Bitcoin pushes new all-time high

Key points:

• Bitcoin surged 3.3% to approximately $69,800 as of the latest update.
• Former U.S. President Donald Trump further expressed his support for cryptocurrency during a speech at the Bitcoin 2024 Conference in Nashville on Saturday.
• Bitcoin’s next move could target $85,000 or higher.
  

On July 29, Bitcoin neared the $70,000 mark, achieving a seven-week high but falling about 6% short of its all-time peak.

During Asia trading hours on the same day, Bitcoin's price reached $69,775, according to TradingView, bringing it within 5.7% of its all-time high of $73,757, set on March 14, roughly four and a half months prior.

This is the highest Bitcoin has traded since June 13, when it briefly touched $70,000 before encountering resistance and pulling back.

Trump endorses bitcoin

The former president has positioned himself as the pro-Bitcoin candidate in the run-up to the November election. His potential return could be a significant boost for the industry, which has frequently criticized the stringent oversight and challenging regulatory climate imposed by President Joe Biden.

Donald Trump has publicly endorsed Bitcoin, calling it a revolutionary force in the financial sector. Trump praised Bitcoin for its potential to transform traditional banking and investment systems, highlighting its decentralized nature and resistance to government control. He emphasized that Bitcoin represents a significant innovation in digital currency, reflecting the future of financial transactions. Despite his previous skepticism about cryptocurrencies, Trump’s endorsement signals a potential shift in his perspective. His support could bring further attention and legitimacy to Bitcoin, influencing both public opinion and market dynamics.This endorsement marks a notable departure from his earlier stance on digital assets.

The Bitcoin 2024 Conference

During his speech at the Bitcoin 2024 Conference, US presidential candidate Donald Trump unveiled his plan to designate Bitcoin as a strategic reserve asset if he is elected. Trump stated that his administration would retain all Bitcoin currently held by the US government or acquired in the future, with the goal of creating a national Bitcoin reserve.

• Promote cryptocurrency growth
  This announcement marks a notable shift in Trump's stance on digital currencies, moving from previous criticism to a more supportive position. Additionally, Trump expressed his intention to position the US as a leader in the cryptocurrency sector and proposed removing SEC Chair Gary Gensler on his first day in office to promote industry growth.
• Potential to function
  An ex-White House official who briefly served under Trump’s administration has advocated for bipartisan support in the crypto sector as he believes both parties should cooperate to create a regulatory framework that supports innovation while ensuring consumer protection.

Trump’s position on Bitcoin mirrors billionaire Mark Cuban’s perspective that Bitcoin has the potential to function as a global reserve asset, especially in the face of geopolitical and inflationary pressures. Additionally, Trump revealed his intention to appoint a Presidential crypto advisor and criticized the current administration’s approach to cryptocurrencies, labeling it as “un-American.”

Peter Chung, head of research at Presto, stated that following the U.S. election’s developments between now and November has become “more important than ever.”
“With the overhang removed, the market is now under no constraints to reflect the implications of not just Trump's speech, but also Lummis' Bitcoin Strategy Reserve Bill,” Chung added.

Bitcoin price analysis

Bitcoin’s recent price movement highlights its strong bullish potential, with a nearly 31% rebound since it dropped to $53,746 on July 5. The recent peak of $69,900 on July 29 reinforces this upward momentum, indicating that Bitcoin may be in the midst of a significant bullish trend. This peak suggests that the corrective wave four, which concluded on July 5, has transitioned into the final wave of this uptrend.

In the next 24 hours, we anticipate Bitcoin will maintain its upward momentum, possibly approaching its all-time high of $73,850. This movement would complete the five-wave pattern that started on July 5. After reaching this peak, we expect a potential downward adjustment, which could see the price retrace to around $61,500.

However, this anticipated correction is likely to be a temporary setback. Bitcoin is expected to set a higher low, after which the next uptrend could push the price past the all-time high resistance and set a new record.

Since the current uptrend from July 5 represents the initial sub-wave of a larger five-wave pattern, we can reasonably anticipate that Bitcoin could eventually surpass $85,000. The extent of the forthcoming correction will play a crucial role in determining the exact target price.

Independent presidential candidate Robert F. Kennedy Jr. and Senator Cynthia Lummis have both advocated for creating a strategic Bitcoin reserve for the US. Meanwhile, former President Donald Trump has promised that his administration would halt any further sales of Bitcoin if he is elected. If these proposals are implemented, they could exert significant buying pressure on Bitcoin and potentially create a supply shock in the market.

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