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Bitcoin Price Prediction: BTC Soars Past $65,500 Amid Election Speculation
Bitcoin Price Prediction: BTC Soars Past $65,500 Amid Election Speculation
Bitcoin's value has continued to rise, surging past $65,500 and reaching an intra-day high of $66,000. This bullish trend is attributed to the increasing likelihood of Donald Trump's re-election and the upcoming launch of spot Ether ETFs next Tuesday. Additionally, Northern Data AG, a European Bitcoin mining company, has announced plans to raise €214 million to expand its cloud platform and physical data centers in Europe and the US. This move is expected to boost confidence in Bitcoin mining infrastructure and positively impact market sentiment.
The US dollar's strength has also had an impact on Bitcoin prices. Despite expectations of interest rate cuts by the Federal Reserve, the dollar has remained resilient. However, if the Fed does cut rates, it could weaken the dollar and make Bitcoin a more attractive investment. This could lead to a surge in demand for the cryptocurrency.
Technical indicators are also pointing to a strong bullish trend. The Relative Strength Index (RSI) is at 68, indicating robust buying interest. The 50-day Exponential Moving Average (EMA) is $62,350, providing additional support for the current price trend.
For traders, it's essential to monitor key price levels closely. The pivot point of $65,010 serves as critical support, while immediate resistance stands at $66,770. A break above this level could trigger further bullish momentum. On the downside, immediate support is found at $63,440, followed by $62,070 and $60,740.
In conclusion, Bitcoin remains bullish above the $65,010 pivot point. However, a break below this level could trigger a sharp selling trend. Traders should watch for movements above $66,770 to confirm further bullish momentum while monitoring support levels to manage potential downturns.
Institutions are more bullish on Ether than retail ahead of ETH ETF launch
According to Bybit's head of institutions, Eugene Cheung, institutional investors are more bullish on Ether than retail investors, ahead of the potential launch of the first spot Ether exchange-traded funds (ETFs). In fact, institutional investors doubled their Ether exposure after the ETF announcement, from 6.54% to 14.29%, while retail investor allocation rose to 9.52% from 7.4%. This increased institutional interest could contribute to a significant price appreciation for Ether.
Cheung believes that Ether's price could double in the next 18 months, reaching over $6,800 by the end of 2025. He notes that the anticipation of ETF approval has driven interest in assets within the broader Ethereum ecosystem and expects Ether's long-term price to double, providing an excellent risk-reward ratio for investors.
However, for Ether to reach this target, it would need an additional $412 billion worth of investment, which is a significant hurdle. Additionally, Ether would need to overcome its current 30% decline from its all-time high.
Despite this, some experts believe that Ether may outperform Bitcoin in the long term. Bybit's Cheung expects Ether to amass around 30% of the record-breaking inflows of Bitcoin ETFs, but notes that in the long term, the Ether ETF launch could provide more regulatory certainty around Ether, making it a more attractive investment option.
Overall, institutional investor confidence in Ether's potential is strong, and the upcoming launch of ETFs could be a significant catalyst for price growth. However, it remains to be seen whether Ether can overcome its current challenges and reach its full potential.
Crypto Market Reactions As Trump Mulls JPMorgan CEO For Treasury Secretary
After picking pro-Bitcoin JD Vance as Vice President, US Donald Trump consider bringing JPMorgan Chase CEO for the US Treasury Secretary role. Trump also revealed that he will not oust current U.S. Federal Reserve Chair Jerome Powell before his term ends. Bitcoin maxis and crypto market ‘shake head’ as he plans to bring anti-Bitcoin Jamie Dimon.
Republican presidential candidate nominee Donald Trump in a recent Bloomberg interview talked on topics such as Jerome Powell, US economy, taxes, tariffs, and more. The former president said he will not try ousting Fed Chair Jerome Powell before his term ends in 2026.
Trump is considering JPMorgan CEO Jamie Dimon for Treasury Secretary replacing Janet Yellen, if he wins in November. He had until recently been critical of Dimon and even called Dimon a “Highly overrated Globalist” last year.
The crypto community expressed disappointment as Trump considered anti-Bitcoin Jamie Dimon for the top job at the Treasury Department. While Yellen has been cautious over crypto and Bitcoin, Dimon believes Bitcoin is a “fraud” and “Ponzi scheme.”
Bitcoin maxi including Fred Kruger hopes for a change and believes Donald Trump is being diplomatic here. The crypto market seeks a crypto-friendly nominee and the election turns more crypto-focused. The industry also eyes clear rulemaking on crypto for regulatory clarity.
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