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đBitcoin Price Has Chance to Touch US$100 Thousand by the End of 2024đ
The price of Bitcoin again attracted attention after the price touched back to the level of US$69,000 and rose to the level of US$70,000 on Monday (29/7/24).
However, this increase failed to be maintained because the Bitcoin price corrected sharply to the level of US$68,000 with a 3% decline in the last 24 hours when this article was processed.Â
đFactors Driving Bitcoin Price Increases
A cut in interest rates could help lift crypto asset prices as loans become cheaper for investors.Â
The Fed's next policy meeting regarding US interest rates is scheduled for July 30-31 2024. Based on CME Watchtool data, it shows that there is a 95.9% chance of no rate cut this month.
But at the next September meeting, there is an 87.7% chance of a 25 basis point cut, with the remaining 12.3% expected for a bigger cut.
Apart from the potential factor of cutting interest rates, from a political perspective, former President Donald Trump promised to build a âBitcoin strategic reserveâ for the United States at the Bitcoin 2024 conference in Nashville on Saturday (27/7/24).Â
âAs the final part of my plan today, I announced that if I am elected, it will be the policy of my administration of the United States to have a strategic reserve of Bitcoin,â Trump said.
While Trump's speech had little impact on Bitcoin prices, the former president's crypto policy promises have made it impossible for Vice President Kamala Harris to oppose him, Rosenblum tweeted.
Ajaib Crypto Financial Expert, Panji Yudha, said that BTC could exceed its highest price at the end of this year. Data from Coinglass shows that in Q4 from 2013 to 2023, Bitcoin recorded an average gain of more than 80% in Q4.
âPolitical support, institutional support and a potential interest rate cut could push Bitcoin beyond its high of US$73.750 and reach the range of US$90,000 â US$100,000 by the end of this year," said Panji.
