Milei’s Presidential Win in Argentina Spurs Bitcoin Surge Amid Economic Shifts
Javier Milei has decisively won the Argentine president, which has caused Bitcoin’s value to skyrocket. The economic plan of the president-elect, who supports converting the peso to the dollar, is changing the cryptocurrency markets and raising expectations for the nation’s future monetary policies.
With a lead of more than two million votes, Milei’s victory comes after a week of outspoken criticism of central banking practices, which culminated in the broadcast shattering of a central bank piñata.
In order to stabilize finances in the face of a catastrophic economic crisis brought on by a startling 143% peso hyperinflation, Milei suggests a drastic dollarization of the Argentine economy.
Bitcoin-friendly Javier Milei has won Argentina’s presidential election winning over 55% of the votes against rival Sergio Massa, the country’s minister of economy. https://t.co/6kv3KhLnds
— Cointelegraph (@Cointelegraph) November 20, 2023
Bitcoin Price Prediction
In the dynamic world of cryptocurrency, Bitcoin (BTC/USD) continues to assert its dominance, with the price standing at $37,105.77 as of November 20. Analyzing the 4-hour chart, Bitcoin’s pivot point is set at $36,737, marking a critical juncture for short-term movements.
The immediate resistance level at $38,631 could pave the way for further gains, with subsequent targets at $39,930 and $41,824. Conversely, supports are established at $35,492, followed by $33,544 and $32,300, safeguarding against potential pullbacks.
The Relative Strength Index (RSI) stands at 57, indicating a balanced market leaning towards bullish sentiment, but not yet overextended. The MACD shows a value of 70 with a signal of 98, hinting at potential upward momentum.
Furthermore, Bitcoin’s price hovers above the 50 EMA of $36,617, reinforcing a short-term bullish trend. The observed chart patterns suggest a bullish inclination for Bitcoin.
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