{"id":52179,"date":"2024-12-15T01:07:00","date_gmt":"2024-12-15T01:07:00","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/bitcoin-price-volatility-strategic-reserve-bill-united-states-crypto-analysts"},"modified":"2024-12-15T06:59:38","modified_gmt":"2024-12-15T06:59:38","slug":"bitcoin-may-pump-then-rotate-back-if-us-strategic-reserve-gets-approved","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=52179","title":{"rendered":"Bitcoin may \u2018pump then rotate back\u2019 if US strategic reserve gets approved"},"content":{"rendered":"

A crypto analyst has warned that if approved, Senator Lummis\u2019 proposal for the United States government to acquire 5% of Bitcoin\u2019s supply could cause increased price volatility in the short term.<\/p>\n

\u201cI expect it to be pretty volatile, especially if the strategic Bitcoin reserve gets approved; I think Bitcoin will pump then probably rotate back,\u201d Collective Shift founder and CEO Ben Simpson told Cointelegraph.<\/p>\n

Bitcoin dominance will \u201cstart to fall\u201d<\/h2>\n

Cointelegraph recently reported that after Trump\u2019s winning the presidential election on Nov. 5, Wyoming Senator Cynthia Lummis \u2014 a Trump supporter, Republican and crypto advocate \u2014 said she would move forward with legislation for the US government to buy 1 million Bitcoin (BTC) and hold it for at least 20 years.<\/p>\n

As for the current market state, Simpson believes that Bitcoin dominance \u2014 a measure of how much of the crypto market\u2019s total value belongs to BTC \u2014 will \u201cstart to fall\u201d and the \u201crotation\u201d into altcoins has \u201cactually begun\u201d after Bitcoin started consolidating \u201caround $100,000\u201d and altcoins started \u201cto climb.\u201d<\/p>\n

At the time of publication, Bitcoin dominance is 56.63%, down 7.20% over the past 30 days, according to TradingView data.<\/p>\n

\"Cryptocurrencies,
Bitcoin dominance has dropped 7.39% over the past 30 days. Source: TradingView<\/em><\/p>\n<\/figcaption><\/figure>\n

Crypto trader Momin told their 140,000 X followers on Dec. 13 that they \u201cexpect this downtrend in dominance to continue and possibly see alts run pretty hard in the coming week.\u201d<\/p>\n

However, Simpson believes transitioning into altcoin season won\u2019t be so straightforward.<\/p>\n

\u201cI think it will be pretty volatile; I don\u2019t think it will be straight into altcoin season,\u201d he added.<\/p>\n

Bitcoin will continue to be \u201cpart of the portfolio\u201d for institutions<\/h2>\n

Meanwhile, Bitfinex analysts told Cointelegraph that based on returns, many altcoins have not yet breached new all-time highs in terms of their return against Bitcoin, \u201chence proving that Bitcoin had always been a fruitful and competitive investment, even when compared against Altcoins.\u201d<\/p>\n

\u201cWe believe that even post any pull back, Bitcoin will continue to be part of the portfolio of major institutions and that interest in Bitcoin will continue to grow,\u201d the analysts said.<\/p>\n

Related: <\/strong><\/em>Bitcoin price 2025 cycle target \u2018minimum\u2019 starts at $175K \u2014 Analyst<\/strong><\/em><\/p>\n

Bitfinex analysts said that with Bitcoin now surpassing six figures, as long as it maintains strong demand, any upcoming dips will be short-term and possibly a buying opportunity for investors:<\/p>\n

\u201cAt a price of 100K, there has continued to be sufficient spot buying to sustain this level, and currently, leverage levels are reasonable, so even if a dip occurs, which won\u2019t be surprising during the holiday season, the price trend is healthy and shows reasonable strength in the market for any dip to be bought.\u201d<\/p><\/blockquote>\n

\u201cBelievers in Bitcoin are also becoming more adamant about the asset being a perfect substitute for gold and a true store of value,\u201d Bitfinex analysts added.<\/p>\n

On Nov. 23, Cointelegraph reported that global investment manager VanEck had reissued its $180,000 price target for Bitcoin at the current cycle\u2019s peak.<\/p>\n

VanEck digital asset analysts Nathan Frankovitz and Matthew Sigel said the next phase of the crypto bull market is only \u201cjust beginning.\u201d<\/p>\n

Magazine: <\/strong><\/em>How Shibtoshi gambled 37 ETH and became a Shiba Inu billionaire<\/strong><\/em><\/p>\n

Check other news for today<\/span> and Please stand by..<\/p>\n

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A crypto analyst has warned that if approved, Senator Lummis\u2019 proposal for the United States government to acquire 5% of Bitcoin\u2019s supply could cause increased price volatility in the short term. \u201cI expect it to … Bitcoin may \u2018pump then rotate back\u2019 if US strategic reserve gets approved<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":52183,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5651],"tags":[139,3544,3812,5652,10,159,97],"class_list":["post-52179","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptonews","tag-bitcoin","tag-bitcoin-news","tag-cryptonews","tag-emilynews","tag-hyip","tag-hyipnews","tag-hyips","exalt-entry"],"yoast_head":"\nBitcoin may \u2018pump then rotate back\u2019 if US strategic reserve gets approved - EmilyNews<\/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:\/\/emilynews.com\/blog\/?p=52179\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin may \u2018pump then rotate back\u2019 if US strategic reserve gets approved - 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