as Bitcoin continues to hide its true power. Ethereum's involvement is crucial for the altseason to commence, according to QCP Capital's recent statement. Until the ETH/BTC pair recovers and demonstrates strength, it is highly unlikely to occur.
Analysts Predict $135K Bitcoin Rally
But experts think Bitcoin's price rise will go on for a little longer. According to well-known crypto expert Ali Martinez, Bitcoin is following a pattern that has been present for the past four years and is expected to make a similar move in December 2020. Additionally, he mentioned that the Bitcoin RSI shares some remarkable characteristics.
"If history repeats itself, Bitcoin could first rally to $108,000, experience a correction to $99,000, and then surge to $135,000," forecasted Martinez.
Another famous trader who released a comparable Bitcoin chart following the US elections was Peter Brandt. The price of bitcoin is depicted as forming a flag-and-pole pattern, with the most recent breakout indicating a possible climb to $125,000 and possibly higher.
The expansion of the Trump trade and a number of important factors are driving today's BTC price surge. On Wednesday, November 20, it was reported that members of Donald Trump's administration are attempting to secure a position in the White House specifically for the purpose of digital asset policy.
Trump Administration Drives Crypto Market Buzz
In addition to courting prominent figures in the cryptocurrency sector, Trump's staff is vying for a position that would grant them direct access to the president. The crypto market is experiencing renewed enthusiasm as a result of this event. Analyst Tony Sycamore of IG Australia Pty Market commented on today's Bitcoin price spike, saying:
According to the data provided by Coinglass, the 24-hour liquidations for Bitcoin have reached $119 million, with longer liquidations totaling over $25 million and shorter ones totaling $93 million.
On Wednesday, record trading volumes were recorded for MicroStrategy stock, which was rising closer to $500, coinciding with Bitcoin's price moving towards $100,000 levels. Contrarily, spot Bitcoin ETF inflows have increased dramatically throughout the past three days.
Spot Bitcoin ETF inflows were $773 million on Wednesday, November 20, with over $626 million coming from BlackRock's IBIT. The data from Farside Investors shows that Fidelity's FBTC also experienced inflows of $133 million. The trading volume for IBIT was over $2 billion the day before the spot Bitcoin ETF options made their debut on Nasdaq.