Bitcoin (BTC) Price Prediction and Analysis for July 22 as Trump Takes Center Stage

The new week brings fresh expectations for the cryptocurrency Bitcoin. Over the weekend, Bitcoin saw significant activity.

Fresh expectations are lined up for the cryptocurrency Bitcoin as the new week begins. Bitcoin saw a lot of activity over the weekend. While Bitcoin dropped to a low of $63,300 on Friday, it surged past the $68,000 mark on Sunday. This rise gained further momentum after U.S. President Biden announced that he will not be running in the November elections.

At the start of the morning on July 22, 2024, Bitcoin was seen seeking equilibrium, trading near $67,800 in global markets. This level corresponds to the 78.6% Fibonacci retracement of the decline from $72,000 to $53,500. If Bitcoin manages to break past $68,000, a target of $72,000 would be in sight again. On the other hand, if it fails to sustain this level, a retreat to the initial support at $65,000 could occur.

All eyes on Trump this week

With Biden out of the picture, Donald Trump, who is a well-known advocate for cryptocurrencies and aims to make the U.S. the “hub of Bitcoin,” has gained a significant upper hand in the upcoming elections. Notably, Trump is set to attend a cryptocurrency conference on Saturday, July 27, where he might announce Bitcoin as a strategic reserve asset. This announcement is bound to boost Bitcoin’s prestige and investor confidence, which could potentially impact its price positively.

Key data from the Fed coming up

Moreover, on Friday, the U.S. Core Personal Consumption Expenditures (PCE) index will be released. The Federal Reserve keeps a close eye on this data for potential rate cuts, with an expected monthly increase of 0.1%. Results in line with expectations would support a rate cut in September, which could further drive upward movement in crypto assets.

Bitcoin outlook for 2024

Besides the expectations surrounding the Fed and Trump, recent developments like the conclusion of sales by German government institutions and the anticipation that Bitcoin distributions from the Japanese MT. Gox exchange will not flood the market are bolstering hopes for Bitcoin. Ultimately, the upcoming elections and the candidates’ stance on cryptocurrencies will be a crucial factor.

$100,000 Bitcoin scenario

Analysts note a $20,000 range between the historic high of $73,800 and the recent low of $53,500, suggesting that surpassing the record high could initiate a journey towards $100,000. Interestingly, a report by crypto asset firm QCP Capital highlighted an increase in $100,000 call options for Bitcoin futures towards the end of 2024.

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