A crypto veteran believes Bitcoin (BTC) and the rest of the digital asset market will remain listless in the first few weeks of 2025.
Pseudonymous trader The Crypto Dog tells his 853,00 followers on the social media platform X that he thinks the market will not regain bullish momentum until President-elect Donald Trump is sworn into office.
The analyst believes that Trump’s inauguration on January 20th will act as a strong catalyst that sends Bitcoin and altcoins to greater heights.
“The inauguration likely acts just the same as election day – it’s going to pin us down until it’s over.
We’re not exactly bearish, but we’re probably not going higher until Trump is in office.
Just had a bunch of people excited longing the highs, they probably get rinsed now.”
Looking at historical data, The Crypto Dog notes that Bitcoin rallied in 2021 after President Joe Biden took over the White House.
“You can see how we behaved Jan 2021… Downtrend until inauguration then ripped +100% afterward.”
The analyst also notes that the same behavior can be seen during the 2017 cycle.
“2017 breakout happened pretty much right on inauguration.”
While the analyst says historical trends call for more consolidation, he notes that his stance will be invalidated if the S&P 500 continues to show strength.
“Looks like post-election January is pretty much up only for equities. Since the [launch of Bitcoin exchange-traded funds] we’ve been pretty lockstep so up only makes plenty of sense.”
At time of writing, Bitcoin is worth $98,219.
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