Bitcoin Hits $63,000 as Analyst Predicts Crypto Markets Will Price in Trump Victory ⋆ ZyCrypto

Bitcoin staged a solid recovery on July 15 amid intense buying pressure that saw prices rebound from a two-month low below $55,000 to $63,453.

All ten of the largest cryptocurrencies by market cap are trading in the green today, with the global market cap up 5.29% in the past 24 hours.

Recent market gains come after former US President Donald Trump survived an assassination attempt. Trump has become a key figure in the cryptocurrency industry because of his pro-Bitcoin and pro-cryptocurrency comments.

According to cryptocurrency market researcher Will Clemente, Bitcoin’s recent reaction to the Trump news shows that the market is ready to start pricing in the Republican candidate’s potential victory in the November election.

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ZyCryptocurrency reported Trump is also expected to speak at the Bitcoin 2024 Conference, scheduled for late July. The market anticipates that his speech will feature more announcements on how his administration will create a friendly environment for cryptocurrency businesses.

Bitcoin turns bullish

Bitcoin was trading at $62,805 on July 15 at 6:28 am EST. According to analysts, the largest crypto by market cap is in a bullish mood, with the uptrend expected to continue.

Trader @CryptoMichNL on X it says that Trump’s assassination attempt has increased global uncertainty, creating the “ideal climate for Bitcoin to rally steadily.” The German government has also finished selling its Bitcoin, easing market fears of selling pressure.

Buyers appear to have the upper hand, further supporting the bullish thesis. According to CryptoQuant, whales and institutional investors are accumulating BTC again, with more buy orders expected with Bitcoin exchange-traded funds (ETFs).

“The fact that Bitcoin rallied over the weekend means that additional funds can be expected into the Bitcoin spot ETF during the week, so the possibility of a further rally is open,” the analysis said.

Analyst @DaanCrypto supports the bullish thesis, saying ETF inflows could positively impact prices this week. Last week, spot Bitcoin ETFs saw over $1 billion in inflows, absorbing selling pressure from the German government. If ETF inflows continue this week without selling pressure, a parabolic rally is expected.

Bitcoin’s recent gains have also changed market sentiment. Bitcoin Fear and Greed Index went from fear to neutral, showing traders’ willingness to return to the market.

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