Trump's Crypto Reserve Boosts Bitcoin to $94.9k; Analyst Predicts $180k
1min read Bitcoin's price has surged in recent days, reaching a high of $94.9k, driven by U.S. President Donald Trump's announcement of a Strategic Crypto Reserve. This move has sparked investor interest and optimism, with Bitcoin and other cryptocurrencies experiencing significant gains. The reserve is expected to include Bitcoin, Solana, Ethereum, and other altcoins, which has boosted market sentiment and led to increased institutional adoption, credibility, and regulatory clarity.
In addition to the Trump effect, historical trends suggest a potential rally for Bitcoin. A crypto analyst, Tony, has pointed out similarities between the current price action and the historical cycle of 2023. Using the Elliott Wave theory, the analyst found that the current rally shares expansions in waves 1 and 3, followed by a correction to fill the CME gap and a wave four retest. If Bitcoin follows the 2023 wave 5 surge, it could potentially hit $180,000.
As Bitcoin consolidates at around $92.6k, investors are wondering if the rally will continue. While trading volume remains high, analysts warn about the CME gap at $84,650-$94,000, which could act as a magnet for retracement. Additionally, Bitcoin is entering a re-accumulation phase, which could lead to a breakout to $104,500. Both technical and fundamental factors are fueling the ongoing Bitcoin price rally, and if history repeats itself, the price could reach $180k in the next few months.
