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Highlights
- Bitcoin price surges past $67,000, sparking speculation over a further rally ahead.
- Expert predicts Bitcoin's ATH likely near Bitcoin Conference 2024, citing key market catalysts.
- Recent analysis suggests Bitcoin to soar past $80K if it breaks a key resistance level.
Bitcoin News: The flagship crypto has crossed the $67,000 mark recently, catching the attention of investors. Notably, the upcoming Bitcoin Conference 2024 in Nashville, set for July 25-27, has fueled speculation about a further rally. According to several market watchers, this event could push BTC to a new all-time high (ATH), sparking discussions in the crypto community.
Key Catalysts Behind A Possible ATH For Bitcoin
Looking at the recent Bitcoin news, several factors are contributing to the market optimism. For context, Dennis Porter, CEO of Satoshi Act Fund, recently mentioned a “credible source” suggesting that Donald Trump might announce BTC as a strategic reserve asset for the U.S. If true, this could significantly boost the crypto’s price.
Meanwhile, market expert Fred Krueger also pointed to multiple catalysts in a recent X post. He advised investors not to sell their BTC, citing key events such as Trump’s live appearance at the upcoming Conference, the end of Mt. Gox repayment, a potential Federal Reserve interest rate cut, and the upcoming U.S. election.
Krueger emphasized the importance of holding onto BTC amid these developments. For context, the Federal Reserve is expected to announce a 25 basis points interest rate cut in September.
The CME FedWatch Tool shows a 94% chance of this happening, especially with the recent cooling of U.S. CPI figures. This potential rate cut could further boost the crypto’s appeal as an investment.
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Here’s The Next Level To Watch
Donald Trump’s pro-crypto stance has also bolstered market sentiment. According to PolyMarket, Trump has a 64% chance of winning the upcoming US presidential election, compared to Joe Biden’s 7% odds. This political shift could have a positive impact on the crypto market.
Institutional interest in BTC also appears to be growing, as evidenced by the robust inflow into U.S. Spot Bitcoin ETF. Bloomberg senior ETF analyst Eric Balchunas highlighted a $17 billion year-to-date influx into these ETFs, marking a significant milestone. This growing institutional interest underscores the crypto’s potential as a mainstream investment.
In addition, Bitcoin’s Coinbase Premium Gap data indicates that BTC has reached its bottom and is gearing up for a rally. This data, combined with the other positive factors, supports the idea that the flagship crypto could soon achieve a new ATH.
During writing, BTC price was up about 1% and exchanged hands at $66,800, after touching a one-day high of $67,442.64. The crypto has noted gains of 14% on a weekly basis, reflecting its robust performance.
Meanwhile, a recent CoinGape Media analysis suggests that the BTC rally faces major resistance at $70,250. Surpassing this level could trigger a post-breakout rally to $80,000 or even higher.
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