Bitcoin
Expert Predicts BTC ATH Will Likely Occur Around Bitcoin Conference
Bitcoin News: The flagship cryptocurrency recently surpassed the $67,000 mark, catching the attention of investors. Notably, the upcoming Bitcoin Conference 2024 in Nashville, scheduled for July 25-27, has fueled speculations of a fresh rally. According to several market observers, this event could take BTC to a new all-time high (ATH), sparking discussions in the crypto community.
Key Catalysts Behind a Possible ATH for Bitcoin
Looking at recent Bitcoin news, several factors are contributing to market optimism. For context, Dennis Porter, CEO of Satoshi Act Fund, recently cited a “trusted source” suggesting that Donald Trump may announce BTC as a strategic reserve asset for the US. If true, this could significantly increase the price of the cryptocurrency.
Meanwhile, market expert Fred Krueger also pointed to several catalysts in a recent X post. He advised investors not to sell their BTC, citing important events such as Trump’s live appearance at the upcoming conference, the end of Mt. Gox payments, a potential Federal Reserve interest rate cut, and the upcoming US election.
Krueger emphasized the importance of holding BTC amid these developments. For context, the Federal Reserve is expected to announce a 25 basis point interest rate cut in September.
The CME FedWatch tool shows a 94% chance of this happening, especially with the recent cooling of US CPI numbers. This potential rate cut could further increase the appeal of crypto as an investment.
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Here’s the next level to watch
Donald Trump’s pro-crypto stance has also boosted market sentiment. According to PolyMarket, Trump has a 64% chance of winning the next US Presidential Electioncompared to Joe Biden’s 7% chances. This political shift could have a positive impact on the cryptocurrency market.
Institutional interest in BTC also appears to be growing, as evidenced by strong inflows US Spot Bitcoin ETFBloomberg’s senior ETF analyst Eric Balchunas highlighted a year-to-date inflow of $17 billion into these ETFs, marking a significant milestone. This growing institutional interest underscores crypto’s potential as a mainstream investment.
Furthermore, Bitcoin’s Coinbase Premium Gap data indicates that BTC has bottomed out and is gearing up for a rally. This data, combined with other positive factors, supports the idea that the leading cryptocurrency could soon reach a new ATH.
While writing, BTC Price rose about 1% and exchanged hands at $66,800, after hitting a one-day high of $67,442.64. The cryptocurrency posted gains of 14% on a weekly basis, reflecting its robust performance.
Meanwhile, a recent analysis by CoinGape Media suggests that the BTC recovery faces major resistance at $70,250. Breaking this level could trigger a post-breakout rally to $80,000 or even higher.