The Bitcoin market shows limited growth prospects after Trump's order to create a task force for evaluating a digital asset stockpile.
Limited Short-term Growth for Bitcoin
The founder of the Derive onchain options protocol, Nick Forster, noted in a January 25 analyst note that the absence of concrete actions, like creating a strategic Bitcoin reserve, has dampened short-term bullish expectations. He highlighted that 83.3% of Bitcoin options contracts on Derive were calls sold, indicating traders expect Bitcoin prices to remain stable or decline.
Conflicting Reactions to Trump's Order
The executive order signed by Trump on January 23 establishes a task force on digital asset markets, causing controversy within the Bitcoin community. Ripple is advocating for a multi-coin strategic reserve instead of focusing solely on Bitcoin. Forster argues that traders expected concrete actions rather than vague promises, leading to disappointment in the market.
Future Potential of Bitcoin
At the time of publication, Bitcoin is trading at $105,100, about 3.8% below its recent all-time high of $109,000. Analyst Filbfilb believes Bitcoin could reach $180,000 by 2025 if a strategic reserve is realized.
Trump's administration order has prompted mixed reactions in the cryptocurrency market. Traders expect concrete steps to ensure Bitcoin's growth potential in the future.
