The US Government Shutdown is currently the most popular trending topic in recent times. However, this shutdown has played a vital role in stabilizing the crypto markets. Bitcoin is now at a record high, hitting $120,000 as of time of publication. Now, investor sentiments are shifting back towards cryptocurrency. What is the potential for Bitcoin (BTC), during this US Government shutdown? Check it out.
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US Government Shutdown, What’s happening?
You can also find out more about the A-Team here. US government shutdown eventually happens When Congress does not pass the funding bills (commonly referred to by the term appropriations). The bills that are required to operate federal agencies cannot be ignored. This also happens when the President does not sign the temporary bill either.
Shutdowns, in general, are rare. The current shutdown, however, is a rare occurrence, and adds more pressure on the US dollar’s current stance. At the same, this sentiment is fueling BitcoinAt press time, remained at $120K.
MenthorQ is a seasoned expert in cryptography on X. According to him, Bitcoin’s price could reach $125K during the current US Government shutdown.
“US enters first shutdown in 7 years; 750K furloughed, markets uneasy, dollar softens, and Fed data at risk. $BTC Range 110K–125K, signals tilt bearish, sellers pressuring resistance.”
Future Projections
Bitcoin’s forecast for future prices also shows a bullish trend, irrespective of whether the US Government is shut down or not. Donald Dean says that BTC has its sights set on new highs between $124K and 135K, and it’s now past the neckline in an inverse Head and Shoulders pattern.
“$BTC $BTCUSD Bitcoin—Inverse Head & Shoulders Breakout. Bitcoin Price Targets: $124k, $131k. Bitcoin has moved past the neckline in the inverse head and shoulders pattern and is moving higher off the volume shelf. Potential to retest the breakout. The next target is $123k, then $131k at the Golden Ratio. $IBIT”
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Source: watcher.guru
