Bitcoin (BTC), the premier cryptocurrency, began the week on a bullish trajectory, maintaining its position above $69,000. The latest surge, which saw BTC reach an intra-day high of $69,761, has been fueled by US presidential candidate Donald Trump’s unexpected endorsement. Trump’s proposal to establish a national Bitcoin reserve and his pledge to create a favorable regulatory environment have sparked significant price volatility and boosted trading volume. These factors are central to current Bitcoin price forecasts, indicating potential for further gains.
Hong Kong’s Bitcoin Integration Proposal Could Boost Institutional Demand
Johnny Ng, a member of Hong Kong’s Legislative Council, has proposed adding Bitcoin to Hong Kong’s financial reserves to bolster the economy. Ng believes that Bitcoin, often dubbed “digital gold,” could be a valuable asset if managed under strict regulations. This proposal aligns with global interest in digital assets and Web3 technologies. Ng emphasizes that a secure and compliant integration of Bitcoin could enhance Hong Kong’s economic stability and attract global investment. This move could positively impact BTC’s price by increasing its institutional demand and legitimacy, driving further interest and investment.
Trump Jr.’s Endorsement and Trump’s Commitment to Retain BTC Holdings Boost Market Confidence
At the Bitcoin 2024 conference, Donald Trump Jr. endorsed Bitcoin as a hedge against inflation and oppressive governments, setting the stage for his father’s speech. Former President Donald Trump, who is running for office again, pledged to retain all Bitcoin currently held by the U.S. government and any new Bitcoin acquired, diverging from the current policy of auctioning off seized Bitcoin. Trump’s stance aligns with the belief in cryptocurrency circles that holding Bitcoin is preferable to selling, even amid market fluctuations. This commitment could enhance market confidence and positively impact BTC’s price.
Peter Schiff Questions “Never Sell Bitcoin” Strategy, Raising Doubts About BTC’s Future
Economist Peter Schiff has criticized the “never sell your Bitcoin” strategy advocated by Donald Trump and MicroStrategy Inc. co-founder Michael Saylor. Schiff likened holding Bitcoin indefinitely without selling to living in poverty despite owning significant assets. He questioned the logic of relying on Bitcoin’s value to soar as a means for the U.S. to pay down national debt without causing inflation. Schiff’s critique contrasts with Trump’s promise to retain Bitcoin holdings and Saylor’s bullish predictions. This skepticism may impact BTC’s price by prompting investors to reconsider the viability of holding Bitcoin long-term.
Bitcoin Price Prediction
Bitcoin (BTC/USD) is currently trading at $69,310, down 0.38% on the 2-hour chart. The pivot point is set at $68,811, a crucial level to monitor for potential trend shifts. Immediate resistance levels are observed at $70,016, followed by $70,940 and $72,029. On the downside, immediate support is at $68,811, with additional support levels at $67,885 and $67,771. The Relative Strength Index (RSI) stands at 59.26, indicating neutral market sentiment. The 50-day Exponential Moving Average (EMA) is at $67,885, providing key support.
Conclusion
The technical indicators suggest maintaining a buying position above the $68,800 mark, with potential for further gains if resistance levels are breached. Conversely, falling below this level could signal a bearish outlook. The upward trendline indicates sustained buying above $68,800, supported by a bullish engulfing candle on the 2-hour chart. Overall, Bitcoin’s price is poised for potential increases amid favorable market conditions and strong endorsements.
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