Bitcoin author and analyst Andrey Ignatenko has reacted to the trending Bitcoin surge in price while adding a new perspective to the reason behind it.
Andrey commented on the bull rally sweeping through the crypto market with a focus on Bitcoin while giving his prediction on whether the surge will continue or subside.
He agreed that the bullish run sweeping through the market was heavily influenced by Donald Trump’s victory in the polls.
However, he highlighted other factors playing a role in the surge of the primary crypto asset.
In his assertion, he also pointed out the increase in trading volumes following the bull run compared to October. He pointed out that November’s Bitcoin trading volume is already at the same level as the trading volume recorded for the whole of October.
“ Bitcoin’s price rise is related to Trump. His loud statements were heard by the public. Although there are no very high trading volumes, they are still higher than in October.
For half of November alone, trading volumes are the same as the entire month of October.
I think that by the end of November, the volume will be 2 times higher than it is now.” Andrey stated.
US Government might be Selling Gold to buy Bitcoin
- Andrey pointed out another factor behind the surge of Bitcoin in November. He revealed that official data on the outflow of gold in North America suggests the US government might be selling gold to buy Bitcoin.
- The report revealed that Gold Exchange Traded Funds (ETFs) shed an estimated $809 million (12t) during the first week of November, with the bulk of outflows stemming from North America.
- Andrey suggested that the data reveals that the United States government might be selling gold to buy Bitcoin.
Bitcoin likely to cross $100,000 after Trump’s inauguration
Andrey commented on Bitcoin’s price surge stating that the best of the surge is yet to come. He believes that while it is still possible for Bitcoin to cross the $100,000 mark before the end of the year, the best of the surge will come after Trump’s inauguration.
Donald Trump will be inaugurated on January 20, 2025, and the Pro-crypto administration is expected to kick off on that day.
Andrey believes that the effect of the start of Trump’s administration would definitely reflect on Bitcoin’s price pushing the asset to new heights.
Andrey is a crypto analyst and the author of a book that employed mathematical methodology to predict Bitcoin price up to the year 2050.
What to Know
- There are unconfirmed reports of Donald Trump’s administration planning to wave taxes for crypto startups in the United States. This has riled up the crypto community in the US and aligns with Donald Trump’s campaign promise to make the US the leader of the global crypto community.
- Bitcoin at the time of report is exchanging hands for $91,239 about $8000 shy of the highly anticipated $100,000 mark.