Over the weekend, for the first time in history, we heard the favorite US Presidential candidate speak so positively about crypto. However, BTC is still hovering around $69,000 and has not surpassed the $70,000 threshold. QCP Capital analysts addressed the current situation at the time of writing. So, what are their latest predictions for the markets?
Expert Commentary on Cryptocurrency Markets
Bitcoin is above $69,000 and reached up to $69,888 on the daily chart. However, due to short-term profit-taking and the upcoming Fed meeting, this barrier was not overcome. QCP Capital experts published a comprehensive assessment of Trump’s speech and expectations at the time of writing.
“If Trump is elected;
- The American government will hold 100% of the Bitcoin obtained from seized assets.
- Gary Gensler will be removed from office on the first day.
- Energy costs will be reduced to encourage domestic mining.
- The right to self-custody of cryptocurrencies will be supported.
- The creation of Central Bank Digital Currencies (CBDCs) will be banned.
- A framework for stablecoins will be established.
- Operation Chokepoint 2.0 will be terminated.
- Ross Ulbricht’s sentence will be commuted.
- The US will aim to become the global crypto capital.
Despite Bitcoin’s fluctuations during Trump’s Bitcoin Conference speech, the market did not experience the dramatic move expected by options traders. Bitcoin continues to trade in the $67,000-70,000 range, and volatility has shown a sharp decline.
Trump’s speech reflected the sector’s expectations, but the market may need a more significant catalyst for a major breakout. This catalyst could occur closer to the US elections when promises and policies are more clearly defined.
Despite Trump’s optimistic statements, it is likely that Bitcoin will continue to trade within a range as it has not surpassed its ATH.”
Crypto Predictions for the End of 2024
Although Trump’s promises are great, he needs to remain strong in the polls as the November elections approach. We could see strong demand from the US in the BTC ETF channel. We will witness days when Kamala and her team look for opportunities to declare a soft stance on cryptocurrencies. If the Democrats also promise to lift the pressure on crypto currencies, this could further increase demand in the markets.
These days are similar to the few months before the BTC ETF approval. At the end of the process, we will see many major events similar to the BTC ETF approval, but immediate pricing is not common in crypto. Therefore, the gradual rise scenario may cause investors to get bored for a few months.
