💥💥💥 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

#CryptoTrends2024 #BinanceSquareBTC