Bitcoin surges as Donald Trump gets ready to address traders in Nashville
Bitcoin hit a high of $68,295 before Trump’s speech on Saturday.
Trump will speak to crypto traders at the July 27 Nashville Bitcoin Conference.
BTC could rise about 6% higher and meet $72,000.
As traders brace themselves for Donald Trump’s speech at the Bitcoin Conference in Nashville, BTC might become more unpredictable. President Trump is known to be a crypto-friendly political leader who has received over $6 million from PACs and contributors in the crypto industry.
What to expect from his talk at the Bitcoin conference by Donald Trump.
QCP Capital analysts identified the “Trump effect” on Bitcoin where its options market experienced four times more activities indicating prices going up.
The super-sized funds have been covering topside positioning for August 2 options all week long with analysts suggesting that after July 27th speech by Trump it is likely there will be a break-through.
On early Saturday, Bitcoin stands near $62k. As such it can grow upon news of Trump’s conference in Nashville as people tend to buy the information resulting in temporary price appreciation.
Bitcoin might increase above $72k.
After downtrend between July 2nd and July 5th which included lower highs and minimums; this time, bitcoin is breaking towards higher highs and higher lows (see chart). Assuming that we are headed for another high like June 7th the price of BTC is predicted this time to rise by about 5.52% or approximately $71997/$72000 This was its peak on June 7th.
Fair Value Gap (FVG) levels acting as resistance may occur at either side of ($69,582) or ($70,117). An upsurge could ride BTC up until its all-time high of $73,777.
The upper and lower boundaries of the Fair Value Gap (FVG) are at $66,175 and $67,630 respectively in the daily chart above; Bitcoin is expected to find support in that region. A daily FVG candlestick close might debunk Bitcoin's bullish argument.
