Three reasons why the price of Bitcoin (BTC) may hit a new ATH before the end of 2024

The first half of 2024 was more than successful for Bitcoin (BTC), with its price reaching over $73,500 in mid-March. It currently translates to an annual increase of 115%.

In the following lines, we will Touch Some important factors and upcoming events that could push BTC to new price highs before the end of the year.

Table of Contents

Toggle

US presidential election

of The result of the election (Scheduled for November this year) could create improved flexibility for core digital assets. of Main The battle will take place between the president and the candidate of the Democratic Party – Joe Biden – and the Republican candidate – Donald Trump.

The latter has recently. presented It has positioned itself as the right choice for pro-crypto voters, promising the industry to prosper. He also He promised To increase and counter American BTC mining efforts The idea that Launch of Central Bank Digital Currency (CBDC).

The latest Choices They proposed that That he is currently He is dominant with 42.3% of the total votes. Biden is trailing behind with an estimated 40.3 percent.

Trump is worth mentioning soon. survived An assassination attempt during a public speech in Pennsylvania. The 20-year-old was shot by a gunman, but fortunately, the bullet only pierced his ear, as the medical staff who attended to him confirmed. His Life was out of danger. BTC and the entire crypto sector responded positively to the news of its existence with the global market price in short It has risen to more than $2.5 trillion.

And so he said. It will be interesting to see how the election of the 47th President of the United States will affect the price of Bitcoin.

Functions of the Federation

The US central bank has launched an aggressive anti-inflationary regime after the COVID-19 pandemic shocked the world. In addition to many victims, the health crisis has led to layoffs, isolation, uncertainty, financial instability, and many other setbacks.

to support Disabled Economy, the Federal Reserve has raised interest rates for 11 consecutive times between March 2022 and July 2023. Currently, the rate stands at 5.25%-5.50%, with many industry participants expecting a significant increase in the coming months.

Previously, A lesson was given. That the Fed will wait until inflation falls to the healthy zone of 2% before cutting interest rates. Chairman Powell earlier this week he said. The bank may move earlier than expected:

“The implication of that is that if you wait for inflation to go down to 2 percent, you may be waiting too long because the tightening that you're doing or the tightening that you have is still having an impact.” “That would probably keep inflation below 2 percent,” Powell said.

The Fed's next FOMC meetings They are prepared. For July 31 and September 18. Some sources claim After the second meeting, the possibility of a rate cut is increasing.

Lowering the benchmark makes it cheaper to borrow money, increasing demand for riskier assets like BTC. In turn, potential capital outflows could trigger further rallies.

Half of it

Last but not least, we will focus on Bitcoin halving, which took In April this year. The event occurs approximately every four years and cuts the daily circulation of the original digital asset in half.

Historically, the A Main A resurgence for BTC and the entire crypto market. At the time of the halving, the property was valued at around $64,000, which was more than $71,000 a month later.

However, some analysts have recently done so He remembered In the year After declining in 2012, 2016 and 2020, the price of BTC has risen one year (and even more). It's from a past performance.).