I think investors are still doubtful if Trump's policies are going to be a threat for Bitcoin. This is a speculative market, and sometimes it's not possible to predict the next fluctuations. They just happen suddenly, and sometimes without any reasonable explanations.

Remember Covid pandemic? Against expectations, Bitcoin had a good time during that pandemic, reaching its previous ATH in 2021.

So I prefer to stick myself to solid key events proved to have an impact over Bitcoin, like its halving. Worldly events remain in second plan, and can be used to boost or harm Bitcoin, depending the "mood" and "appetite" of whales, institutional investors and so on in the current moment.

About Bitcoin living a long term bullish trend, we have to be conscious this market works in cycles, transitioning between highs and lows, so keep in mind the bull trend won't last forever. And once a correction happens, it might not be exactly due to Trump's policies, but just a natural and healthy market's oscillation.