Bitcoin Bulls Eye $70K as Trump’s Chances Rise for 2024 Election
Bitcoin traders are looking at $70,000 as a new target, thanks to a better macro environment and Donald Trump's rising chances of a pro-crypto U.S. administration.
📈 Key Factors:
1️⃣ Less selling pressure from key wallets.
2️⃣ Positive political outlook for the crypto sector.
3️⃣ Trump's vice president pick indicates a more crypto-friendly administration.
📉 Recent Price Action:
Bitcoin dropped to $53,500 in early July due to Mt. Gox repayments.
Wallets linked to the German state of Saxony sold all their bitcoin, helping to stabilize the market.
🔍 Expert Insights:
Lucy Hu from Metalpha says the market has an optimistic outlook.
BTC could hover around the 120-day moving average, possibly reaching $68K or even $70K.
Trump's pick of Ohio senator JD Vance, who supports crypto, has boosted market confidence.
🏛 Political Impact:
Trump’s pro-crypto stance and rising election odds (up to 69%) are fueling bullish sentiment.
A change in U.S. policies could favor Bitcoin and crypto, attracting single-issue voters and special interest groups.
Stay tuned for more crypto sights! 👍
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