Originally published on: July 28, 2024
Former US President Donald Trump declared his support for Bitcoin in a recent address at the Bitcoin 2024 conference, hinting at making the US a leading crypto hub. His proposal to establish a national Bitcoin “stockpile” has sparked optimism among crypto enthusiasts and analysts, projecting a potential surge in BTC’s value.
### Trump’s Bold Move: A Game Changer for Bitcoin Price?
Trump’s aspirations to position Bitcoin as a pivotal national asset have triggered a bullish sentiment in the market. Analysts foresee significant upside potential for BTC, with some even speculating a tenfold growth in its value.
### Expert Analysis: Bitcoin’s Price Projection Post-Trump’s Speech
Renowned independent market analyst Daan de Rover, aka “Crypto Rover,” predicted a remarkable future for Bitcoin, envisioning its price soaring to over $800,000 if Trump secures his re-election in November. This optimism is buoyed by Trump’s assertion that Bitcoin could potentially surpass the market capitalization of gold.
### Lawmaker Support and Market Reaction
Republican Senator Cynthia Lummis has proposed the creation of an official US strategic reserve of 1 million BTC in the next five years. This bold move, coupled with Trump’s vow to allocate existing BTC holdings to the US Treasury, highlights a promising outlook for Bitcoin’s price trajectory.
### Market Trends and Analyst Insights
While Bitcoin experienced a minor sell-off post-Trump’s speech, it has since stabilized in the $67,500–68,000 range. Analysts like Daan Crypto Traders and Tanaka remain optimistic, forecasting a potential surge towards the $100,000 mark. The growing popularity of US-based Bitcoin exchange-traded funds (ETFs) is expected to attract institutional investors, further bolstering Bitcoin’s value.
### Technical Analysis and Price Predictions
Technical analyst Cryptomist anticipates Bitcoin’s price hitting $100,000 based on an ascending channel pattern. The prevailing rising wedge pattern suggests a rally towards $74,000 by August. However, a breakdown below the wedge’s lower trendline could lead to a correction in the $60,000–66,000 range.
### Disclaimer: Make Informed Investment Decisions
This content serves to inform and discuss market trends, and it does not constitute investment advice. Readers are encouraged to conduct thorough research and due diligence before making any investment decisions, as trading cryptocurrencies involves inherent risks.
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