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Bitcoin (BTC) Hits New All-Time High on Trump’s Inauguration Day

Published
Valdrin Tahiri
Published
By Valdrin Tahiri
Edited by Ryan James

Key Takeaways

  • Bitcoin (BTC) reached a new all-time high of $109,356.
  • The price has increased by nearly 8% today on Jan. 20.
  • How long will the Bitcoin price increase continue?

U.S. President-Elect’s Donald Trump inauguration day has spared optimism in the crypto market. His administration is widely considered the most pro-crypto one to date. Bitcoin and the rest of the market have reacted positively to its inauguration, with BTC reaching a new all-time high of $109,356.

With this bullish movement, all eyes are on Bitcoin to see if it can maintain this upward movement and reach new highs above $110,000.

Bitcoin All-Time High

Bitcoin’s price has increased rapidly after falling to a low of $89,164 on Jan. 13. Four days later, the price broke out from a descending resistance trend line and then validated it as support (white icon).

Today, on Jan. 20, the Bitcoin price created a bullish engulfing candlestick and broke out above the all-time high resistance area at $106,000. Bitcoin reached a high of $109,356 before falling slightly.

If the increase continues, the 1.61 external Fibonacci retracement resistance level at $119,921 creates the next target.

Bitcoin Breakout
BTC/USDT Daily Chart | Credit: Valdrin Tahiri/TradingView 

The daily Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) suggest the increase will continue. Both are increasing and have just crossed their bullish thresholds at 50 and 0, respectively.

So, the indicators are not even overbought yet, suggesting there is further room to grow.

Can BTC Keep It Up?

Bitcoin’s wave count suggests the price can extend further even though the rally is in its final portion. The most likely count shows the BTC price started its final five-wave increase (white) in August 2024 and started wave five in January 2025.

Wave three extended and the sub-wave count is in black. Wave five may also extend even though wave three has done the same. The two most likely targets for the top of wave five are at $126,200 and $148,850. The first is found by giving wave five 0.618 times the length of waves one and three combined while the second is found by giving it the same length.

BTC Count
BTC/USDT Daily Chart | Credit: Valdrin Tahiri/TradingView 

Bitcoin’s long-term count also aligns with this prediction and supports the higher target above $140,000. The count also suggests that BTC is in the fifth and final wave of its increase that started in December 2022.

Wave five has already extended and is lengthier than waves one and three combined. So, the next target is at the 1.61 extension, which falls at $142,00.

BTC Count
BTC/USDT Weekly Chart | Credit: Valdrin Tahiri/TradingView 

Combining this with the long-term count, it makes the most likely BTC cycle top range between $142,000-$148,850. If the count is accurate, this would mark the end of the bullish cycle, leading to a lengthy correction afterward.

Another Upward Movement Incoming

Bitcoin reached a new all-time high today, and its price action, indicator readings, and wave count are all positive. Donald Trump’s inauguration today could also catalyze a new bullish rally for the entire crypto market.

The next target for the Bitcoin high is between $142,000 – $148,850.

Disclaimer: The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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Valdrin Tahiri

Valdrin discovered cryptocurrencies while getting his MSc in Financial Markets from the Barcelona School of Economics in 2017. He has been an avid investor and trader since. Valdrin has written for several cryptocurrency media companies such as BeInCrypto and CoinGape.
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