{"id":11223,"date":"2024-11-06T16:00:59","date_gmt":"2024-11-06T16:00:59","guid":{"rendered":"https:\/\/cryptd.in\/economist-predicts-blow-off-top-for-bitcoin-at-123000-post-trump-win\/"},"modified":"2024-11-06T16:00:59","modified_gmt":"2024-11-06T16:00:59","slug":"economist-predicts-blow-off-top-for-bitcoin-at-123000-post-trump-win","status":"publish","type":"post","link":"https:\/\/cryptd.in\/lt\/economist-predicts-blow-off-top-for-bitcoin-at-123000-post-trump-win\/","title":{"rendered":"Economist Predicts \u2018Blow-Off Top\u2019 For Bitcoin At $123,000 Post-Trump Win"},"content":{"rendered":"

The 2024 US presidential election is decided. Donald Trump will get a second term, defeating Kamala Harris. In the midst of election night, the Bitcoin price rose to a new all-time high of $75,407 on Binance.<\/p>\n

The euphoria is driven by Trump\u2019s big election promises<\/a>. He wants to establish Bitcoin as a national strategic stockpile, fire Securities and Exchange Commission (SEC) Chairman Gary Gensler and generally enforce a crypto-friendly policy. While a Harris victory would have meant a short-term setback for Bitcoin according to most experts, the predictions by the majority of experts are extremely bullish thanks to the Trump victory.<\/p>\n

However, renowned economist Henrik Zeberg offers a cautionary perspective. Zeberg warns that Trump\u2019s proposed economic policies could precipitate a US recession<\/a>, leading to a \u201cblow-off top\u201d scenario for Bitcoin and the broader crypto market. Central to his argument is Trump\u2019s plan to replace certain taxes with tariffs to stimulate domestic economic growth.<\/p>\n

Is A Bitcoin Blow-Off Top Scenario Looming?<\/h2>\n

Drawing parallels with historical events, Zeberg suggests that Trump\u2019s tariff strategy could echo the economic missteps of the 1920s and 1930s. In a post on X, he shared a link to the Wikipedia page for the Smoot-Hawley Tariff Act of 1930. He teig\u0117 .<\/a>: \u201cNow everything is lined up for history to repeat itself. US Tariffs implemented into a Recession\u2014reinforcing the downturn and popping the Greatest Bubble ever.\u201d<\/p>\n

The Smoot-Hawley Tariff Act is widely regarded as a catalyst that deepened the Great Depression. By substantially increasing US tariffs on imported goods, the act prompted retaliatory tariffs from other nations, leading to a severe contraction in international trade. This protectionist spiral exacerbated global economic decline<\/a>, resulting in heightened unemployment and prolonged hardship worldwide.<\/p>\n

Amid these economic concerns, Zeberg has projected a significant, yet potentially short-lived, surge in Bitcoin\u2019s price. \u201cMaking it Simple! BTC target 115-123K,\u201d he asserted via X a few days ago. His analysis is grounded in Fibonacci extension levels\u2014a technical analysis tool used to predict future price movements based on historical price patterns.<\/p>\n

According to Zeberg\u2019s analysis, the critical level to monitor is the 1.618 Fibonacci extension, calculated at $114,916.16. He suggests that this level is \u201cvery likely the top,\u201d indicating that Bitcoin could reach this price point before experiencing a significant reversal.<\/p>\n

\"Bitcoin<\/p>\n

The analysis also notes other key Fibonacci levels that may serve as resistance points during Bitcoin\u2019s ascent. The 0.382 level at $77,437.88 marks a significant initial resistance following the breakout from the previous all-time high.<\/p>\n

The 0.618 level at $85,205.47 could act as minor resistance as the price climbs. Additionally, the 1.0 level at $107,435.71 represents a crucial psychological and technical threshold, while the 1.27 level at $123,148.19 indicates a possible overshoot beyond the primary target zone.<\/p>\n

An annotation on Zeberg\u2019s chart poses the question, \u201c58% in less than 3 months into the top?\u201d This suggests he anticipates a rapid price increase within a relatively short time frame, consistent with historical patterns.<\/p>\n

At press time, BTC traded at $73,742.<\/p>\n

\"Bitcoin<\/p>","protected":false},"excerpt":{"rendered":"

The 2024 US presidential election is decided. Donald Trump will get a second term, defeating Kamala Harris. In the midst of election night, the Bitcoin price rose to a new all-time high of $75,407 on Binance. The euphoria is driven by Trump\u2019s big election promises. He wants to establish Bitcoin as a national strategic stockpile, […]<\/p>\n","protected":false},"author":0,"featured_media":11224,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-11223","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-feeds"],"yoast_head":"\nEconomist Predicts \u2018Blow-Off Top\u2019 For Bitcoin At $123,000 Post-Trump Win - cryptd.in<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptd.in\/lt\/economist-predicts-blow-off-top-for-bitcoin-at-123000-post-trump-win\/\" \/>\n<meta property=\"og:locale\" content=\"lt_LT\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Economist Predicts \u2018Blow-Off Top\u2019 For Bitcoin At $123,000 Post-Trump Win - cryptd.in\" \/>\n<meta property=\"og:description\" content=\"The 2024 US presidential election is decided. Donald Trump will get a second term, defeating Kamala Harris. In the midst of election night, the Bitcoin price rose to a new all-time high of $75,407 on Binance. The euphoria is driven by Trump\u2019s big election promises. He wants to establish Bitcoin as a national strategic stockpile, […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptd.in\/lt\/economist-predicts-blow-off-top-for-bitcoin-at-123000-post-trump-win\/\" \/>\n<meta property=\"og:site_name\" content=\"cryptd.in\" \/>\n<meta property=\"article:published_time\" content=\"2024-11-06T16:00:59+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"2 minut\u0117s\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/cryptd.in\\\/economist-predicts-blow-off-top-for-bitcoin-at-123000-post-trump-win\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/cryptd.in\\\/economist-predicts-blow-off-top-for-bitcoin-at-123000-post-trump-win\\\/\"},\"author\":{\"name\":\"\",\"@id\":\"\"},\"headline\":\"Economist Predicts \u2018Blow-Off Top\u2019 For Bitcoin At $123,000 Post-Trump Win\",\"datePublished\":\"2024-11-06T16:00:59+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/cryptd.in\\\/economist-predicts-blow-off-top-for-bitcoin-at-123000-post-trump-win\\\/\"},\"wordCount\":496,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/cryptd.in\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/cryptd.in\\\/economist-predicts-blow-off-top-for-bitcoin-at-123000-post-trump-win\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cryptd.in\\\/wp-content\\\/uploads\\\/2024\\\/11\\\/DALL\u00b7E-2024-11-06-10.14.01-A-dramatic-scene-depicting-a-symbolic-representation-of-a-Bitcoin-surge.-The-image-features-a-giant-glowing-golden-Bitcoin-rocketing-skyward-amid-a-b-NBw10q.png\",\"articleSection\":[\"Feeds\"],\"inLanguage\":\"lt-LT\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/cryptd.in\\\/economist-predicts-blow-off-top-for-bitcoin-at-123000-post-trump-win\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/cryptd.in\\\/economist-predicts-blow-off-top-for-bitcoin-at-123000-post-trump-win\\\/\",\"url\":\"https:\\\/\\\/cryptd.in\\\/economist-predicts-blow-off-top-for-bitcoin-at-123000-post-trump-win\\\/\",\"name\":\"Economist Predicts \u2018Blow-Off Top\u2019 For Bitcoin At $123,000 Post-Trump Win - cryptd.in\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/cryptd.in\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/cryptd.in\\\/economist-predicts-blow-off-top-for-bitcoin-at-123000-post-trump-win\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/cryptd.in\\\/economist-predicts-blow-off-top-for-bitcoin-at-123000-post-trump-win\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cryptd.in\\\/wp-content\\\/uploads\\\/2024\\\/11\\\/DALL\u00b7E-2024-11-06-10.14.01-A-dramatic-scene-depicting-a-symbolic-representation-of-a-Bitcoin-surge.-The-image-features-a-giant-glowing-golden-Bitcoin-rocketing-skyward-amid-a-b-NBw10q.png\",\"datePublished\":\"2024-11-06T16:00:59+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/cryptd.in\\\/economist-predicts-blow-off-top-for-bitcoin-at-123000-post-trump-win\\\/#breadcrumb\"},\"inLanguage\":\"lt-LT\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/cryptd.in\\\/economist-predicts-blow-off-top-for-bitcoin-at-123000-post-trump-win\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"lt-LT\",\"@id\":\"https:\\\/\\\/cryptd.in\\\/economist-predicts-blow-off-top-for-bitcoin-at-123000-post-trump-win\\\/#primaryimage\",\"url\":\"https:\\\/\\\/cryptd.in\\\/wp-content\\\/uploads\\\/2024\\\/11\\\/DALL\u00b7E-2024-11-06-10.14.01-A-dramatic-scene-depicting-a-symbolic-representation-of-a-Bitcoin-surge.-The-image-features-a-giant-glowing-golden-Bitcoin-rocketing-skyward-amid-a-b-NBw10q.png\",\"contentUrl\":\"https:\\\/\\\/cryptd.in\\\/wp-content\\\/uploads\\\/2024\\\/11\\\/DALL\u00b7E-2024-11-06-10.14.01-A-dramatic-scene-depicting-a-symbolic-representation-of-a-Bitcoin-surge.-The-image-features-a-giant-glowing-golden-Bitcoin-rocketing-skyward-amid-a-b-NBw10q.png\",\"width\":460,\"height\":263},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/cryptd.in\\\/economist-predicts-blow-off-top-for-bitcoin-at-123000-post-trump-win\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/cryptd.in\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Economist Predicts \u2018Blow-Off Top\u2019 For Bitcoin At $123,000 Post-Trump Win\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/cryptd.in\\\/#website\",\"url\":\"https:\\\/\\\/cryptd.in\\\/\",\"name\":\"cryptd.in\",\"description\":\"Alternative LinkedIn for Crypto-friendly Talents\",\"publisher\":{\"@id\":\"https:\\\/\\\/cryptd.in\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/cryptd.in\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"lt-LT\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/cryptd.in\\\/#organization\",\"name\":\"cryptd.in\",\"url\":\"https:\\\/\\\/cryptd.in\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"lt-LT\",\"@id\":\"https:\\\/\\\/cryptd.in\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/cryptd.in\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/cryptdin_logo.jpg\",\"contentUrl\":\"https:\\\/\\\/cryptd.in\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/cryptdin_logo.jpg\",\"width\":900,\"height\":900,\"caption\":\"cryptd.in\"},\"image\":{\"@id\":\"https:\\\/\\\/cryptd.in\\\/#\\\/schema\\\/logo\\\/image\\\/\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Economist Predicts \u2018Blow-Off Top\u2019 For Bitcoin At $123,000 Post-Trump Win - cryptd.in","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/cryptd.in\/lt\/economist-predicts-blow-off-top-for-bitcoin-at-123000-post-trump-win\/","og_locale":"lt_LT","og_type":"article","og_title":"Economist Predicts \u2018Blow-Off Top\u2019 For Bitcoin At $123,000 Post-Trump Win - cryptd.in","og_description":"The 2024 US presidential election is decided. Donald Trump will get a second term, defeating Kamala Harris. In the midst of election night, the Bitcoin price rose to a new all-time high of $75,407 on Binance. The euphoria is driven by Trump\u2019s big election promises. He wants to establish Bitcoin as a national strategic stockpile, […]","og_url":"https:\/\/cryptd.in\/lt\/economist-predicts-blow-off-top-for-bitcoin-at-123000-post-trump-win\/","og_site_name":"cryptd.in","article_published_time":"2024-11-06T16:00:59+00:00","twitter_card":"summary_large_image","twitter_misc":{"Est. reading time":"2 minut\u0117s"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/cryptd.in\/economist-predicts-blow-off-top-for-bitcoin-at-123000-post-trump-win\/#article","isPartOf":{"@id":"https:\/\/cryptd.in\/economist-predicts-blow-off-top-for-bitcoin-at-123000-post-trump-win\/"},"author":{"name":"","@id":""},"headline":"Economist Predicts \u2018Blow-Off Top\u2019 For Bitcoin At $123,000 Post-Trump Win","datePublished":"2024-11-06T16:00:59+00:00","mainEntityOfPage":{"@id":"https:\/\/cryptd.in\/economist-predicts-blow-off-top-for-bitcoin-at-123000-post-trump-win\/"},"wordCount":496,"commentCount":0,"publisher":{"@id":"https:\/\/cryptd.in\/#organization"},"image":{"@id":"https:\/\/cryptd.in\/economist-predicts-blow-off-top-for-bitcoin-at-123000-post-trump-win\/#primaryimage"},"thumbnailUrl":"https:\/\/cryptd.in\/wp-content\/uploads\/2024\/11\/DALL\u00b7E-2024-11-06-10.14.01-A-dramatic-scene-depicting-a-symbolic-representation-of-a-Bitcoin-surge.-The-image-features-a-giant-glowing-golden-Bitcoin-rocketing-skyward-amid-a-b-NBw10q.png","articleSection":["Feeds"],"inLanguage":"lt-LT","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/cryptd.in\/economist-predicts-blow-off-top-for-bitcoin-at-123000-post-trump-win\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/cryptd.in\/economist-predicts-blow-off-top-for-bitcoin-at-123000-post-trump-win\/","url":"https:\/\/cryptd.in\/economist-predicts-blow-off-top-for-bitcoin-at-123000-post-trump-win\/","name":"Economist Predicts \u2018Blow-Off Top\u2019 For Bitcoin At $123,000 Post-Trump Win - cryptd.in","isPartOf":{"@id":"https:\/\/cryptd.in\/#website"},"primaryImageOfPage":{"@id":"https:\/\/cryptd.in\/economist-predicts-blow-off-top-for-bitcoin-at-123000-post-trump-win\/#primaryimage"},"image":{"@id":"https:\/\/cryptd.in\/economist-predicts-blow-off-top-for-bitcoin-at-123000-post-trump-win\/#primaryimage"},"thumbnailUrl":"https:\/\/cryptd.in\/wp-content\/uploads\/2024\/11\/DALL\u00b7E-2024-11-06-10.14.01-A-dramatic-scene-depicting-a-symbolic-representation-of-a-Bitcoin-surge.-The-image-features-a-giant-glowing-golden-Bitcoin-rocketing-skyward-amid-a-b-NBw10q.png","datePublished":"2024-11-06T16:00:59+00:00","breadcrumb":{"@id":"https:\/\/cryptd.in\/economist-predicts-blow-off-top-for-bitcoin-at-123000-post-trump-win\/#breadcrumb"},"inLanguage":"lt-LT","potentialAction":[{"@type":"ReadAction","target":["https:\/\/cryptd.in\/economist-predicts-blow-off-top-for-bitcoin-at-123000-post-trump-win\/"]}]},{"@type":"ImageObject","inLanguage":"lt-LT","@id":"https:\/\/cryptd.in\/economist-predicts-blow-off-top-for-bitcoin-at-123000-post-trump-win\/#primaryimage","url":"https:\/\/cryptd.in\/wp-content\/uploads\/2024\/11\/DALL\u00b7E-2024-11-06-10.14.01-A-dramatic-scene-depicting-a-symbolic-representation-of-a-Bitcoin-surge.-The-image-features-a-giant-glowing-golden-Bitcoin-rocketing-skyward-amid-a-b-NBw10q.png","contentUrl":"https:\/\/cryptd.in\/wp-content\/uploads\/2024\/11\/DALL\u00b7E-2024-11-06-10.14.01-A-dramatic-scene-depicting-a-symbolic-representation-of-a-Bitcoin-surge.-The-image-features-a-giant-glowing-golden-Bitcoin-rocketing-skyward-amid-a-b-NBw10q.png","width":460,"height":263},{"@type":"BreadcrumbList","@id":"https:\/\/cryptd.in\/economist-predicts-blow-off-top-for-bitcoin-at-123000-post-trump-win\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/cryptd.in\/"},{"@type":"ListItem","position":2,"name":"Economist Predicts \u2018Blow-Off Top\u2019 For Bitcoin At $123,000 Post-Trump Win"}]},{"@type":"WebSite","@id":"https:\/\/cryptd.in\/#website","url":"https:\/\/cryptd.in\/","name":"cryptd.in","description":"Alternatyvus \"LinkedIn\", skirtas kriptografiniams talentams","publisher":{"@id":"https:\/\/cryptd.in\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/cryptd.in\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"lt-LT"},{"@type":"Organization","@id":"https:\/\/cryptd.in\/#organization","name":"cryptd.in","url":"https:\/\/cryptd.in\/","logo":{"@type":"ImageObject","inLanguage":"lt-LT","@id":"https:\/\/cryptd.in\/#\/schema\/logo\/image\/","url":"https:\/\/cryptd.in\/wp-content\/uploads\/2024\/05\/cryptdin_logo.jpg","contentUrl":"https:\/\/cryptd.in\/wp-content\/uploads\/2024\/05\/cryptdin_logo.jpg","width":900,"height":900,"caption":"cryptd.in"},"image":{"@id":"https:\/\/cryptd.in\/#\/schema\/logo\/image\/"}}]}},"_links":{"self":[{"href":"https:\/\/cryptd.in\/lt\/wp-json\/wp\/v2\/posts\/11223","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptd.in\/lt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptd.in\/lt\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptd.in\/lt\/wp-json\/wp\/v2\/comments?post=11223"}],"version-history":[{"count":0,"href":"https:\/\/cryptd.in\/lt\/wp-json\/wp\/v2\/posts\/11223\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptd.in\/lt\/wp-json\/wp\/v2\/media\/11224"}],"wp:attachment":[{"href":"https:\/\/cryptd.in\/lt\/wp-json\/wp\/v2\/media?parent=11223"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptd.in\/lt\/wp-json\/wp\/v2\/categories?post=11223"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptd.in\/lt\/wp-json\/wp\/v2\/tags?post=11223"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}