After Donald Trump’s speech at the Bitcoin 2024 conference in Nashville, the price of the cryptocurrency today seems to benefit from the promises made by the former US president.
Trump indeed has a very specific plan in mind to enhance the entire sector if he should be elected for this term as well.
In the meantime, the forecasts of the experts are pushing ever higher, driven by the widespread optimism in the election campaign.
Bitcoin returns above 69,000 dollars and the altcoin start to breathe again: what awaits us from here on? We discover it in this article.
Trump’s speech at the Bitcoin conference in Nashville
Saturday, July 27, Donald Trump took part in the Bitcoin conference in Nashville and today the price of the coin reflects the positive promises made by the American entrepreneur.
In fact, the former president of the United States, in office from 2017 to 2021, explicitly said that he will make the country “ the crypto capital of the planet”. In this context Bitcoin would automatically become “the superpower of the world”.
JUST IN: 
Donald Trump says, “The United States will be the crypto capital of the planet and the #Bitcoin superpower of the World.”
pic.twitter.com/5CNHY8hhQE
— Bitcoin Magazine (@BitcoinMagazine) July 27, 2024
The electoral campaign of Trump is not only made up of sensational phrases, but includes a strategic plan aimed at supporting the development of the cryptographic industry.
First and foremost, if elected president, he will ensure that the anti-crypto crusade strongly supported by the democrats comes to an end. Biden and his new stand-in Harris have, in fact, repeatedly attacked Bitcoin and blockchain-based companies.
To keep his promises, the first thing Trump said he would do is to fire SEC Chairman Gary Gensler on the spot, often hand in hand with the democrats.
JUST IN: Crowd goes absolutely nuts after Donald Trump vows to fire SEC Chairman Gary Gensler during the Bitcoin Conference in Nashville, Tennessee.
Trump was clearly taken aback at the crowd's reaction when he made the announcement.
"On day one, I will fire Gary Gensler and… pic.twitter.com/0CyOMaY6FY
— Collin Rugg (@CollinRugg) July 27, 2024
Among the things that have most triggered Bitcoin supporters today, pushing the price upwards, were the promises regarding a “national reserve of BTC”.
Trump indeed wants to use the cryptocurrency as a strategic asset for the Nation’s reserves, just as was done with gold until 1971.
In all this, he also clarified that he would never sell the current US crypto portfolio, which sees a loot of a good 200,000 BTC.
This reserve will be used to address the advancing technology of China, and compete in the fight for dominance in the blockchain and crypto field.
The United States already holds the record for the largest mining companies in the world, but this is still not enough according to Trump: in his plans as president, he stated that he will lower the cost of electricity to help North American miners.
In short, it couldn’t have been more bullish on Bitcoin.
Donald Trump 2024 Bitcoin Conference Speech Recap:
• On day one I will fire Gary Gensler and appoint a new SEC chairman.
• Create a US Government strategic national Bitcoin stockpile if elected.
• US Government will keep 100% of Bitcoin it owns
• Bitcoin is going to… pic.twitter.com/HHgd0NZubX
— Watcher.Guru (@WatcherGuru) July 27, 2024
In the world of finance, the terms “bull” and “bear” are often used to describe market trends. A “bull” market is characterized by rising prices, while a “bear” market is marked by falling prices. Investors need to understand these concepts to make informed decisions. Optimistic forecasts for Bitcoin, it could become a reserve asset of the United States
The promises of Trump during the election campaign in Nashville have created greater optimism for the previsions on the price of Bitcoin from now on.
While the cryptocurrency prices push into the zone preceding 70,000 dollars, there is already some expert, like “Tanaka”, who is already thinking about 100,000 dollars.
His projections see BTC benefiting from the increase in institutional demand thanks to the ever-growing inflows of ETFs, which could get a boost with Trump.
“In the long term, I am fully optimistic that BTC will reach $100k, and that ETH will reach $8-10k”.
We point out that from July 26 onwards, the US Bitcoin ETFs have attracted a total inflow of 17.58 billion dollars, a record figure to date.
Since the beginning of the month, there has been a strong increase in interest for these investment products, reflecting the approach of the November presidential elections.
The 100,000 dollars could be just the beginning of a series of bullish predictions on the price of Bitcoin that we will read from now on.
The independent analyst Daan de Rover, known on Twitter as “Crypto Rover” already claims that Bitcoin could exceed 800,000 dollars in the long term.
This figure is not at all random and reflects the quotation that BTC should have to match the market capitalization of gold, currently at 16 trillion.
The trader believes that Bitcoin is more efficient than gold and that over time it will surpass its value. “If this happens, BTC would be valued at $ 813,054″, said Rover in a tweet on July 28.
All these forecasts on the price of the cryptocurrency also take into account the possibility that Bitcoin could become a federal reserve for the United States.
In this case, about 1 million BTC could be put in a safe by the Americans, removing potential selling pressure from the market and pushing the trades upwards.
In this regard, as stated by the Republican senator Cynthia Lummis:
“Bitcoin will be held for a minimum of 20 years and can be used for one purpose: to reduce our debt.”
The price of Bitcoin today and the impact on the altcoin market after Trump’s speech
Today the price of Bitcoin seems to reflect the enthusiasm coming from the United States after the conference in Nashville presided over by Trump.
With a daily candle +1.90%, the cryptocurrency starts the week well and moves above $69,500 after being slightly affected by speculations over the weekend.
Traders are eagerly awaiting the monthly closing data of BTC, which will arrive at 02:00 AM (UTC+2) on Thursday. If the cryptocurrency closes above 70,000 dollars, we will have a higher probability of a bull continuation until the end of 2024.
Otherwise, the situation will remain in balance, waiting for the bulls or the bears to take control of the market.
Zooming in further and moving to the daily time frame, we can notice how at the moment the price of Bitcoin oscillates in a macro range for several months.
The general outlook is more than positive, with the crypto above the EMA 50 and with an RSI in positive territory. However, a spark is still missing to bring the quotations to a new all-time high, which would pave the way for a bull rally.
The biggest hurdle now is the 70,000 dollars, just a few hundred points away from the current level, followed by the resistance at 73,777 dollars.
Attention to possible setbacks, with particular focus around the 60,000 dollar area, which if broken to the downside this time could trigger greater drawdowns.
In the wake of the positive trend of Bitcoin prices today, many altcoin are recording decent gains. Their short-term future essentially depends on the performance of the sector’s number 1 coin.
In particular XRP, KAS, STX, and JASMY could be particularly correlated with the price of Bitcoin, so watch out for which charts to observe in the trading sessions.
In general, the rest of the altcoin sector also hopes for a rise in BTC, with a part of the industry also praying for a positive trend in ETH.
