How High Can BTC Price Go After Trump’s Bullish Bitcoin Speech?
In his recent keynote address at the Bitcoin 2024 conference in Nashville, Donald Trump promised to make the United States the “crypto capital of the world.”
It does this by creating a national BTC “reserve” and, in turn, making the cryptocurrency a “permanent national asset”.
Naturally, Trump's election promises have sparked strong reactions from top crypto analysts, with some predicting that the price of BTC will rise tenfold in the future.
The price of Bitcoin can exceed 800 thousand dollars – analyst
One of the boldest and most bullish views for Bitcoin since Trump's speech comes from independent market analyst Daan de Rover.
The chartist, who goes by the moniker “Crypto Rover” on X, expects the price of BTC to surpass $800,000 if the former US president is re-elected in November, especially since Trump has also stated that Bitcoin may surpass the market capitalization of gold in the future.
“BTC will be valued at $813,054 if this happens,” Rover tweeted on July 28.
Republican Sen. Cynthia Lammis of Wyoming echoes the bleak view. She presented a legal proposal to establish an official US federal reserve of 1 million BTC in the next five years, which is almost 5% of the total BTC supply of 21 million tokens.
Excerpt from her address:
“[Bitcoin] It lasts at least 20 years and can be used for one purpose: reduce our debt.
The US government owns 210,000 BTC worth more than $14.26 billion. Trump has promised to allocate those holdings to the US Treasury, saying his administration would never dispose of them if elected.
Bitcoin price will reach 100 thousand dollars – analyst
Following Trump's speech, Bitcoin sold off and stabilized around $67,500-$68,000. But that didn't stop some analysts like Dan Crypto Traders and Tanaka from making predictions around $100,000.
RELATED: Bitcoin Hits 16-Month High ‘Positive Sentiment' As Price Sits Near $68,000
“In the long term, I am fully optimistic when BTC reaches 100k and ETH $8-10k,” said Kanaka, explaining that ETF funds will gradually attract “more large institutional investors” to the Bitcoin market.
As of July 26, the US Bitcoin ETF had $17.58 billion in assets under management, the highest ever. That's up from $14.65 billion at the start of the month, reflecting a spike in demand in the days before Trump's keynote.
Meanwhile, the analyst Cryptomist estimates that the price of BTC will reach 100,000 dollars, based on the upward channel pattern.
Rising: Bitcoin's next target is $74K.
Bitcoin's volatile price movements are taking place within the rising wedge pattern seen by BTC, which featured a rally to $74,000 in August. This level, 9.30% above current price levels, is where the wedge's two trend lines meet.
Conversely, a critical break below the wedge's lower trend line, as the breakout point, threatens a correction to the $60,000-66,000 range. That's mainly due to how rising wedge breakouts are calculated: by measuring the maximum distance between the two trend lines and subtracting the result from the breakout point.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
