💥💥💥 Biden out, bull run in? Here’s what #Analysts think
Biden Ends Reelection Bid: Implications for Crypto
On July 22, President Joe Biden announced he would not seek reelection, a move that surprised markets. Analysts have mixed opinions on the impact of this development on Bitcoin ($BTC ) and other cryptocurrencies.
Market Reaction:
- #bitcoinprice : Initially dropped by 2.8% to $65,800 but rebounded by 3.6%, according to TradingView.
Analyst Insights:
- Josh Gilbert, eToro: Described Biden’s withdrawal as a “win for crypto assets,” suggesting Trump’s increased reelection chances could benefit crypto.
- Markus Thielen, 10x Research: Suggested Trump might announce Bitcoin as a strategic reserve asset at the Bitcoin 2024 conference.
Future Prospects:
- Bitcoin Growth: Expected to rise with the upcoming launch of spot Ether ($ETH ) ETFs in the US.
Caution Advised:
- Pav Hundal, #Swyftx : Warned that the link between Biden's withdrawal and crypto market movement might be overstated.
- Gary Black , The Future Fund: Cautioned that a Trump victory is not guaranteed, emphasizing the public's distrust post-Jan 6th and potential strong Democratic candidates.
In summary, while Biden's withdrawal has sparked optimism for crypto, analysts advise tempering expectations due to potential political uncertainties.
Source - cointelegraph.com
