US to Hold BTC. The world’s oldest and most valuable cryptocurrency, Bitcoin (BTC), has made a full recovery and is now trading bullishly over the $67,920 barrier. A rise of 3.39 percent in just one day brought the total value of the cryptocurrency market to $2.39 trillion. Among the many causes of this upswing, Robert F. Kennedy Jr.’s call for the United States to treat Bitcoin as a precious metal has boosted investor confidence and demand.
Kennedy’s Bitcoin Vision and VanEck’s $325,000 Prediction Boost BTC’s Future Outlook
Robert F. Kennedy Jr. has been more vocal in his support for Bitcoin than Donald Trump, and he hopes that by the time he leaves office, the United States government will own more Bitcoin than gold. The government’s current holdings of Bitcoins are 210,000 units, whereas its gold reserves are $640 billion. In Kennedy’s view, Bitcoin may help fight inflation and restore individual freedom.
Matthew Sigel of VanEck forecasts that Bitcoin might reach $325,000 in five years. According to this prediction, Bitcoin may soon play a major role in global trade and central bank reserves, fueled by rising skepticism of established institutions and fiscal irresponsibility.
Kennedy’s pledge to match gold reserves and his firm stance on Bitcoin could increase demand and confidence, which could enhance BTC’s price. According to VanEck’s forecast, institutional mistrust and budgetary concerns may push Bitcoin’s price to $325,000 in five years.
- Kennedy’s vision: U.S. government to hold Bitcoin equal to gold reserves
- VanEck’s prediction: Bitcoin could reach $325,000 in five years
- Factors: Institutional distrust, fiscal irresponsibility, and growing demand
Bitcoin and U.S. Equities Surge Following Cooler PCE Inflation Reading
Inflation came closer to the Federal Reserve’s 2% objective after a lower Personal Consumption Expenditures (PCE) reading sent U.S. stocks and Bitcoin soaring. After a 0.1% increase in May, the PCE price index was up 2.5% year-over-year in June, a small decrease from May’s 2.6%. Because of this encouraging development, the price of Bitcoin jumped 4.7% to $67,689 on the market.
US to Hold BTC: The American stock markets were similarly successful. An impressive 16% increase in 3M’s stock propelled the Dow Jones to 610 points (1.5% gain), with the S&P 500 and Nasdaq also seeing gains of 0.8% and 0.5%, respectively. As a result of higher investor confidence caused by reduced inflation and solid market conditions, the price of Bitcoin surged by 4.7% to $67,689, thanks to the cooler PCE inflation figure and favorable performance in U.S. equities.
Kamala Harris’s Bitcoin Stance: Potential Impact on Market Sentiment and Price
A previous statement by Democratic presidential contender Kamala Harris, in which she referred to Bitcoin as the “money of criminals,” has put her under scrutiny. Harris should explain her stance on Bitcoin because past president Trump will appear at a big Bitcoin event expected to attract thirty thousand people. To demonstrate her willingness to embrace innovation and set herself apart from the present administration, she might mention this topic at a conference that is coming up.
Harris’s position on cryptocurrency could profoundly affect market circumstances and regulatory regulations. Investors and voters must carefully monitor her remarks and any potential new regulations about Bitcoin.
- Major Bitcoin event: 30,000 attendees
- Potential policy impact: Harris’s views could shape future regulations
- Voter and investor interest: High due to the significance of her stance
Bitcoin Price Prediction
The 24-hour trading volume for Bitcoin was $30.56 billion, and its price today is $67,920. Over the past day, Bitcoin’s value has jumped 3.30 percent. Its live market cap of $1.34 trillion keeps it at the top. There are 21 million Bitcoins in circulation, with 19.73 million already in circulation.
With the formation of a ‘Three White Soldiers’ pattern on the 4-hour chart, Bitcoin may be about to continue its bullish trend, especially above the $67,450 level. US to Hold BTC: Among the present pivot points and important price levels are $67,450, which acts as an immediate resistance level, followed by $69,150 and $69,830. Downside support levels include $66,550 as of this writing, with $65,780 and $64,480 providing further support.
The optimistic attitude is supported by technical indicators, such as the 50-day Exponential Moving Average (EMA) and the Relative Strength Index (RSI), both in the purchasing zone. These signs point to a robust, increasing trend.
Conclusion
In conclusion, Bitcoin’s technical picture is still bullish over the $67,450 mark. If the price stays over $67,500 for an extended period, it may continue to rise, finding support between $68.480 and $69,150. Traders could think about purchasing at this level. Alternatively, if prices go below the pivot point, it could mean that downward pressure is building.
