The cryptocurrency market continues to face challenges due to macroeconomic factors and political decisions in the US. However, a trend change is expected with the arrival of the new administration.
Administration's Impact on the Crypto Market
The Biden administration held a negative stance toward cryptocurrencies, reflected in stringent actions by key figures like Yellen, Gensler, and Powell. The change in power suggests a more favorable outlook for cryptocurrencies and the anticipated dropping of several SEC lawsuits.
Bitcoin and Altcoins Analysis
The current economic environment and the influence of various regulatory bodies do not favor market growth. However, analysts predict that with the new administration's crypto-friendly attitudes, Bitcoin might recover to $98,000, and altcoins could start returning to their breakout levels.
BNB Coin Predictions
Unlike the broader market, BNB Coin shows relative stability. According to Phoenix_Ash3s' forecasts, BNB Coin has support at 21/50/100 EMA levels and is poised to move towards the ATH zone.
The transition to a new administration in the US could significantly influence the cryptocurrency market, leading to its potential growth and a reduction in regulatory pressures.
