Javier Milei, a libertarian economist and outspoken critic of Argentina’s central bank, won the country’s presidential election on Sunday. His victory has sparked optimism in the cryptocurrency market, with Bitcoin surging by 3% in the wake of the announcement.
Milei has long been a proponent of Bitcoin, calling it a “superior” form of money to fiat currency. He has also pledged to make Argentina a “crypto-friendly” country, and has said that he would consider making Bitcoin legal tender.
Argentina is currently facing a severe economic crisis, with inflation at an all-time high. Many Argentines are looking for ways to protect their savings from the economic turmoil, and Bitcoin is seen as a safe haven asset.
Milei’s win is likely to further boost the popularity of Bitcoin in Argentina. If he follows through on his promises to make the country more crypto-friendly, it could pave the way for even greater adoption of Bitcoin in the future.
What’s Bitcoin’s (BTC) Next Target?
Bitcoin (BTC) started a fresh upward trend from the $36,500 support zone against the US Dollar. The price is now trading above $37,150 and the 100 hourly simple moving average.
Bitcoin price started a fresh increase after forming a base near $36,500. BTC broke the $37,000 resistance and the 100 hourly simple moving average.
The price even spiked above the $37,200 level and is currently trading above $37,150. There is a major resistance near the $37,500 level and the 50 hourly simple moving average.
The next major resistance is near the $38,000 level, above which the price could start a strong upward move.
If the price fails to break the $37,500 resistance, it could start a downside correction. An initial support is near the $37,000 level.
The next major support is near the $36,500 level, below which the price could decline towards the $36,000 level.
Overall, the bitcoin price is in a strong uptrend and it could continue to rise towards $38,000.
Bitcoin (BTC) price found support near the $37,050 level and started a fresh upward move. The price is now trading above $37,150 and the 100 hourly simple moving average.
There is a key bullish trend line forming with support near $37,150 on the hourly chart of the BTC/USD pair. The pair is likely to face resistance near the $37,350 level.
A clear break above the $37,350 level could open the doors for a move towards the $37,800 level. In the stated case, the price could even climb towards the $38,500 level and $40,000 level.
On the other hand, if the price fails to break the $37,350 resistance, it could start a downside correction. An initial support is near the $37,100 level.
The next major support is near the $37,050 level, below which the price could decline towards the $36,750 level.
Overall, the bitcoin price is in a strong uptrend and it could continue to rise towards $38,500. However, the price needs to break the $37,350 resistance to start a strong upward move.
Javier Milei’s victory and his pro-Bitcoin stance have injected a new sense of optimism into the cryptocurrency market. It remains to be seen if this optimism will continue in the long run.