Could Bitcoin Soar To $100,000 With Trump Back In The White House?
July 25 2024 - 10:00AM
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Anticipation is at a high degree as the 2024 Bitcoin Conference
draws near, driven not just by technical developments but also by
the surprising backing of an influential person: Donald Trump.
Related Reading: Is The US Emulating Germany? $4 Million Bitcoin
Movement Raises Questions The surprising acceptance of Bitcoin by
the former president may change the crypto scene and throw lengthy
shadows over political debate and market projections. Here is a
look at how Trump’s potential presidency can impact the direction
of the crypto. The Bitcoin Turnaround Of Trump Once a strong
opponent of Bitcoin, Donald Trump has changed his language
dramatically. Even suggesting Bitcoin as a possible reserve
currency alongside the US dollar, his campaign has aggressively
embraced the digital asset. This fresh zeal differs greatly from
his past posture, where he wrote out Bitcoin as a “scam.” In recent
discussions, the former president has labeled Bitcoin as “digital
gold.” His campaign vows to boost the digital asset’s
acceptability. This might give companies and investors more
confidence, adding more appeal to Bitcoin. Regulatory Change And
Economic Effects Trump’s possible impact on Bitcoin is mostly
dependent on his attitude to regulation. Given JD Vance’s
pro-crypto posture, Trump’s choice of running mate suggests a
likely tsunami of favorable crypto laws. Clearer rules and more
institutional Bitcoin investment might find their path in this
regulatory climate. Another important element for the dynamics of
Bitcoin’s price might be Trump’s economic plans. His platform
emphasizes on lowering inflation and enhancing economic
stability—qualities that directly influence the value of Bitcoin.
Trump’s economic policies were blamed with a somewhat consistent
investment environment over his past presidency. Should he be
successful in fostering a better economic climate, Bitcoin would
gain from more liquidity and investor confidence. Conjecture And
Market Responses The market for Bitcoin is driven by speculation,
hence Trump’s close relationship with the crypto asset has
magnified this influence. Recent events, like the attempted murder
of Trump, have demonstrated how drastically market mood may respond
to political changes. After the episode, the crypto enjoyed a big
surge; meme coins and market mood reflected the great stakes of
Trump’s involvement. Meanwhile, post-assassination attempt, the
former commander in chief’s ratings against Biden rose somewhat
(see chart below). Trump’s erratic political path fuels even more
conjecture about his possible administration. The result of the
election is still unknown even if Kamala Harris is becoming a
strong competitor. Harris’s opinion on Bitcoin might potentially
affect market dynamics, therefore adding even another level of
intricacy to the future of the currency. Analyses disagree on the
possible effect of a Trump win on the price of Bitcoin as the
election gets near. While some see a positive trend with Bitcoin
maybe skyrocketing above $100,000, others remain wary expecting
firmer indications from Trump’s campaign and plans. BTC Price
Forecast Technical signs show Bitcoin will rise significantly in
the following week. The cryptocurrency is trading 33% below our
monthly projection, predicting a comeback if market circumstances
improve. Bullish indications like a rising moving average and a
stronger Relative Strength Index (RSI) imply BTC might rectify its
undervaluation and reach the forecasted price goal. Related
Reading: Ethereum Name Service (ENS) 153% Rally ‘Underway’, Analyst
Says Bitcoin’s expected three-month rise of 536% and six-month
growth of 53% shows investor confidence. Analysts expect a 148%
growth in BTC over one year, indicating its long-term potential.
Positive trendline breakouts and solid support levels back this
projection. Institutional interest and favourable macroeconomic
conditions might boost Bitcoin’s price in the long run. Featured
image from Getty Images, chart from TradingView
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