Author: YASHU GOLA Source: Cointelegraph Translation: Shan Ouba, Jinse Finance
Former U.S. President Donald Trump threw his weight behind Bitcoin in his latest keynote at the Bitcoin 2024 conference in Nashville, promising voters to make the United States the “cryptocurrency capital of the world.”
He would achieve this by creating a national Bitcoin “reserve,” making the cryptocurrency a “permanent national asset.”
Naturally, Trump’s campaign promise sparked a bullish response from top cryptocurrency analysts, with some predicting a tenfold increase in BTC’s price in the future.
Analyst: Bitcoin price could break $800,000
One of the boldest and most bullish outlooks for Bitcoin following Trump’s speech came from independent market analyst Daan de Rover.
The chart analyst, who goes by the nickname “Crypto Rover” on X, expects BTC’s price to top $800,000 if the former US president is re-elected in November, especially considering Trump has also said Bitcoin could surpass gold’s market value in the future.
“If this happens, BTC would be worth $813,054,” Rover said in a July 28 tweet.
Republican Senator Cynthia Lummis of Wyoming is also optimistic about Bitcoin. She proposed a legislative proposal to establish an official US strategic reserve of 1 million BTC in the next five years, equivalent to nearly 5% of the total supply of 21 million BTC. Lummis said: "BTC will be held for at least 20 years and can be used for one purpose: to reduce our debt."
The U.S. government currently holds 210,000 BTC worth more than $14.26 billion. Trump has pledged to distribute these assets to the U.S. Treasury and said his government would never sell them if elected.
Analyst: Bitcoin price will reach $100,000
Bitcoin sold off after Trump’s speech and has since stabilized around $67,500-68,000. But that hasn’t stopped some analysts, such as Daan Crypto Traders and Tanaka, from predicting a rally to $100,000.
“In the long run, I am confident that BTC will reach $100,000 and ETH will reach $8-10,000,” Kanaka said, noting that U.S. spot bitcoin exchange-traded funds (ETFs) will gradually “attract more large institutional investors” into the bitcoin market.
As of July 26, the assets under management of U.S. Bitcoin ETFs reached $17.58 billion, the highest level to date. This figure is also higher than $14.65 billion in early July, reflecting the surge in interest in Bitcoin in the days before Trump's keynote speech.
Meanwhile, analyst Cryptomist expects BTC price to reach $100,000 based on the ascending channel pattern.
Rising Wedge: Bitcoin’s Next Target is $74,000
Bitcoin’s volatile price action is occurring within BTC’s current rising wedge pattern, which indicates a rally to $74,000 by August. This level represents a 9.30% increase from current price levels and is the intersection of the wedge’s two trendlines.
Conversely, if the lower trendline of the wedge is clearly broken (depending on the point of the break), a drop to the $60,000-66,000 range is possible. This is mainly due to the way a rising wedge breakout is calculated: the maximum distance between the two trendlines is measured and then the result is subtracted from the breakout point.
