Former U.S. President and 2024 candidate Donald Trump recently voiced strong support for Bitcoin at a major cryptocurrency event. During his remarks, the price of Bitcoin had fallen but soon surged past the $70,000 mark, although it later experienced a pullback. Analysts believe that if Bitcoin exceeds $70,000, it may continue its upward trajectory.
What Do Analysts Say?
Experts at the cryptocurrency analysis platform Bitcoinsensus shared a Wyckoff reaccumulation chart model on July 29, indicating a positive outlook for Bitcoin. According to their analysis, Bitcoin may hit its all-time high (ATH) within the next few weeks. However, they cautioned that a pullback might occur before reaching these levels.
Renowned analyst Ali Martinez also noted Bitcoin’s upward trend. Using the TD Sequential indicator, Martinez stated that the Bitcoin hourly chart signaled a short-term correction before the continuation of the upward movement.
Why Does Trump Support Bitcoin?
Prominent cryptocurrency figure Michaël van de Poppe highlighted Trump’s speech as a positive influence on Bitcoin. Trump mentioned that the U.S. should lead in the cryptocurrency sector and, if elected, he would purchase rather than sell Bitcoin. His pro-Bitcoin statements have made a significant impact on market sentiment.
Concrete Insights
Key Takeaways:
- Bitcoin price recently surpassed $70,000, signaling potential for further gains.
- Analysts predict a new all-time high could be reached within weeks.
- A short-term pullback may occur before continued growth.
- Trump’s pro-Bitcoin stance could positively influence market confidence.
Current Bitcoin Status
In the latest market developments, the Bitcoin price climbed above $70,000 but faced a sharp decline shortly after. Factors influencing this pullback include statements from England regarding economic instability and the U.S. moving a significant amount of Bitcoin linked to Silk Road, worth over $2 billion. This move triggered concerns about a potential sell-off, negatively impacting the price. At the time of writing, Bitcoin is trading at $67,199.
