Analyst: Trump's inauguration on January 20th may become a signal for BTC to hit bottom
Analyst James Van Straten stated in a post that US Treasury Secretary Janet Yellen wrote to congressional leaders, indicating that the Treasury Department expects the United States to reach its debt ceiling between January 14 and 23, 2025 at the earliest, and may need to take "extraordinary measures" to avoid federal government default.
Raising the debt ceiling has always been a negative signal for Bitcoin. In the past five such instances, Bitcoin fell or performed poorly in subsequent days. Since hitting a low point in November 2022, Bitcoin's trend has been consistent with previous cycles.
Both cycles from 2018-2022 and from 2015-2018 saw significant pullbacks at this point in their respective periods. Trump's inauguration on January 20 could potentially serve as a bottom signal for Bitcoin.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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