Will Trump’s 100-Day Address Break the Bitcoin Stalemate?

Essential insights:

• Bitcoin’s valuation stabilizes as the market anticipates President Trump’s 100-day address.

• Since April 22, over $4.7 billion in BTC has been extracted from exchanges, decreasing supply and enhancing price responsiveness to demand.

• Trump’s clarification on crypto policies could ignite a BTC rise, but tariffs might limit increases.

• Market participants state Bitcoin needs to surpass crucial barriers above $95,000 to maintain its upward trajectory toward $100,000 and higher.

Bitcoin’s (BTC) price is stabilizing within a narrow range between $91,700 and $95,850, in anticipation of Trump’s 100-day celebratory gathering.

Market awaits Trump’s 100-day address

Bitcoin holders have adopted a wait-and-observe strategy ahead of US President Donald Trump’s address to mark his 100th day in the White House on April 29. 

Policies related to crypto have been significantly highlighted during Trump’s second term, but the markets are looking for crypto-specific regulatory updates concerning his economic directives.

Clarity on his administration’s strategic Bitcoin reserve initiative could initiate a movement towards $100,000. However, renewed emphasis on tariffs or severe budget reductions might weigh on broader markets and restrict Bitcoin’s growth in the near term.

The cryptocurrency betting platform Polymarket estimates a 24% chance of Trump mentioning “crypto” or “Bitcoin” in his speech today. Data from the platform revealed users had placed over $1 million in bets regarding the event.

Trump’s statements could lead to short-term price increases, similar to past occurrences. For instance, Bitcoin’s recent uptick from $74,400 to $94,000 was partially driven by Trump’s remarks indicating that tariffs on imports from China “will significantly decrease.” 

While the address may incite optimism and price escalations, wider market dynamics—such as tariffs and global trade disputes—could dampen gains, as evidenced by recent fluctuations in the crypto market.

More than $4.7 billion in BTC exits exchanges

In addition to potential positive remarks from Trump, Bitcoin’s diminishing supply on exchanges reinforces the bullish sentiment for a rally towards $100,000.

Investors have withdrawn in excess of 50,500 BTC (valued at $4.7 billion) from exchanges since easing macroeconomic concerns prompted a market-wide surge.

Lower supply on exchanges reduces available BTC for selling, heightening price responsiveness to demand, which may surge following Trump’s address.

When will BTC hit $100,000?

The Bitcoin valuation has been stabilizing beneath the $96,000 mark over the past week, as data from Cointelegraph Markets Pro and TradingView indicate.

“BTC is gradually compressing and forming higher lows under the 96K resistance,” noted well-known Bitcoin analyst AlphaBTC in a post on X from April 29. 

Related: Bitcoin aims for $115K as BTC supply metric approaches ‘historic euphoria’ zone

As Cointelegraph elaborated, the $95,000 mark is a critical resistance that bulls need to surpass to solidify the recovery.

“The more attempts into the $95K, the more likely it will break through,” AlphaBTC believed, adding that the compression is expected to lead Bitcoin to the desired $100,000 level.

“I anticipate a larger correction, but likely not until the 100K threshold has been surpassed.”

While making similar comments, fellow analyst Daan Crypto Trades mentioned, “BTC Price is once again compressing over the past few days after the movement back into the former range.”

According to Daan Crypto Trades, a significant level to monitor on the downside is the 200-day simple moving average (SMA) within the $89,500 to $91,000 interval.

Key resistance points are the $99,500 local high and “the major psychological $100K area,” the analyst explained, adding:

“These are crucial levels to observe in the near term. At present, it’s just a waiting game to see where this will proceed next in the short term.”

As Cointelegraph reported, robust market fundamentals could drive Bitcoin price past $100,000 to unprecedented heights.

Concurrently, Peter Chung, head of research at quantitative trading firm Presto, has reiterated his forecast that Bitcoin will attain $210,000 by 2025.

This article does not constitute investment advice or recommendations. All investments and trading decisions carry risks, and readers should conduct their own research before making a choice.