The price of BTC has continued its steady decline, recently hitting a low of $91,800, a level we haven’t seen in a long time. Following a testing period at $108,000, the crypto market is enduring a frustratingly prolonged phase of selling. The current macroeconomic climate, combined with actions from the Federal Reserve and the U.S. Department of Justice, is not supporting crypto bulls. However, with the Biden administration’s nightmare ending on January 20, there is speculation about what this means for BTC, BNB, and altcoins.
BTC and Altcoin Analysis
The Biden administration has waged a four-year war on cryptocurrencies. Key figures such as Yellen, Gensler, and Powell have taken continual steps against crypto. The SEC has launched hundreds of lawsuits, essentially telling crypto companies to “get out.” However, American voters demonstrated in the November elections who should be leaving.
As the Biden administration exits, so does its negative stance on cryptocurrencies. Trump will assume office on January 20 with a crypto-friendly cabinet. Regulatory clarity for cryptocurrencies is expected, and the SEC will likely drop lawsuits not related to fraud. We may soon forget about today’s negativity, reminiscent of the red candles BTC burned during the November 2022 downturn.
Scott Melker shared a BTC analysis where he indicated that we might soon see a recovery. When he wrote about the potential low, BTC had not yet reached that level, but it did shortly thereafter. We now need to transition into a recovery phase towards $98,000.
Jelle has indicated that as altcoins test their breakout levels, a reversal should commence.
BNB Coin Predictions
BNB Coin is performing relatively well compared to the broader market. In his latest analysis, Phoenix_Ash3s noted that new peaks are being targeted. At the time of writing, while BTC was trading at $94,200, BNB Coin lingered around $695.
“If any coin is preparing for a move toward the ATH zone, it is BNB. Look at this 3D trend; it’s wild with tons of 21/50/100 EMA support. It should start moving now.”
