Bitcoin Analysis: Trump Support Boosting Price, $65K Possible
CryptoNewsTerminal Staff20 Aug, 2024
Bitcoin Analysis: Trump Support Boosting Price, $65K Possible
Markus Thielen, of crypto market analysis firm 10x Research, sees a potential Bitcoin rally in the near future. Bitcoin attempted a rally but failed to break out of a triangle formation. However, Thielen believes another attempt is possible, particularly given the rise in approval ratings of former US President Donald Trump, who is seen as pro-crypto. According to Thielen, technical indicators suggest a rebound is likely. If a rally does occur, it could push Bitcoin towards $65,000. However, the direction of the price after the triangle convergence will be crucial. Thielen also notes that open contracts for perpetual futures using high leverage have not yet reached significant levels since the recent market downturn known as "Black Monday." This suggests that there is potential for further price increases.
