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Bitcoin price is over $69,000 at the time of writing, with a rapid rebound from around $53,000. The king of cryptocurrency lingering in the current range may allow for a retest of the $73,777 level. Moreover, Trump said all the good things he could over the weekend and is entering the November elections as the favorite candidate.
Why Should Cryptocurrencies Rise?
The weekly candle close was encouraging and green. Many metrics are promising, macroeconomic data is positive, and the Fed is expected to say better things compared to previous meetings this week. After the Asian markets opened, BTC rose to $69,888, and analysts believe this dull period should now end.
Popular crypto analyst Jelle wrote:
“In every halving event, Bitcoin goes through a few months of volatile price action. Once this phase ends, the real bull market begins. This time will likely be no different.”
According to CoinGlass data, strong sales around $70,400 may make it difficult to overcome the key barrier. Donald Trump’s speech at the Bitcoin 2024 conference in Nashville, Tennessee, may show its effect with a delay and weaken the resistance. Because Trump announced that if elected, the US would hold over 200,000 BTC as a reserve.
Crypto Expert Predictions
Daan Crypto Trades, a popular expert followed by investors, says that the big rise is only a matter of time. As the US national debt exceeds $35 trillion for the first time, the Fed’s transition to a phase of monetary expansion and Trump being in the Presidential seat is almost an unbelievable dream for crypto investors. However, this seems to be happening.
The analyst wrote on this matter:
“The rumor that Trump will announce a strategic Bitcoin reserve started last week. During this time, $BTC mostly traded upwards, while stocks took a big hit. Usually, during such weakness in general markets, BTC would fall significantly. But it didn’t, which I think mostly contributed to this ongoing narrative. Therefore, we probably traded 5-10% higher than ‘should have been.’”
According to CME data, the Fed will keep rates unchanged on the last day of the month. However, CrypNuevo thinks Powell will maintain his cautious stance.
“I imagine something like this: ‘We will lower rates when we are sure inflation has fallen to 2%, and we must stick to the data for this. We need to see the data for the next 2 months. If this happens, there may be volatility in the markets due to investor disappointment.’”
The latest PCE data was high, and the markets should have priced this in. Contrary to the analyst’s view, the steady easing in inflation and Powell’s statement that they will not wait to reach 2% for a cut shows that the limits will not be pushed further.
