The US government shutdown is currently a trending vertical to focus on, taking the market by storm lately. This shutdown is, however, playing a crucial role in stabilizing crypto markets, helping Bitcoin climb and surge to hit a new high of $120K at press time. The investor sentiment is now inching towards crypto again. How high can Bitcoin (BTC) surge during this US government shutdown? Let’s find out.
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US Government Shutdown: What’s Happening
A US government shutdown eventually happens when Congress fails to pass funding bills, commonly referred to as appropriations. These bills are essential to run federal agencies. Moreover, this also occurs when the president does not sign a temporary bill, either, triggering the shutdown.
Shutdowns are usually rare. However, the current shutdown is marked by a new phenomenon, adding more pressure to the current US dollar stance. At the same time, this sentiment is fueling Bitcoin, which is now steady at $120K at press time.
According to MenthorQ, a seasoned crypto expert on X, Bitcoin could easily hit the $125K price range amid the ongoing 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
The Bitcoin’s future price forecast also mirrors a bullish high, irrespective of the US government shutdown or not. Per Donald Dean, BTC is eyeing new highs of $124K and $135K and has now moved past the neckline of an inverse head and shoulders pattern on its chart.
“$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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