The anticipation is high because Bitcoin Conference 2024 is coming, fueled not only by technological advances but also by the surprising support of an influential figure: Donald Trump.
A surprising reception Bitcoin by the former president could change the cryptocurrency scene and cast long shadows over political debate and market forecasts. Here’s a look at how a potential Trump presidency could impact the direction of cryptocurrencies.
Trump’s Bitcoin Return
Once a staunch opponent of Bitcoin, Donald Trump has changed his language dramatically. Even while suggesting Bitcoin as a possible reserve currency alongside the U.S. dollar, his campaign has aggressively embraced the digital asset. This novel zeal is a far cry from his earlier stance, when he wrote off Bitcoin as a “fraud.”
In recent discussions, the former president has called Bitcoin “digital gold.” His campaign promises to enhance the acceptability of the digital asset. This could give companies and investors more confidence, making Bitcoin more attractive.
Regulatory changes and economic impacts
Trump’s potential impact on Bitcoin depends largely on his stance on regulation. Given JD Vance’s pro-crypto stance, Trump’s choice for vice president suggests a likely tsunami of favorable crypto laws. Clearer rules and more institutional investment in Bitcoin could find their way into this regulatory climate.
Another crucial element of Bitcoin’s price dynamics could be Trump’s economic plans. His platform emphasizes lowering inflation and increasing economic stability — traits that directly impact Bitcoin’s value.
Trump’s economic policies have been blamed for the relatively inconsistent investment environment during his previous presidency. If he could create a better economic climate, Bitcoin would benefit from greater liquidity and investor confidence.
Market assumptions and reactions
The Bitcoin market is driven by speculation, so Trump’s close ties to the crypto asset have reinforced that influence. Recent events such as Trump assassination attemptshowed how drastically market sentiment can react to political changes. The cryptocurrency enjoyed a large rally after that episode; meme coins and market sentiment reflected the large stakes of Trump’s involvement.
Meanwhile, after the failed coup attempt, the former commander-in-chief grades against Biden has increased slightly (see chart below).
Trump’s erratic political path is fueling even more speculation about his possible administration. The election outcome is still unknown, even as Kamala Harris emerges as a mighty contender. Harris’s opinion on Bitcoin could potentially affect market dynamics, adding another layer of complexity to the currency’s future.
Analysts are divided on the potential impact of a Trump win on Bitcoin’s price as the election approaches. While some see a positive trend where Bitcoin could surge above $100,000, others remain cautious, awaiting more decisive indications from Trump’s campaign and plans.
BTC Price Forecast
Technical signs show that Bitcoin will rise significantly in the coming week. The cryptocurrency is trading 33% below our monthly forecast, anticipating a pullback if market conditions improve. Bullish indications such as a rising moving average and a stronger Relative Strength Index (RSI) suggest that BTC could correct its undervaluation and reach our forecasted price target.
Bitcoin’s expected three-month gain of 536% and six-month gain of 53% shows investor confidence. Analysts expect 148% enhance in BTC during the year, indicating its long-term potential. Positive trendline breakouts and solid support levels support this projection. Institutional interest and favorable macroeconomic conditions could boost Bitcoin price in the long run.
Featured image from Getty Images, chart from TradingView
