- President Biden’s recently announced exit from politics feeds into the bullish speculation.
- Elon Musk’s laser eyes in his X profile attracts crypto hype.
As a seasoned researcher with a deep understanding of the crypto market and its intricacies, I’ve witnessed the ebb and flow of Bitcoin’s price action over the years. The recent weekend saw unexpected developments that added fuel to the bullish fire for Bitcoin [BTC].
Over the weekend, Bitcoin [BTC] experienced a significant surge in value due to some unexpected developments. Among these were a notable announcement concerning Joe Biden’s presidency and a hint from Elon Musk about his present views on cryptocurrencies.
Following the news that Joe Biden wouldn’t run for re-election, the Bitcoin community adopted a more optimistic outlook.
The presently serving American president has shown little interest in advocating for cryptocurrencies. In stark contrast, former president Donald Trump has expressed his support for Bitcoin. This statement boosted optimism towards Bitcoin, potentially increasing the chances of Trump’s return to the presidency.
At the same time, another significant player could be contributing to Bitcoin’s optimistic outlook. Recently, Elon Musk updated his Twitter profile picture with a pair of laser eye emojis.
Based on the responses and observations, it appears that investors are interpreting Elon Musk’s “laser eyes” as a symbol of his optimism towards the market.
Bitcoin approaches its top range
Before Bitcoin’s recent significant price increase, optimism among bulls had waned due to the cryptocurrency forming a double top. This development brought back memories of the 2021 peak and the subsequent major price decline that followed.
However, Bitcoin managed to push above $68,000 during the weekend. Why was this important?
With a current price point of $68,000, Bitcoin needs only a minimal 10% increase to reach its past record high. This implies that attaining a new all-time high becomes a more likely scenario.
As a researcher studying the cryptocurrency market, I can share that reaching a new all-time high price for Bitcoin at $67,269 might alleviate any lingering doubts about a potential bull market reversal.
Exchange data points out the state of demand
In addition, we discovered significant insights consistent with the political landscape and market conditions. Our analysis of Bitcoin’s demand indicated a decrease in exchange reserves.
Back in February 2018, Bitcoin reserve levels last dipped as low as they currently are. This significant decrease underscores the increasing appetite for Bitcoin among investors. Furthermore, the recent market upturn has led to a surge in Bitcoin miners adding new reserves.
Read Bitcoin’s [BTC] Price Prediction 2024-25
Previously proven mining practices by Miners were impacted when Bitcoin underwent a halving in April. Consequently, this event reduced the profits for miners, forcing some to sell Bitcoins they had mined as they could no longer cover their costs.
As a crypto investor, I’ve noticed an intriguing trend in miner reserves recently. It seems that miners are increasingly choosing to hoard their coins instead of selling them on the market. This could be a sign that they expect Bitcoin or other cryptocurrencies to experience price increases in the near future. So, we might be witnessing a build-up of demand among miners, which could potentially lead to even higher prices for us investors down the line.
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2024-07-22 16:07