Bitcoin Nears ATH: Trump’s Speech to Trigger Parabolic Rise?

KEYTAKEAWAYS

TABLE OF CONTENTS

• KEY TAKEAWAYS
• BIDEN DROPS OUT AND ENDORSES HARRIS
• BITCOIN AS A POTENTIAL RESERVE ASSET
• ETH ETF’S UPCOMING LAUNCH ON JULY 23
• BITCOIN TRADING ANALYSIS
• DISCLAIMER
• WRITER’S INTRO

CONTENT

Upcoming speech by Trump at Bitcoin 2024 conference could signal Bitcoin as a US reserve asset, influencing its market value significantly.

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BIDEN DROPS OUT AND ENDORSES HARRIS

The political landscape appears to be shifting in favor of cryptocurrency. US President Joe Biden has ended his re-election campaign and endorsed Vice-President Kamala Harris to succeed him as the Democratic candidate, in an extraordinary decision that upends an already dramatic race for the White House. Donald Trump seems poised to enter the White House unopposed, potentially ushering in a pro-crypto administration. 

This could lead to significant changes in the US crypto landscape, especially if rumors about potential Treasury Secretary candidates like BlackRock’s Larry Fink and JP Morgan’s Jamie Dimon prove true. Historically, a change in administration has led to the resignation of the SEC chair, despite current Chair Gensler’s term not ending until June 5, 2026. He will likely resign by January or February 2025 if this pattern holds.

>>> Read more: 2024 U.S. Presidential Election Series

BITCOIN AS A POTENTIAL RESERVE ASSET

There’s talk of the SEC potentially settling a major case, while former President Trump is slated to give a much-anticipated address in Nashville. The crypto community is particularly interested in Trump’s upcoming speech at the Bitcoin 2024 conference on July 27, with some speculating he might propose Bitcoin as a strategic reserve asset for the US. Such a declaration could potentially spark a significant surge in Bitcoin’s value.

Proponents of integrating Bitcoin into the US financial system, including figures like Vivek Ramaswamy and Senator Cynthia Lummis, argue that its decentralized nature and growing global acceptance could bolster economic resilience and stability. Currently, the US government holds about 212,847 Bitcoins, worth approximately $15 billion – a small fraction compared to its gold reserves valued at around $600 billion.

If the government were to double its Bitcoin holdings, it would roughly match the $16 billion in net Bitcoin spot ETF inflows seen year-to-date. However, the impact of such a move could extend far beyond its monetary value, potentially sending a powerful signal to the market.

ETH ETF’S UPCOMING LAUNCH ON JULY 23

While other events are scheduled for the week, including the Ethereum spot ETF launch, US GDP report, and the release of PCE index, Trump’s Nashville speech is expected to overshadow these. The recent focus on the Ethereum ETF has also sparked discussions about whether this “good news” might actually lead to a price drop, as often happens in crypto markets. Some analysts believe it could be a long-term positive catalyst, potentially igniting a broader altcoin bull market similar to what Ethereum did in 2017.

BITCOIN TRADING ANALYSIS

After declining to $55,000 due to potential Mt. Gox liquidations, German government sales, and miner sell-offs, BTC rallied to $68,500, now consolidating near $67,800.

This price action suggests a bullish trend, characterized by swift recoveries and upward momentum. Bitcoin has held support at the $67,800 level for four months, with the $70,000 resistance now in proximity.

The 4-hour chart indicates a strong uptrend. However, entering long positions at these elevated levels is not recommended due to the increased risk of a pullback. Traders should consider waiting for a retracement to establish long positions, or await a confirmed breakout above current resistance levels before entering.

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