The price of the cryptocurrency bitcoin could surpass the current record of $73,800 and approach $80,000 by the end of the holiday season. The impetus could be the expected speech of US presidential candidate Donald Trump at the world’s largest bitcoin conference in Nashville. Economists and cryptocurrency experts polled agreed. Currently, bitcoin is trading around USD 66,000, up by half compared to the beginning of the year.
Bitcoin’s Recent Performance
Bitcoin has been stumbling in recent weeks, according to Bit.plus CEO Martin Stránský, with its price oscillating in a relatively narrow band between $60,000 and $70,000 and investors waiting for some major momentum.
“One of them was the recent approval of ethereum ETFs, which has spurred interest in investing in cryptos. Another may be Saturday’s announced appearance by Donald Trump at a bitcoin conference in Nashville. This could be a price-setting signal and kick-start a price rise to $80,000 during the holiday season and to the $100,000 mark by the end of this year. Of course, the U.S. election will be an important factor in the fall, as well as the Fed’s potential easing of monetary policy,” Stránský said.
Experts’ Predictions and Trump’s Influence
Anthony Pompliano, founder and CEO of Professional Capital Management, believes bitcoin could reach a new all-time high in the next two weeks if Trump backs the asset on Saturday. “Supply is limited, demand is growing, and now we have the potential for supportive regulatory changes and political support. All of these factors combine to make it hard to imagine a world where bitcoin isn’t at a higher level,” he said on eToro’s podcast.
Trump is increasingly profiling himself as a supporter of cryptocurrencies and bitcoin in particular, according to Purple Trading analyst Peter Lajsk. His latest moves show this – he has chosen Senator J.D. Vance, who has had a career as an investor and is thus very close to the tech world, as a possible vice-presidential choice. “A literal explosion of the bitcoin exchange rate could then be caused by the announcement that Donald Trump intends to create a US reserve fund focused specifically on bitcoin.”
Risks and Market Speculation
“Bitcoin has weathered the recent IT blackout and political instability in the US much better than gold. Thus, given the outlook for interest rate cuts in the US, it may again attack the highs by the end of the year,” Lajsek said.
Investors are currently eyeing various events that could theoretically kick-start an uptrend, according to Wood&Company analyst Tomas Kacerovsky. One of these events is the conference at which Trump will speak. However, if expectations are too high, there could be a price drop in the event of a disappointment, he said.
Source: čtk
