On Monday (September 23), Bitcoin opened in Asia with a sharp fluctuation of nearly $1,700, continuing to digest the dovish signal of the Federal Reserve's 50 basis point rate cut. Former US President and Republican presidential candidate Donald Trump stated that he would not run again if he lost the 2024 election, emphasizing that he recognized cryptocurrencies and believed that the United States should become the global center of cryptocurrencies. Billionaire Elon Musk revealed that he would soon launch an independent artificial intelligence (AI) service Grok application.

Trump said on Sunday that he does not think he would run again in 2028 if he loses the presidential election in November.

Trump was born in 1946 and is now 78 years old. He will be 82 years old by the time of the 2028 US presidential election. Before the current US President Biden announced his withdrawal from the 2024 US presidential election, Trump often used the age issue to attack Biden, who is now 81 years old.

He made an important point about cryptocurrencies during a live broadcast on Twitter Spaces, saying: “You’re going to love your crypto, as long as you have crypto and you’re happy, so I want to make sure you’re happy.”

He went on to explain: "Now you have a very hostile SEC, the U.S. government is against cryptocurrencies, and no one understands why, my attitude is different, if we don't do it, other countries will do it, we have to be the biggest and the best, and when you look at the value and when you add everything up, the value of this whole thing is bigger than the first 20 companies they showed me, the number is just huge. Cryptocurrency suffers from some credibility problems, but it is growing, I really believe in it, and I also know a lot of friends who are really into it, my kids talk about wallets, he has like 4 wallets, very knowledgeable. It's a new and huge business, and it has the opportunity to be something really special."

When asked if he learned about cryptocurrency from his children, which led to more influence, Trump responded: "It makes things easier. It's a bit like a language. For example, my granddaughter speaks fluent Chinese and has been learning Chinese from a nanny since she was two or three years old. I think cryptocurrency is a bit similar. There is a learning curve. My children really understood cryptocurrency at the beginning."

He raised the importance of the United States staying ahead in cryptocurrency adoption and innovation, saying: "It's cryptocurrency, it's AI, it's a lot of things, and when it comes to the future of AI, it requires tremendous power capacity, if you take all the electricity in the United States, in order to dominate in the field of AI, you need twice that amount of electricity, who would think that? You need twice the amount of electricity that we already have. There are countries that are already building power plants, they want to build them for AI, which is very important, but we have environmental impact issues."

He emphasized: "Whether it's cryptocurrency or AI or other things that are coming, we want to have a great country, we want to stay at the top, we are making things now, we are leading in many aspects, and one thing I am very proud of is the Space Force. Now we are the leader in space. I must say that Musk has done a great job. He is my friend. He strongly supports me to become president. This is incredible, but he has done a great job in space. The rockets he launched account for 90% of the launches in the world."

Speaking of AI development, Musk revealed in a Twitter post on Sunday that the AI ​​service Grok will soon launch an independent app. This means that the most mainstream AI chatbot ChatGPT will face challenges.

Trump continued that the United States should have a legal framework for cryptocurrency. He said: "I think they should have, they should also have some safeguards, maybe some people will say this is a bad thing, but it's not, it can't be completely free, I talked to some big cryptocurrency people, they want safeguards, but the current environment is very hostile, as far as I know, the SEC has been very hostile, really arresting people, I think, frankly, since they heard that I was involved, they have treated people much better, cryptocurrency is something we have to do, whether we like it or not, we have to do it."

In addition to cryptocurrency traders continuing to focus on Trump's news, the Federal Reserve's dovish pricing of a 50 basis point rate cut continues to be digested. This week, US PCE and speeches by several Federal Reserve officials are expected to become a new round of catalysts.

Bitcoin Technical Analysis

CoinTelegraph pointed out that although short-term uncertainty in Bitcoin remains, analysts are optimistic about the long-term prospects. Geoff Kendrick, head of global digital asset research at Standard Chartered Bank, expects the price of Bitcoin to reach $200,000 by the end of 2025.

Kendrick expects positive inflows into bitcoin exchange-traded funds, a small increase in inflation, and the potential rescission of Staff Accounting Bulletin 121, a rule that effectively prevents banks from holding digital assets for clients, to be the main triggers for bitcoin’s rally.

Bitcoin’s recovery is facing profit-taking near $64,000, suggesting that bulls are nervous about continuing to buy near the overhead resistance of $65,000.

The price could pullback to the 20-day exponential moving average at $60,232, which is an important level to watch. If the price rebounds off the 20-day EMA, it will improve the prospects of breaking out of $65,000. Then, Bitcoin could surge towards the strong resistance at $70,000.

Conversely, if the price continues to move lower and breaks below the moving averages, it will indicate that the market has rejected higher levels and Bitcoin could subsequently drop to the support line.

Bitcoin has fallen back to the 20-EMA on the 4-hour chart and if this support cracks, Bitcoin could drop to the 50-SMA. Buyers are expected to aggressively buy at lows of $61,200. If the price rebounds off this level, it will indicate that the bulls have flipped the $61,200 level as a support.

Then, Bitcoin will make another attempt to break out of the $65,000 resistance level.

If the bears want to halt the rally, they will have to drag the price below the 50-SMA. If they do so, Bitcoin could drop to $59,000 and then to $57,500.