Selloff or Market Correction? Either Way, Here's What to Do NextSee Overvalued Stocks

Bitcoin: Trump's Appearance at Nashville Conference Could Spark a Rally to New ATH

Published 24/07/2024, 11:17
BTC/USD
-
ETH/USD
-
  • Growing chances of Donald Trump's victory have boosted Bitcoin.
  • Ahead of his appearance at a Bitcoin conference, the crypto is eyeing another surge.
  • Meanwhile, Ethereum ETFs are set to go live, potentially fueling a move in the crypto.
  • Unlock AI-powered Stock Picks for Under $8/Month: Summer Sale Starts Now!

July has been a strong month for the cryptocurrency market, with Bitcoin and Ethereum rising 14.68% and 12.13%, respectively, over the past two weeks.

Several factors could drive this upward trend further, including the start of trading in Ethereum ETFs, a potential victory for Donald Trump in the upcoming presidential election, and the resolution of compensation issues related to the collapsed Mt. Gox exchange.

Additionally, the Federal Reserve's anticipated pivot in September could boost demand, with a 25-basis-point rate cut currently estimated at over 90% probability.

Bitcoin Eyes $70,000

Technically, a flag formation suggests the possibility of a continued bull trend.

Additionally, Donald Trump's scheduled appearance at a major Bitcoin conference in Nashville has sparked speculation that he might announce Bitcoin's inclusion in the US strategic foreign exchange reserve.

Such a move would be a monumental boost for the cryptocurrency, potentially propelling prices towards their all-time highs of around $70,000.

Bitcoin Price Chart

The current local correction is forming a flag pattern, suggesting an upward move with the next target around $70,000. If the correction extends, keep an eye on the support level at $64,000 for potential reactions.

Will Ethereum ETFs Push Prices to New Highs?

The launch of Ethereum ETFs on the stock exchange is imminent, pending final approval from the Securities and Exchange Commission (SEC) for the S-1 filing. While the impact may not match the scale seen with Bitcoin ETFs, conservative estimates suggest an inflow of $5-6 billion into these funds this year, about one-third of what Bitcoin ETFs have garnered.

Despite this smaller scale, the significant capital influx should positively influence demand for Ethereum, especially given its comparatively smaller market capitalization.

Ethereum Price Chart

Currently, Ethereum is consolidating in the $3,400-3,500 range, forming a continuation pattern that indicates potential for further upward movement. A breakout above this range would set the next target at the local resistance level of $3,660, the final hurdle before challenging historical highs.

***

This summer, get exclusive discounts on our subscriptions, including annual plans for less than $8 a month!

Tired of watching the big players rake in profits while you're left on the sidelines?

InvestingPro's revolutionary AI tool, ProPicks, puts the power of Wall Street's secret weapon - AI-powered stock selection - at YOUR fingertips!

Don't miss this limited-time offer.

Subscribe to InvestingPro today and take your investing game to the next level!

Subscribe Today!

Disclaimer: This article is written for informational purposes only; it does not constitute a solicitation, offer, advice, counsel or recommendation to invest as such it is not intended to incentivize the purchase of assets in any way. I would like to remind you that any type of asset, is evaluated from multiple perspectives and is highly risky and therefore, any investment decision and the associated risk remains with the investor.

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.