The 2024 Bitcoin Conference is highly expected for its technological breakthroughs and unusual support from Donald Trump, which is on an all-time high.
The abrupt friendliness the ex-president illustrated toward bitcoin may turn around the crypto realm, overshadowing political conversations and market speculation. This piece looks at what could happen to cryptocurrency in years ahead because of Trump’s leadership.
Trump Revives Bitcoin
Donald Trump’s way of talking about bitcoin has varied greatly since he once criticized it. His campaign has embraced bitcoin so much so that he even suggested it as an alternate currency to the U.S dollar reserve. This new attitude is a sharp contrast to his previous one when he referred to bitcoin as a “scam.”
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In recent talks, the former president referred to Bitcoin as “digital gold.” Through his platform, he promises growing popularity of this digital asset. Trust can make businesses and investors believe in Bitcoin hence increasing its popularity.
Regulatory Shifts and Their Impact on Economy
What Trump does regarding regulatory concerns will have the greatest impact on what might happen with Bitcoin. To add further weight to this argument, if Trump takes JD Vance as his running mate – known for being pro-crypto - we should expect more crypto-friendly laws soon enough. In this regulatory environment, there may be room for clearer rules and better investments in Bitcoin by major institutions.
One thing that can cause significant shift in price dynamics of Bitcoin by Trump’s economic policies. Two factors which directly affects value of Bitcoin are economy stabilization and inflation reduction which are goals of Trump’s policies.
Those economic initiatives promoted by him during his past presidency were blamed for creating more or less constant investment climate (stockmarkets.com). If successful in reviving the economy, Bitcoin is expected to benefit from improved liquidity and investor confidence.
The markets’ speculativeness on bitcoin has only been heightened by this close connection Trump shares with it. The attempt on Trump’s life and other recent occurrences show the likelihood of a strong market reaction to politics. Meme currencies and market sentiment mirrored what was at stake in Trump’s involvement, hence crypto rose significantly following the event.
The chart below shows polls indicating some increase in disapproval of Biden by the former president.
His erratic political journey causes more conjecture about whether Trump may become President again or not. Despite Kamala Harris rising, it is unclear which way the election will go. As far as future prospects are concerned, uncertainty is made even more acute as Harris’s views on bitcoin could determine market trends.
Analysts are debating whether a Trump victory would increase or decrease Bitcoin price as we approach elections. Some are optimistic about bitcoin trends saying that its value can exceed $100,000 while others wait for clearer signs from Trump’s campaign strategies and policies.
Bitcoin’s value is projected to sky-rocket next week according to all the technical indicators. The cryptocurrency is now selling at a 33% below our monthly forecast that anticipates a recovery in case the market conditions improve. If bullish indications like rising moving average and higher Relative Strength Index (RSI) go as planned, Bitcoin might correct its undervaluation and reach the targeted price objective.
This can be seen from Bitcoin's predicted gains of 536% in three months and 53% over six months. According to analysts, Bitcoin has long-term potential with projections showing its value will increase by up to 148% within one year. Positive trendline breakouts and strong support levels are behind this prediction. Institutional investment and favorable macroeconomic conditions could lead to an increase in Bitcoin’s price over time.
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