How high can BTC price go after Trump’s bullish Bitcoin speech?
2024.07.28 12:30
Donald Trump went all in on Bitcoin (BTC) in his latest keynote at the Bitcoin 2024 conference in Nashville, promising voters to make the United States “the crypto capital of the world.”
He will do so by creating a national BTC “stockpile” and, in turn, making the cryptocurrency a “permanent national asset.”
Naturally, Trump’s electoral promises have triggered bullish responses from top crypto analysts, with some predicting BTC’s price will grow tenfold in the future.
Bitcoin price will likely cross over $800K — analyst
One of the boldest and most bullish outlooks for Bitcoin after Trump’s speech comes from independent market analyst Daan de Rover.
The chartist, who goes by the moniker “Crypto Rover” on X, expects BTC’s price to cross $800,000 if the former US President is elected once again in November, particularly since Trump also stated that Bitcoin may overtake gold’s market capitalization in the future.
“If this would happen, BTC would be valued at $813,054,” Rover said in a tweet on July 28.
Bitcoin vs. gold market capitalization. Source: Crypto Rover
Republican Senator Cynthia Lummis of Wyoming adds to the bullish outlook. She presented a legislative proposal to establish an official US federal reserve of 1 million BTC over the next five years, which is almost 5% of the total BTC supply of 21 million tokens.
Excerpts from her address:
“[Bitcoin] will be held for a minimum of 20 years and can be used for one purpose: Reduce our debt.”
US national debt. Source: Federal Reserve
The US government already holds 210,000 BTC worth over $14.26 billion. Trump has promised to allocate those holdings to the US Treasury, adding that his government, if elected, will never dump them.
Bitcoin price will reach $100K — Analyst
Bitcoin sold off following Trump’s speech and has since stabilized around the $67,500-68,000 range. But that has not refrained some analysts, like Dan Crypto Traders and Tanaka, from making upside predictions toward $100,000.
Related: Bitcoin hits 16-month high ‘positive sentiment’ as price sits near $68K
“In the long term, I’m fully optimistic about BTC reaching $100k and ETH reaching $8-10k,” Kanaka said, noting that the ETF funds will gradually “attract more large institutional investors” to the Bitcoin market.
Source: X
As of July 26, US Bitcoin ETFs managed $17.58 billion in assets, the highest to date. That is also up from $14.65 billion at the start of the month, reflecting a surge in interest in the days leading up to Trump’s keynote.
US Spot Bitcoin ETFs net flows. Source: Farside Investors
Meanwhile, analyst Cryptomist anticipates that the BTC price will reach $100,000, based on an ascending channel pattern.
Rising wedge: Bitcoin’s next target is $74K
Bitcoin’s volatile price moves are occurring inside BTC’s prevailing rising wedge pattern, indicating a rally toward $74,000 by August. This level, up 9.30% from the current price levels, is where the wedge’s two trendlines converge.
BTC/USD daily price chart. Source: TradingView
Conversely, a decisive breakdown below the wedge’s lower trendline, depending on the breakdown point, will risk a correction toward the $60,000-66,000 range. That is primarily because of how rising wedge breakdowns are calculated: by measuring the maximum distance between the two trendlines and subtracting the outcome from the breakdown point.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
