TRUMP Coin

Crypto insanity is heating up this week as Bitcoin and a couple of fresh Trump tokens enjoy an Inauguration Day head start over the sleepy stock market.

While stocks enjoyed a three-day weekend, a fresh Donald Trump-produced meme coin (TRUMP) exploded to a $10 billion market value. Shortly after TRUMP began to run out of steam, Melania Trump launched her own coin (MELANIA), which briefly reached a $1 billion market value on Sunday before tumbling back to reality.

“The boom in Trump-related crypto ventures comes as he promises to usher in a new ‘golden age’ for cryptocurrencies, in stark contrast to the regulatory scrutiny of the industry the Biden administration enforced,” Reuters reports.

I’m not so sure Trump coin pump-and-dumps qualify as a crypto golden age. But Bitcoin continues to defy a choppy equities market. In fact, Bitcoin briefly shot to fresh all-time highs above $109K in the wee hours Monday morning.

Some speculators believe the inauguration hype inspired this latest Bitcoin spike. That might be true. But you should also know Bitcoin has been firming up for more than a week. Now, the table is set for the next leg higher.

Last week, I was tracking some short-term price targets as Bitcoin caught a bid and started to creep higher. Following a strong finish to the week and the brief leap to new highs yesterday, it’s time to take a closer look at what to expect from an extension of the crypto bull.

And, yes – Bitcoin can continue to march to new highs despite the sluggish stock market action we’ve experienced over the past six weeks.

Of course, everyone’s probably getting way too bearish right now. Santa failed to show, January is off to a back-and-forth start, and sellers have knocked a lot of air out of the frothiest stocks that were screaming higher during the fourth quarter.

As stocks began to recover following favorable inflation data earlier this week, I’m sure there’s one question on your mind: What should I look to buy in this choppy market?

Many of the popular stocks that folks were trading back in November might need more time to set up for fresh trades.

But Bitcoin is ripe for another strong rally…

Here are three reasons why Bitcoin is set to extend above $120,000 in the weeks ahead: