Buy the dip!: Bitcoin will rebound in late July to usher in a "Trump mania" bull run
On Monday (July 8), Bitcoin fell to $54,287 in a short-term decline, and then recovered slightly to above $55,000, but the bears are still firmly in control of the steering wheel. The Financial Times reported that Bitcoin will rebound in late July, and the US presidential election in November will usher in "Trump mania", and the price of the currency is expected to reach $100,000.
As the US presidential election draws closer, cryptocurrency traders and analysts hope that Trump's victory in November will pull Bitcoin prices out of their recent downturn.
Bitcoin, a reliable representative of all cryptocurrency activity, peaked in mid-March and has struggled to make progress since the so-called halving event in April, when the number of daily bitcoins that miners can share to protect the Bitcoin network dropped from 900 to 450.
The poor performance is due to a large amount of potential selling in the market, with the defunct former largest crypto exchange Mt Gox selling $9 billion worth of Bitcoin and Bitcoin Cash (BCH); possible sales of Bitcoin by miners; and signals from U.S. and German authorities in the past two weeks that they have transferred large amounts of criminally seized cryptocurrency to cryptocurrency exchanges.
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"The two authorities hold more than $15 billion worth of Bitcoin, which is enough to generate potential selling pressure and make short-term Bitcoin holders nervous," said analysts at cryptocurrency venture capital firm Ryze Labs.
The most likely outcome is that by the end of July, the possibility of Biden's candidacy will gradually become clear, Trump's chances of winning will further increase, and Bitcoin prices will also rise, Kendrick said.
"August may set a new record high, reaching $100,000 by the U.S. election day."
