Donald Trump went all-in on Bitcoin (BTC) in his recent keynote address at the Bitcoin 2024 conference in Nashville, promising voters he would make the United States the “cryptocurrency capital of the world.”
He would create a national BTC “reserve,” making the cryptocurrency a “permanent national asset.”
Naturally, Trump’s campaign promise has drawn a bullish response from top cryptocurrency analysts, with some even predicting that Bitcoin’s price could grow tenfold in the coming years.
Bitcoin Price Likely to Break $800K – Analyst
One of the boldest and most bullish views on Bitcoin since President Trump’s speech comes from independent market analyst Dan de Rober.
The chartist, who goes by the moniker “Crypto Rover” on X, predicts that if the former US president is reelected in November, the price of BTC will hit $800,000, especially after Trump said that Bitcoin could surpass the market cap of gold in the future.
“If this happens, BTC would be worth $813,054,” Rover tweeted on July 28.
Wyoming Republican Senator Cynthia Lummis added to the bullish outlook, proposing a legislative proposal to establish an official U.S. Federal Reserve of 1 million BTC over the next five years, which would be about 5% of the total BTC supply of 21 million tokens.
Excerpts from her speech:
“(Bitcoins) are held for at least 20 years and can be used for one purpose: reducing debt.”
The US government already holds 210,000 BTC, worth $14.26 billion. Trump has pledged to allocate the holdings to the US Treasury, adding that if elected, his government will never give them away.
Bitcoin Price Will Reach $100,000 – Analyst
Bitcoin has been selling off since Trump’s speech and has since stabilized in the $67,500-$68,000 range. However, that hasn’t stopped some analysts, such as Dan Crypto Traders and Tanaka, from predicting a run to $100,000.
Related: Bitcoin hits 16-month high of ‘positive sentiment’, price nears $68,000
“I am very optimistic that BTC will hit $100,000 in the long term and ETH will hit $80,000-$10,000,” Kanaka said, noting that ETF funds will gradually “attract more large institutional investors to the Bitcoin market.”
As of July 26, the U.S. Bitcoin ETF managed $17.58 billion in assets, the highest it has ever been. This is also up from $14.65 billion at the beginning of the month, showing the surge in interest ahead of Trump’s keynote speech.
Meanwhile, analyst Cryptomist predicts that BTC price will reach $100,000 based on the ascending channel pattern.
Rising Wedge: Bitcoin’s Next Target Is $74,000
Bitcoin’s volatile price action is occurring within the dominant ascending wedge pattern of BTC, indicating a rally towards $74,000 by August. This level, which is 9.30% up from the current price level, is where the two trendlines of the wedge are converging.
Conversely, if there is a decisive break below the lower trendline of the wedge, there is a risk of a correction to the $60,000-66,000 range, depending on the point of the break. This is mainly due to the way the rising wedge break is calculated: the maximum distance between the two trendlines is measured and the result is subtracted from the point of the break.
This article does not contain any investment advice or recommendations. All investment and trading moves involve risk, and readers should conduct their own research when making decisions.