Bitcoin’s price has once again drawn attention as it briefly touched the $69,000 level, rising to $70,000 on Monday (July 29, 2024).
However, this surge was short-lived as Bitcoin sharply corrected to $68,000, marking a 3% drop in the last 24 hours as this article is being processed.
Despite the decline, optimism for Bitcoin’s future price rise remains high. Contributing factors include the potential for an interest rate cut at the upcoming Federal Reserve (Fed) meeting in September and political turmoil ahead of the U.S. elections in November.
Factors Driving Bitcoin’s Price Increase
An interest rate cut can help lift the prices of crypto assets as borrowing becomes cheaper for investors.
The next Fed policy meeting regarding U.S. interest rates is scheduled for July 30-31, 2024. According to CME Watchtool data, there is a 95.9% chance that there will be no interest rate cut this month.
However, for the September meeting, there is an 87.7% chance of a 25 basis point cut, with the remaining 12.3% expecting a larger cut.
In addition to the potential rate cut, politically, former President Donald Trump has promised to build a “strategic Bitcoin reserve” for the United States at the Bitcoin 2024 conference in Nashville on Saturday (July 27, 2024).
“To conclude my plan for today, I announce that if I am elected, my administration will implement a policy for the United States to maintain a strategic Bitcoin reserve.” said Trump.
“Bitcoin in the next four months will be highly correlated with the likelihood of Trump being elected,” tweeted Rich Rosenblum, co-founder of trading firm GSR, on Saturday (July 27, 2024).
While Trump’s speech had little immediate impact on Bitcoin’s price, the former president’s crypto policy promise has made it challenging for Vice President Kamala Harris to counter him, Rosenblum tweeted.
Ajaib Kripto financial expert Panji Yudha stated that BTC could surpass its all-time high by the end of this year. Data from Coinglass shows that in Q4 from 2013 to 2023, Bitcoin has averaged a rise of over 80% in Q4.
“Political support, institutional backing, and potential interest rate cuts could propel Bitcoin beyond its all-time high of $73,750, reaching the $90,000 – $100,000 range by the end of the year.” said Panji.
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For More Crypto Updates :https://safubit.com
Read: The Five Largest Token Unlocks of August 2024 (dinodapps.com)
