Bitcoin Approaches $70,000 as Trump Announces Plans for a "Strategic BTC Reserve"

DAILY MARKET OVERVIEW
Bitcoin Nears $70,000 as Trump Promises "Strategic BTC Stockpile" 🇺🇸 

👋 Crypto enthusiasts, hold onto your hardware wallets! Bitcoin is making waves once again, surging to a six-week high of $69,430 as of Monday morning. 🪙 

🇺🇸 This impressive rally comes hot on the heels of some unexpected political developments that have set the crypto world abuzz.

Former U.S. President and current Republican nominee Donald Trump took center stage at the Bitcoin 2024 conference in Nashville on Saturday, dropping a bombshell announcement that sent shockwaves through the community.

Trump vowed to establish a "strategic Bitcoin stockpile" for the United States if elected, promising to keep 100% of all government-held Bitcoin on American soil.

"As the final part of my plan today, I am announcing that if I am elected, it will be the policy of my administration, the United States of America, to build a strategic Bitcoin stockpile," Trump declared to a packed crowd of 20,000 enthusiastic Bitcoiners.

While Trump's speech didn't immediately impact Bitcoin's price, the cryptocurrency market has since responded positively. Bitcoin's dominance is growing, and altcoins are following suit.

The political fervor for Bitcoin isn't limited to Trump. U.S. Presidential candidate Robert F. Kennedy Jr. recently proposed an even bolder move, suggesting the federal government should buy Bitcoin until its holdings match the nation's gold reserves – a staggering $615 billion worth at current prices.

These high-profile endorsements come at a crucial time for the crypto market. The Federal Reserve's upcoming policy meeting on July 30-31 has investors on the edge of their seats. While no rate cut is expected this month, there's an 85% probability of a 25 basis point cut in September, according to the CME's FedWatch tool.

Analysts from 10X Research believe a breakout is more likely than a breakdown for Bitcoin, with a decisive close above $69,000 potentially accelerating its ascent. They suggest that a Fed rate cut indication on July 31 could push Bitcoin above the $70,000 mark.

🇭🇰 But it's not just the United States making moves in the crypto space. Across the Pacific, Hong Kong is also eyeing Bitcoin as a potential addition to its strategic financial reserves. Legislative Council member Johnny Ng called for the territory to "research and consider" including Bitcoin in its reserves, citing its increasing global acceptance and status as "digital gold."

As the crypto market heats up, all eyes are on the upcoming Federal Open Market Committee (FOMC) meeting and the U.S. Consumer Price Index (CPI) report on August 14. These events could be the catalysts that propel Bitcoin to new heights, with some analysts forecasting a price as high as $100,000 this year.

🎢 With political endorsements, potential rate cuts, and growing institutional interest, the crypto market is poised for an exciting second half of 2024. As always, remember to do your own research and invest responsibly. The crypto rollercoaster is just getting started, and it promises to be quite a ride!

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📉 Market Analysis 📈 

CredibleCrypto believes we're in the early stages of a massive upward move for Bitcoin. The ultimate target?

A staggering $100K+, potentially reaching as high as $150K by the end of this market cycle. And here's the kicker - this move could happen faster than most people expect!

Current Market Structure

• Bitcoin is showing signs of strength, potentially forming an impulsive structure off recent lows.

• We're looking for a complete 5-wave move to confirm the start of the next major uptrend.

• Bitcoin is outperforming Ethereum and most altcoins, which is typically a bullish sign for the overall market.

Two Potential Scenarios

Scenario 1 (More Likely):

1. Bitcoin makes a marginal new high above $68.6K

2. A pullback follows, possibly to the mid $60K range

3. This correction could drive Ethereum to its target zone of $2,200-$2,800

After this pullback, expect an explosive move upwards

Scenario 2 (Less Likely but More Aggressive):

1. Bitcoin continues its current upward movement without a significant pullback

2. We could see an extended fifth wave, potentially pushing above $73K before a larger correction

What This Means for Traders

Be prepared for potential volatility in the short term. Watch for a possible pullback in Bitcoin, which could present buying opportunities.

Keep an eye on Ethereum's price action relative to Bitcoin for confirmation of the overall market direction. Remember the bigger picture - if this analysis is correct, we're in the early stages of a much larger move up.

NEWS OVERVIEW
The Latest Crypto Headlines 📰 

Possible Bitcoin Breakout Hinges on US Macroeconomic Factors
Analysts suggest that Bitcoin's potential breakout depends heavily on macroeconomic conditions in the US.

Hong Kong Lawmaker Pushes for Strategic Bitcoin Reserve
A Hong Kong lawmaker advocates for the inclusion of Bitcoin in the region's financial reserves.

Bitcoin Hits Six-Week High After Trump's Pro-Crypto Address
Bitcoin's price rises to a six-week high following Donald Trump's supportive remarks about cryptocurrency.

Trump Promises to Fire SEC Chair Gensler If He Wins
At the Bitcoin conference, Trump vows to dismiss SEC Chair Gary Gensler if he regains the presidency.

YOUTUBE INFLUENCER SUMMARY 📷️ 

DataDash - The Biggest Event For Bitcoin In 2024 Just Happened... (29.07.2024 Summary)

Nicholas Merten, known as DataDash, discusses what he believes could be one of the most significant events for Bitcoin in 2024: the potential for governments and central banks to start purchasing Bitcoin.

• Merten highlights the recent Bitcoin 2024 conference, where two prominent U.S. presidential candidates, Donald Trump and Robert F. Kennedy Jr., expressed support for Bitcoin. Trump stated that if elected, he would hold the existing U.S. government Bitcoin reserves (approximately 213,000 BTC) as a strategic asset. Kennedy went further, proposing to mandate the U.S. Treasury to purchase 550 Bitcoin daily until reaching a reserve of 4 million Bitcoin.
  

• According to Merten, this shift in political rhetoric could dramatically change the supply and demand dynamics for Bitcoin. He suggests that if governments and central banks start viewing Bitcoin as a strategic asset, it could lead to increased demand and potentially higher prices.
  

• Merten also mentions Senator Lummis's proposal for legislation that would have the United States purchase 5% of the total Bitcoin supply (about 1 million BTC) as a strategic reserve, similar to the gold reserves held at Fort Knox.
  

• While acknowledging that some of these proposals might be too ambitious or unlikely to be implemented, Merten emphasizes that the mere discussion of such ideas by political figures represents a significant shift in Bitcoin's perceived importance.

Merten believes this potential government interest could be the catalyst Bitcoin needs to break past its previous all-time highs and potentially reach $80,000 to $90,000 in the near future. He suggests that this narrative could drive not only Bitcoin's price but also benefit related stocks and the broader cryptocurrency market.

Ivan On Tech - BITCOIN: SHOCKING NEWS AND BREAKOUT!!!!!!!!!!!!!!! (29.07.2024 Summary)

Ivan is excited about Bitcoin's recent price surge, approaching the $70,000 level. He believes this momentum could lead to Bitcoin breaking through resistance and potentially reaching $100,000. Ivan attributes this positive movement to recent news, particularly former President Trump's announcement about establishing a strategic Bitcoin reserve if elected.

• According to Ivan, Trump laid out a plan at a conference to create a strategic Bitcoin stockpile, which he interprets as a strategic reserve. Ivan plays a clip of Trump saying, "It will be the policy of my Administration... to keep 100% of all the Bitcoin the US government currently holds or acquires into the future." Ivan believes this news is starting to spread through traditional finance circles and impacting the price of Bitcoin.
  

• Ivan points out that the idea of governments holding Bitcoin has been discussed in the crypto community for years. He references a 2013 forum post predicting that government ownership of Bitcoin could provide stability and increase its value. Ivan sees Trump's announcement as a fulfillment of these long-standing predictions.
  

• Furthermore, Ivan discusses the political implications of this move. He believes Trump is trying to appeal to crypto voters, which he estimates to be about one-fifth of Americans. Ivan contrasts this with what he perceives as a hostile stance towards crypto from the current administration.
  

• In Ivan's view, this represents a significant shift in the political landscape, with crypto becoming a major election issue. He emphasizes the importance of young people in the crypto industry and argues that politicians who oppose crypto risk alienating a large and growing portion of the electorate.

Overall, Ivan is highly optimistic about Bitcoin's future, seeing the recent price movement and political developments as signs of growing mainstream acceptance and potential for further growth.

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“Bitcoin, Here we go again ”