The crypto market is experiencing a notable boost today, which is driven by the impact of former President Donald Trump's speech on the last day of the Bitcoin Conference 2024 in Nashville. His speech sparked optimism among investors, contributing to Bitcoin's recent price surge.
Trump's Speech and Bitcoin's Surge
Former President Donald Trump’s increased popularity after surviving an assassination attempt has had a positive impact on the market.
Expecting his potential victory in November has led to significant price movements.
Bitcoin's latest price has gone up by 2.46%, reaching approximately $69,310, recovering from a weekly low of $64,425. This increase occurred just before Trump’s speech at the conference.
There is online speculation that Trump might push for a U.S. Bitcoin Reserve, similar to foreign currencies or oil, if he wins the election. T
his possibility also contributes to positive sentiment, causing Bitcoin's price to surge over 16.50% since the failed assassination attempt on July 13.
While speaking at the conference, Trump said “This is the kind of spirit that built America,” while referring to the crypto community. He also described the unique nature of Bitcoin, saying “There’s never been anything like it.”
Technical Analysis and Market Patterns
Technical analysis of the daily price chart shows that Bitcoin's latest price recovered after testing its 50-day exponential moving average (50-day EMA), which has recently served as a strong support level.
Now, Bitcoin is nearing the upper line of its current channel pattern, aiming for $70,850, which is about 2.5% higher than the current price.
If Bitcoin reaches $69,790, it might trigger an inverse head and shoulders (IH&S) pattern, potentially pushing the price even higher in August. If this pattern holds, Bitcoin could reach an upside target of around $87,440 by October.
Speculation and Investor Sentiment
Trump’s speech at the Bitcoin Conference 2024 has caused huge excitement in the crypto community.
It is the first time a U.S. presidential candidate has addressed the Bitcoin Conference.
Trump, known for his pro-crypto stance, has gathered substantial support from the crypto community, raising over $6 million from crypto-related Political Action Committees (PACs) and donors, according to Coinpedia.
During Trump's speech, people observed the possibility of the U.S. government adopting Bitcoin as a strategic reserve asset. Moreover, in previous statements, Trump has always expressed a desire for Bitcoin to be mined in America.
The "Trump Effect" and Crypto Price Changes
According to a report from Coinpedia, before Trump’s speech, the crypto market has already started showing great signs. The Bitcoin market traded in the green and hovering around $68,818.
Analysts at QCP Capital describe this movement as the “Trump effect” on Bitcoin, with the options market showing doubled realized volume as investors expect more gains ahead. This trend of crypto price changes reflects the market's positive outlook.
Additionally, Coinpedia noted that Bitcoin is currently in an upward trend, forming higher highs and higher lows following a correction earlier in July. Analysts predict that Bitcoin could extend its gains by 5.52%, aiming for a target of $71,997, just shy of the $72,000. However, it might face some challenges at price points around $69,582 and $70,117. If the rise continues, there is a possibility Bitcoin could reach its record high of $73,777.