Bitcoin It has approached its highest level since mid-June, nearing $70,000, and is currently just above $69,500. This impressive rise has been driven by recent bullish support from major politicians and discussions of strategic reserves.
Political support fuels Bitcoin sentiment
The recent Bitcoin 2024 conference in Nashville had a significant impact on the market. Presidential candidate Robert F. Kennedy Jr. and former President Donald Trump made strong pledges to support Bitcoin, which created positive sentiment. Trump “Strategic Bitcoin Stockpiling” If re-elected, he would make the US a Bitcoin superpower.
Senator Cynthia Lummis echoed this sentiment, proposing the creation of a strategic Bitcoin reserve for the U.S. Additionally, Michael Saylor, president of MicroStrategy, predicted that Bitcoin has the potential to surpass $13 million per coin by 2045.
Market Reaction and Analysis
Crypto analytics firm IntoTheBlock reports that nearly all Bitcoin holders are currently in profit, highlighting favorable conditions for further growth if the current minimal on-chain resistance and balanced market sentiment persist. The positive momentum extends beyond Bitcoin, with major digital assets such as Ethereum, Solana, and Binance-backed BNB all experiencing gains of more than 4% in the past 24 hours, according to CryptoSlate data.
During Asian trading hours, Bitcoin rose about 3% to $69,851 before falling slightly to $69,515 at press time.
Are new all-time highs on the horizon?
Blockchain analytics firm SpotOnChain suggests that recent price movements could be a precursor to a bigger rally. The firm predicts that Bitcoin could hit $100,000 in the second half of 2024 and $150,000 in the first half of 2025, due to bullish sentiment.
However, Markus Thielen, founder of cryptocurrency research firm 10x Research, warns that Bitcoin may need broader economic support to maintain its upward trajectory. He noted that Bitcoin’s historical trend shows flat returns in August and declines in September. The tailwinds of U.S. interest rate policy, low inflation, and the election calendar could help ease the downward pressure.
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