Bitcoin Edges Closer to $70,000: Only 7% Shy From Marking a New All-Time High

Key Takeaways

• Bitcoin nears $70,000 after a recent uptrend.
• Trump proposes making Bitcoin a strategic reserve asset.
• Bitcoin’s next move could target $85,000 or higher.

Following a brief dip to $63,400 last Thursday, July 25, Bitcoin’s (BTC) price has staged a remarkable recovery, surging nearly 10% to its current value of around $70,000.

This upward momentum has brought the reigning crypto king tantalizingly close to its all-time high of $73,850, with only a 7% gap remaining to be bridged.

As the Bitcoin 2024 conference fuels bullish sentiment among investors, the question on everyone’s mind is: can Bitcoin muster the strength to shatter its previous record and reach new heights in the near future?

Trump Talks Bitcoin

US presidential candidate Donald Trump announced his plan to make Bitcoin a strategic reserve asset if elected during a speech at the Bitcoin 2024 Conference. Trump emphasized that his administration would retain all the Bitcoin the US government currently holds or acquires, aiming to establish a national Bitcoin stockpile. 

The former President’s comment aligns with his recent shift toward a pro-crypto stance, differing from his past criticism of digital currencies. Trump also intended to make the US a leader in the crypto industry and suggested firing SEC Chair Gary Gensler on day one to roster the industry’s growth. 

Trump’s stance on Bitcoin aligns with billionaire Mark Cuban’s view that Bitcoin could serve as a global reserve asset amidst geopolitical and inflationary challenges. Trump also announced plans to appoint a Presidential crypto advisor, criticizing the current administration’s approach to crypto as “un-American.” 

BTC Price Analysis 

Bitcoin’s price action has been a testament to its bullish potential, with a rebound of nearly 31% since hitting a low of $53,746 on July 5. The recent peak of $69,900 on July 29 further reinforces this trend, suggesting that the asset has entered a large bullish trend. Notably, today’s high confirms that the lower-degree corrective wave four, which ended on July 5, has given way to the final wave of this uptrend.

Looking ahead to the next 24 hours, we anticipate a continued upside momentum, potentially revisiting the all-time high of $73,850. This would mark the completion of the five-wave pattern that began on July 5. Following this, we expect a descending move, which could bring the price back to $61,500.

However, this correction is likely to be a temporary setback, as BTC is poised to establish a higher low. Once this happens, the next uptrend could propel the price beyond the all-time high resistance, paving the way for a new all-time high.

Given that the current uptrend from July 5 is merely the first sub-wave of a higher-degree five-wave pattern, we can reasonably expect values above $85,000 in the future. The depth of the expected correction will ultimately determine the target price.

The next move will be crucial in confirming this projection. A higher low will signal that buyers are willing to step in earlier and catch the falling price, further solidifying the bullish narrative. As the market unfolds, we will continue to monitor Bitcoin’s price action, seeking confirmation of this promising trend.