Bitcoin (BTC), the world’s oldest and most valued cryptocurrency, started the week on a bullish note, remaining above $69,000.
The recent surge, which saw BTC hit an intra-day high of $69,761, has been driven by US presidential candidate Donald Trump’s unexpected endorsement.
Trump’s proposal to establish a national Bitcoin stockpile and his commitment to create a favorable regulatory environment have sparked significant price volatility and increased trading volume.
These developments are central to current Bitcoin price predictions, suggesting potential for further gains.
Hong Kong’s Bitcoin Integration Proposal Could Boost BTC’s Institutional Demand
Johnny Ng, a member of Hong Kong’s Legislative Council, has proposed adding Bitcoin to Hong Kong’s financial reserves to strengthen the economy.
Ng believes Bitcoin, often referred to as “digital gold,” could be a valuable asset if managed under strict regulations. This proposal aligns with the global interest in digital assets and Web3 technologies.
💥FACTS JUST IN💥
Hong Kong Legislative Council Member Johnny Ng has announced plans to
collaborate with various stakeholders to assess the feasibility and potential benefits of incorporating #Bitcoin into the special administrative region's financial reserves…👀💥#Crypto… pic.twitter.com/SnCUdvR1a0— All Facts Crypto (@AllFactsCrypto) July 28, 2024
Ng emphasizes that secure and compliant integration of Bitcoin could enhance Hong Kong’s economic stability and attract global investment. His proposal reflects Hong Kong’s ambition to become a leading center for digital innovation and technology.
This move could positively impact BTC’s price by increasing its institutional demand and legitimacy, driving further interest and investment in Bitcoin, potentially boosting its value.
Key Points:
- Proposal: Adding Bitcoin to Hong Kong’s financial reserves.
- Integration: Focus on secure and compliant management.
- Impact: Increased institutional demand and investment in Bitcoin.
Trump Jr.’s Bitcoin Endorsement and Trump’s Commitment to Retain BTC Holdings Boost Market Confidence
At the Bitcoin2024 conference, Donald Trump Jr. supported Bitcoin as a way to protect against inflation and oppressive governments, setting up for his father’s upcoming speech. Former President Donald Trump, running for president again, didn’t promise to make Bitcoin the official currency but did pledge to keep all Bitcoin the U.S. government currently holds and any new Bitcoin it acquires.
This is different from the current U.S. policy, which involves auctioning off seized Bitcoin and other cryptocurrencies, which can impact their prices. Trump’s stance is in line with the belief in cryptocurrency circles that it’s better to hold onto Bitcoin rather than sell it, even if the market fluctuates.
Hence, Trump Jr.’s endorsement of Bitcoin and his father’s pledge to retain all U.S. Bitcoin holdings could positively impact BTC’s price by enhancing market confidence. This commitment to holding Bitcoin, rather than selling, aligns with bullish sentiments in the crypto community.
Peter Schiff Questions “Never Sell Bitcoin” Strategy, Raising Doubts About BTC’s Future
Economist Peter Schiff has criticized former President Donald Trump and MicroStrategy Inc. co-founder Michael Saylor’s advice to “never sell your Bitcoin.”
Schiff compared holding Bitcoin indefinitely without selling to living in poverty despite owning substantial cryptocurrency assets. He questioned the rationale behind expecting Bitcoin’s value to soar as a means for the U.S. to pay down national debt without causing inflation.
Genuine question:
How could the bitcoin price ever drop that low if ~87% of hodlers will never sell and will buy more and more as the price falls?
My economic education is still in its infancy, but doesn't this essentially create a price floor? https://t.co/IAZORUskd4
— Gregory Gosson (@GregoryGosson) July 29, 2024
Schiff’s comments counter Trump’s promise to retain Bitcoin holdings if elected and Saylor’s bullish predictions about Bitcoin’s future value. This criticism may impact BTC’s price by increasing skepticism. Schiff’s doubts about Bitcoin’s long-term value and utility could prompt investors to reconsider the viability of holding Bitcoin indefinitely.
Bitcoin Price Prediction
Bitcoin (BTC/USD) is currently trading at $69,310, down 0.38% on the 2-hour chart. The pivot point is set at $68,811, a crucial level to monitor for potential trend shifts. Immediate resistance levels are observed at $70,016, followed by $70,940 and $72,029. On the downside, immediate support is at $68,811, with additional support levels at $67,885 and $67,771.
The Relative Strength Index (RSI) stands at 59.26, suggesting a neutral market sentiment without clear overbought or oversold conditions. The 50-day Exponential Moving Average (EMA) is at $67,885, providing a key support level.
The upward trendline indicates a sustained buying trend above the $68,800 level. The formation of a bullish engulfing candle on the 2-hour chart further supports the likelihood of a continued bullish trend.
In conclusion, the technical indicators suggest maintaining a buying position above the $68,800 mark, with potential for further gains if resistance levels are breached. Conversely, falling below this level could indicate a shift towards a bearish outlook.
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