Bitcoin has seen a dramatic rise this month, largely due to expectations that former U.S. President Donald Trump will drive the price even higher. After a nearly 20% gain since early July, Bitcoin is now trading at around $67,286.
Veteran crypto trader Doctor Profit believes Bitcoin is on the verge of setting new all-time highs this week. With major events on the horizon, here’s what to watch for and why it’s important.
Key Events To Watch This Week
This week is crucial for Bitcoin, with former President Donald Trump scheduled to speak at the Bitcoin 2024 Conference in Nashville on July 27. However, Doctor Profit expects Trump’s speech could lead to big changes in Bitcoin’s price.
Trump’s potential discussion on integrating crypto with AI, alongside his vice-presidential pick JD Vance, who is a known crypto supporter, could also lead to better rules for digital assets.
In addition, President Biden’s surprising decision to withdraw from the 2024 presidential race could also benefit the crypto market. Analysts believe this political shift might positively impact Bitcoin and other cryptocurrencies in the coming months.
Moreover, the Ethereum ETF is set to begin trading on Tuesday, July 23, while the launch of the ETH ETF is expected to bring a positive trend for Ethereum. Therefore Bitwise Chief Investment Officer Matt Hougan predicts that the new ETF could push Ether’s price above $5,000 by the end of 2024. This would represent a 40% increase from its current price of $3,511.
Historical Context & Market Expectations
Further Doctor Profit points out that Trump’s upcoming speech is similar to a past event in 2021 when Elon Musk spoke at a Bitcoin conference. Musk’s speech caused a short-term drop in Bitcoin’s price, but soon after, Bitcoin soared from $29,000 to $69,000. Doctor Profit believes this time, Bitcoin will more likely rise rather than fall.
Michael Dell To Attend BTC Conference
There are also rumors that Elon Musk might attend the conference. However, it’s possible that Michael Dell could make a surprise appearance at the conference. Dell, who has a net worth 10x that of Michael Saylor, could have a bigger impact on Bitcoin’s price than Saylor would.
Bitcoin Price Analysis
Doctor Profit’s recent predictions for Bitcoin have proven accurate. He correctly forecasted its rise from $54,000 to $60,000, and then to $66,000. Now, he’s suggesting that a new all-time high for Bitcoin is imminent.
This prediction comes as the Fear and Greed Index recently shifted from extreme fear to greed, signaling that Bitcoin might be poised for a significant increase. This shift could be a great chance for investors to buy in.
Also Read: What’s Next For The Top 5 Cryptocurrencies As Bullish Sentiments Intensifies?
