Bitcoin traders are eyeing a rally to $70,000, fueled by an optimistic macro environment and the potential for a crypto-friendly U.S. administration under Donald Trump. The reduced selling pressure from major wallets and a more favorable political outlook are driving the bullish sentiment, despite recent volatility and concerns over Mt. Gox repayments.
Traders like Lucy Hu, a senior analyst at Metalpha, believe the market is responding positively to Trump’s vice president pick, indicating a possible shift towards more crypto-friendly policies. This optimism has pushed Bitcoin to hover around its 120-day moving average, with predictions it could reach up to $70,000.
Despite a dip to $53,500 in early July due to Mt. Gox repayments, positive developments have reignited bullish trends. For instance, wallets linked to the German state of Saxony have liquidated their Bitcoin holdings, and Trump’s pro-crypto stance has provided new hope.
Trump’s selection of Ohio senator JD Vance, who is supportive of Bitcoin and owns a significant amount, as his 2024 running mate, has bolstered this sentiment. This move is seen as a signal of potentially more favorable policies towards digital assets.
Nick Ruck, head of growth at BitU Protocol, shares that a changing perspective on digital assets in the U.S. is raising expectations for better policy towards Bitcoin. Additionally, the expected reduction in selling pressure as Mt. Gox distributes funds to creditors is seen as a positive sign.
With Trump’s odds of winning the 2024 elections increasing, the crypto community is optimistic about the future, making it an exciting time for Bitcoin traders.
