Bitcoin Price Analysis: BTC Nears $90,000 Amid Trump’s Pro-Bitcoin AG Nominee

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Arslan Butt

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Arslan Butt

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Last updated: 

November 15, 2024

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In a significant pro-crypto shift, President-elect Donald Trump has nominated Congressman Matt Gaetz, a vocal Bitcoin supporter, as the next U.S. Attorney General.

Known for his advocacy of Bitcoin and legislation to allow federal tax payments in cryptocurrency, Gaetz’s appointment signals a potential regulatory overhaul that could favor digital assets.

His expected policies at the Department of Justice may create a more welcoming environment for institutional and retail crypto investors, bolstering Bitcoin’s mainstream appeal.

Trump’s Pro-Bitcoin Nominee Matt Gaetz Could Transform Crypto Regulation

In a significant move for the cryptocurrency community, President-elect Donald Trump has nominated Congressman Matt Gaetz, a known advocate for Bitcoin, as the next U.S. Attorney General. Gaetz, who has consistently supported pro-Bitcoin legislation, resigned from Congress shortly after the nomination was made public.

His appointment is expected to mark a shift toward a more crypto-friendly regulatory environment at the Department of Justice.

Known for proposing legislation to allow Americans to pay federal taxes in Bitcoin, Gaetz may push for more accommodating digital asset regulations.

As Attorney General, he is likely to advocate for balanced yet progressive policies that promote crypto adoption while maintaining regulatory oversight. Gaetz’s pro-crypto stance could create a regulatory framework that encourages both institutional and retail participation in the cryptocurrency market.

This development, coupled with other pro-Bitcoin moves within Trump’s administration, might stimulate greater adoption and investment in Bitcoin across the U.S.

“A Gaetz-led DOJ could provide the regulatory clarity Bitcoin needs to thrive,” noted a market analyst. This supportive stance from a high-ranking official could significantly enhance Bitcoin’s appeal, potentially increasing its demand and value.

Pennsylvania’s Bitcoin Reserve Proposal Gains Traction

In Pennsylvania, State Representative Mike Cabell has introduced groundbreaking legislation to establish a “Strategic Bitcoin Reserve” for the state. This proposal would allow Pennsylvania’s Treasury to allocate up to 10% of its General, Rainy Day, and Investment Funds—roughly $16 billion—into Bitcoin.

According to Cabell, such an investment could shield public finances from inflationary pressures and economic instability, citing corporations like Fidelity and BlackRock as precedents.

If Pennsylvania’s Bitcoin Reserve measure is approved, it could spark similar moves in other states, creating a wave of government-led crypto investments. This growing interest from state governments may drive up demand for Bitcoin, thereby impacting its price positively.

Cabell’s proposal is seen as a proactive approach to financial diversification, highlighting Bitcoin as a potential hedge against inflation.

“Pennsylvania’s initiative may inspire a new era of government-backed Bitcoin investments,” commented a financial strategist. With government entities considering Bitcoin as part of their portfolios, institutional confidence in digital assets is likely to strengthen.

Bitcoin’s Rally Continues: Analysts Predict $100K and Beyond

MicroStrategy CEO Michael Saylor recently tweeted that “Bitcoin is going ballistic” as BTC holds above $90,000, even with a slight dip to $89,140. Saylor hinted at celebrating Bitcoin’s rise with a “$100,000 Bitcoin party,” reflecting his confidence in further gains.

Matthew Sigel, head of digital assets at VanEck, shares Saylor’s optimism, predicting Bitcoin could reach $180,000 by year-end.

This outlook is fueled by recent pro-crypto moves from the U.S. government, including the potential creation of a national Bitcoin reserve and discussions of SEC leadership changes.

Key Highlights:

• Saylor’s optimism: Bitcoin remains above $90,000.
• Sigel’s forecast: BTC could hit $180,000 in 2024.
• Driving factors: U.S. pro-crypto policy shifts support bullish momentum.

Saylor and Sigel’s confidence is boosting investor sentiment, potentially driving Bitcoin to new highs.

Bitcoin Technical Outlook: Key Support Holds as BTC Nears $89,000 Pivot

Bitcoin is currently trading around $89,130, showing signs of consolidation as it nears a critical pivot at $88,660. The immediate resistance sits at $91,630, with further resistance levels at $93,450 and $95,120.

On the downside, immediate support lies at $86,690, followed by $85,200 and $83,650. The 50-hour EMA at approximately $88,810 adds support, suggesting a neutral to slightly bullish trend if prices hold above this level.

The RSI at 44 suggests neutral momentum, though a break above the pivot could invite renewed buying interest.

Key Insights:

• Resistance levels: $91,630 and $93,450 could test bullish strength.
• Support levels: Immediate support at $86,690; break could signal weakness.
• Momentum: RSI at 44, indicating neutral sentiment with potential for upward push.

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Flockerz ($FLOCK) Nears Presale Goal with Just Hours Left Before Price Increase

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