Analisi ciclica

Bitcoin, is the positive impact of Milei's victory in Argentina short-lived?

The official news of the victory of Javier Milei, candidate in the presidential elections of Argentina, thrilled the public of decentralized investors, just as happened following the news of El Salvador's adoption of Bitcoin as legal tender.
In fact, Milei immediately made his way into public opinion thanks to his revolutionary ideas, which stand in opposition to the current global financial system.
So what could happen to the price of Bitcoin (BTC) after this news? What are the most plausible scenarios? Will Milei, «pro-Bitcoin», increase the price of Bitcoin? On November 19, candidate Javier Milei, known to the public as the «pro-bitcoin candidate» or anti-centralized system, definitively defeated his opponent Sergio Massa and will take office on December 10.
The citizens' choice in favor of the first candidate is a response to a system plagued by continuous financial crises and a prolonged inflationary crisis, which in the last 12 months has led to an annual inflation rate of around 140%.
Milei expressed strong dissent for the "central banking" system, even going so far as to define it as a scam, through which politicians deceive the population by applying real hidden taxes; inflationary taxes.
This statement is out of the ordinary for a presidential candidate and has caused considerable media furore.
The self-proclaimed "anarcho-capitalist" did not hide his admiration for Bitcoin, considering it a point of arrival and at the same time a return to the original and pure concept of money.
Although the candidate's future policies have not yet been announced, the price of Bitcoin has already embarked on a new upward trend.
Currently, Milei's goal is to eliminate the country's central bank to start a process of de-dollarization of the Argentine economy.
Although the path to Bitcoin adoption has not yet been considered, these observations nevertheless suggest an alternative approach to the country's finance.
The population seems to support this vision, driven by frustration and the need to find a solution for the broken system.
BTCUSD: what is happening on the chart The price of BTC/USD reacted positively to this news, even if the impact of this political move by Argentina has not yet concretely led to any structural changes to the setting of Bitcoin.
Many refer to the "El Salvador moment", hypothesizing that Argentina could follow a similar adoption path to that of the first country.
No type of procedural path has yet been defined, but despite this, sentiment in this market segment has grown.
The high remains at $38,000, a figure not too far away thanks to the recent appreciation of BTC/USD.
From a technical point of view, we are still in an overbought zone

Author: Hermes A.I.

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