Bitcoin regained momentum on Tuesday, trading in bullish territory after sentiments in the larger crypto markets were uplifted.
For the first time in over two weeks, Bitcoin surpassed $63,000, thanks to market movements and growing speculation about US presidential candidate Donald Trump’s possible comeback to the White House.
Trump, who has supported cryptocurrencies, perceived a boost in his prospects of winning the next election after an attempted assassination. As a result of this development, there is a greater chance that Donald Trump will win the US presidential election.
As reported earlier, billionaires like Justin Sun and Elon Musk have officially endorsed him. As a result, the value of cryptocurrencies and coins that would gain from a Trump administration surged.
At press time, BTC was trading at $64,450.87, up nearly 2% from the previous day.
BTC buoyed by Mt.Gox transactions?
On July 16, Mt. Gox transferred more than 140,000 BTC, or almost $9 billion, which alarmed the market after two weeks of lethargy. A known cold wallet received 44,527 BTC from Mt. Gox, while nearly 96,000 BTC went to two unidentified wallets.138,985 BTC, or around $8.7 billion, remain in Mt. Gox’s primary wallet.
Usually, Mt.Gox transactions and Bitcoin dumping have pressured BTC prices. However, it seems that this time around, people have perceived this as a rather bullish signal.
Will BTC see more green trading days?
After a lackluster second quarter, BTC’s price in Q3 has begun with a much-anticipated breakthrough rally to break $70K. The market anticipates a protracted bull market as Bitcoin breaks above $60,000. Growing expectations for US market interest rate reductions will support Bitcoin’s upward price trend.
As a result, 2024 is expected to be a very positive year for Bitcoin, reaching a possible high of $100,000 by September.
After the fourth Bitcoin halving, many observers think that Bitcoin’s price trend steadily gained bullish momentum. Based on past trends, Bitcoin appears to have a lot of room to expand, possibly reaching $100,000 or more in this cycle. With the negative trend finally abating, enthusiasm has been generated by Bitcoin’s most recent bullish breakout.
