Bitcoin Price Today: Will BTC Crash Under $100K Again?

With President Donald Trump not making any crypto-related announcements, Bitcoin is barely breaking even this week. Despite the letdown, BTC closed the day on a positive note on Monday with a near-1% gain. However, Bitcoin price today is down 2.48%, while investors wonder if this descent could trigger another crash that pushes BTC under $100K.

Will Bitcoin Crash Under $100K Again?

Yes, Bitcoin price could crash under $100K if Donald Trump, the 47th president of the United States, or his administration does not make any crypto-related announcements. At least, this is the sentiment of the crypt markets. When Trump ended the ceremony without any crypto-related announcements, the recently launched meme coin TRUMP dropped 40% in the next eight hours. Bitcoin also dropped nearly 7% in roughly 8 hours, causing a broader crypto market correction.

Key Crypto Announcements to Expect From US President Donald Trump

Here are two key announcements that crypto markets can expect today, on January 21.

1. The highly anticipated pardon of Silk Road’s Ross Ulbricht.
2. Setting up a strategic Bitcoin Reserve.

Instead of these announcements, the crypto market received notifications of crypto purchases made by Trump’s World Liberty Financial. The company acquired the following crypto tokens:

• $47 million worth of Wrapped Bitcoin (WBTC)
• $47 million of Ethereum
• $4.7 million worth of Aave (AAVE)
• $4.7 million worth of  TRON (TRX)
• $4.7 million worth of Chainlink (LINK)

MicroStrategy Might Steal Headlines With its Bitcoin Purchase Plan

Regardless of what happens, investors need to note that long-term investors are waiting for Bitcoin to drop under $100K to buy BTC at a discount. Saylor’s MicroStrategy could make headlines again as it plans to increase authorized shares to support its Bitcoin purchasing strategy. The key focus of this vote will include the approval of increasing authorized Class A common stock to facilitate the purchase of BTC. MicroStrategy plans to increase the Class A common stock from 330 million to 10.3 billion and to increase authorized preferred shares from 5 million to 1 billion.

Moreover, MicroStartegy’s Michael Saylor posted the portfolio tracker graph again, hinting at another purchase. Typically, these charts precede MicroStrategy’s Bitcoin purchase announcements.

Bitcoin Price Today: BTC Slips After Trump’s Does Not Address Crypto

As noted above, Donald Trump’s inauguration was followed by a brief crypto market downturn due to a lack of crypto-related announcements. As a result, BTC price today trades at $105,901.0 after dropping 2.48% in the past 24 hours. Despite this minor retracement, BTC is up 0.53% this week and is still above the $100K psychological support level. 

*bitcoin price updated as of 11 PM

Bitcoin Technical Analysis

The four-hour chart shows Bitcoin prize is bouncing off the value area high of $100,614. Roughly 68% of the volume was traded between the $93,181 and $100,614 range in the past two months. As long as this level holds above the upper limit of this range, investors can expect the bullish outlook to continue.

Additionally, the market structure is also bullish on the mid-t0-higher time frame, indicating that the trend still favors buyers. Hence, a bounce off the $100K support level should catalyze a price rally to the current ATH of $109,237. Beyond this, if the buying pressure remains strong, the next key level to book profit include the 161.8% Fibonacci extension at $12,362.

All in all, the outlook for BTC remains massively bullish, with Bitcoin price prediction forecasting a new ATH if the $100K support level holds. Any dips below $100K will likely be short-lived and could trigger a massive buying spree, pushing the crypto above this critical level.

With the first pro-crypto president, the crypto market will likely kickstart a long bull run where Bitcoin and altcoin reach new highs.