Bitcoin price has seen a significant rebound, climbing back to $67,000 ahead of an anticipated speech by former U.S. President Donald Trump at the Bitcoin Conference in Nashville. This surge comes after a week of notable losses in the cryptocurrency market, driven by various speculative and macroeconomic factors. How will this speech affect Bitcoin price?
Bitcoin Price Analysis: Factors Driving The Recovery
1- Trump’s Speech
Traders are closely watching Trump's upcoming address, with expectations high that he might discuss strategic plans for Bitcoin, potentially including a national Bitcoin reserve if he wins the presidency. Investors highlighted that futures traders are hesitant to take short positions on Bitcoin, fearing a price surge if Trump makes significant announcements. The anticipation has led to a predominance of long positions in the market.
2- Major Bitcoin Purchase
Adding to the positive momentum, Marathon Digital Holdings Inc. announced the purchase of $100 million worth of Bitcoin, increasing its total holdings to over 20,000 BTC. The company also plans to retain all its mined Bitcoin and make additional purchases from the open market, demonstrating strong confidence in Bitcoin's future value.
3- Japan’s Progress Toward Bitcoin ETFs
In a significant development for the global crypto market, Japanese financial giant SBI is preparing to launch Bitcoin ETFs in Japan, partnering with Franklin Templeton. This move follows successful launches of Bitcoin ETFs in countries like Canada, Brazil, and the U.S. The introduction of these products in Japan is pending regulatory approval but is expected to further legitimize and boost the market.
4- Bitcoin ETFs Inflows
Bitcoin ETFs in the U.S. have continued to see substantial inflows. BlackRock's IBIT, for instance, attracted $70.7 million worth of inflows recently, highlighting the growing institutional interest in cryptocurrency investments.
Bitcoin Price Prediction Amid Current Market Optimism
Bitcoin price recovery is also part of a broader easing of risk-off sentiment in global financial markets. After hitting lows of around $63,000 earlier in the week, Bitcoin rose 4.2% to surpass $67K. This recovery was bolstered by a decrease in selling pressure and a renewed interest in risk-driven assets.
The recovery isn't limited to Bitcoin price alone. Major altcoins like Ether, ADA, XRP, and SOL have also seen gains, with Ether rising 2.9% to $3,263.68. This resurgence follows the launch of spot exchange-traded funds (ETFs) in the U.S. and anticipation of key U.S. inflation data and a Federal Reserve meeting.
In current market optimism and ahead of Trump's speech tomorrow at the BTC Conference in Nashville, most traders and analysts foresee a positive market surge, as the former US President has always been a major supporter of Bitcoin in particular and cryptos in general. However, to date, Bitcoin price has never surged above $71K, and most analysts have previously predicted a surge of Bitcoin price to new highs, some even surpassing $100K but most of which time frame target is not for the short term. With the recent turn of events, such as Biden's withdrawal and tomorrow Trump's speech, could the surge to new highs be soon for Bitcoin, many wonder.
In a deeper analysis, the Bitcoin price is showing bullish signals, and its performance at all times is coupled with a positive increase, making the surge highly possible this weekend, but it all depends on the speech and what major updates to the market it could bring with new proposals or statements. Bitcoin price major resistance level to see the surge would be to surpass $69K level first, and $70K second. If so, new price targets could be set then for Bitcoin price. Current market trends now suggest that Bitcoin will keep trading between $66K-68K until the speech is over.
As for the long-term Bitcoin price prediction and higher surge, it would be mostly around the presidential elections, and following the preliminary voting surveys at first if in favor of Trump and post-elections if he would win the presidential race.
Bitcoin's rebound to $67,000 is fueled by a combination of speculative optimism around Trump's upcoming speech and significant institutional investments. The broader crypto market is also showing signs of recovery, with major altcoins posting gains and positive developments in the ETF space globally.
