Bitcoin (BTC) price has been on the rise in the past day as attention turns to the former US president Donald Trump’s speech at the Bitcoin 2024 conference in Nashville. Bitcoin opened today’s trading at around $66,900 and declined to a low of around $66,800 before rebounding to around $68,000. It was valued at $67,837.38 by day-end, thus denoting a generally upward trend.
This bullish trend is evident in the fact that Bitcoin closed higher than it opened on this day. A sustained overall rise signifies intense buying pressure despite fluctuating prices with peaks and troughs. This development has led some analysts to believe this could be the start of another major leg up for Bitcoin as such moving sentiments boost market confidence.
The total trading volume over twenty-four hours fell by 26.34%, indicating lessening activity towards close compared to the start of the trading period. Generally, when we see price increases combined with lower volumes, it shows that fewer sellers are willing to sell at low prices, which confirms previous bullish momentum observed in the market. Such a drop in trading volumes amid rising prices is usually indicative of growing bullish sentiment.
Market Analysis and Projections
Market experts are optimistic about how BTC will perform going forward; some have predicted a new range between $75k -95k. This positive outlook hinges on BTC breaking out above its previous ATH ($74k) and adding about 30% more value as per their opinions.
They expect once the resistance level at $72,000 is outlived Bitcoin will move toward these higher levels faster than ever before.
On-chain data supports this bullish outlook revealing long-term holders including institutions and miners accumulating Bitcoin while those same entities would have sold earlier when the prices were higher now seem to be getting back into buying mode showing strong underlying demand which can push up prices..
Impacts of Mt. Gox Distribution and Future Predictions
Fortunately, the distribution of almost 95K bitcoins from Mt.Gox’s insolvency did not negatively affect the market as it was initially assumed, rather prices of bitcoin have remained steady and even regained some ground. The two-thirds decrease in the Mt.Gox BTC reserves has eased fears that there could be a possible sell-off in the market.
MicroStrategy has acquired an additional 11,931 BTC for ~$786.0M using proceeds from convertible notes & excess cash for ~$65,883 per #bitcoin. As of 6/20/24, $MSTR hodls 226,331 $BTC acquired for ~$8.33B at average price of $36,798 per bitcoin.https://t.co/jE9dGqqnON
— Michael Saylor⚡️ (@saylor) June 20, 2024
Michael Saylor, who co-founded MicroStrategy increased his price forecast for Bitcoin substantially by predicting that it might reach a value of $13 million per coin within 2045. Saylor’s bullish view is based on the assumption that Bitcoin has certain economic properties, including being unchangeable and being around for long which he argues surpass those of physical assets.
Upcoming Trump Speech and Market Sentiment
Rumours of President Trump wanting to unveil the strategic Bitcoin reserve have created a lot of confusion in the market. The anticipation of Trump’s speech at the Bitcoin 2024 conference has resulted in optimistic price forecasts with some experts expecting it to be the trigger for Bitcoin to soar even higher. This is a significant change in Trump’s attitude towards Bitcoin as he had earlier on described it as a scam.
The retest was successful
Bitcoin has confirmed $65,000 as support
Price will now continue to occupy the $65000-$71500 region (red)$BTC #Crypto #Bitcoin https://t.co/k15SAxaizI pic.twitter.com/v1UBMtj0zk
— Rekt Capital (@rektcapital) July 26, 2024
Crypto analyst Rekt Capital pointed out that the $65K level is crucial for Bitcoin, as a dip below it would jeopardize the further growth. By successfully testing this support line again, recent indications suggest that Bitcoin will continue trading between the $65k -71.5k area very soon with all these variables setting up another topside if they persist.
With anticipation building before Trump’s speech, overall sentiment remains bullish resulting in expectations of further price increases. The present uptrend sustained through robust on-chain data and high hopes indicates near future ATHs for Bitcoin again.
