Bitcoin is back in the green due to the positive speculation of Donald Trump’s upcoming speech. Trump will deliver a keynote address at the Bitcoin conference in Nashville, Tennessee, after declaring his support for crypto.
According to Markus Thielen, CEO of 10x Research, nobody is interested in selling Bitcoin this weekend. Thielen further revealed that investors expect Trump to unveil plans for a Bitcoin reserve.
Markus Thielen Reveals High Expectations for Trump’s Bitcoin Reserves
Also, CoinGlass data reveals that future traders are focusing on long positions. If BTC retraces to $65,000, then $1.11 billion in long positions will face liquidation risk.
However, Thielen believes that Bitcoin’s price will surge even higher if Trump announces plans for a reserve. Further, he noted that the US Treasury gold reserve is worth $600 billion, and the US Government has seized Bitcoin worth $15 billion.
The CEO believes Trump could reveal plans to adjust Bitcoin’s ratio to 10% of the gold reserves. He foresees a price surge for BTC if Trump mentions such plans even before the November elections.
Meanwhile, the Bitcoin Conference in Nashville began on July 25 with essential speakers such as Trump, Michael Saylor, and Cathie Wood. In addition to Trump, another US Presidential aspirant, Robert Kennedy Jr., urged the federal government to start purchasing Bitcoin.
“I would like to have the federal government begin to buy Bitcoin and over my term in office, ultimately have an equivalent amount of #Bitcoin that we have gold,” – @RobertKennedyJrhttps://t.co/PDu49kBhzJ
Daan predicts the market cycle top for Bitcoin will be in the $120,000-$160,000 price range. This range is in the light green and yellow zone.
However, he noted that his analysis of Bitcoin’s price range is speculative since the market changes. Also, Daan Crypto Trades highlighted the crypto market’s Weekly RSI level at 43, which is in the neutral zone.
Based on the recent gains, the market outlook is changing from oversold to positive. However, there was a slight retracement this week. Daan believes that the current price levels allow the market to reach higher levels later.
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Weekly RSI Levels back to neutral at ~43 average.
Coins are coming from heavily oversold levels recently and made some good moves but retraced back down this week.
The current levels give the market plenty of room for higher levels later on as overbought levels are far away. pic.twitter.com/40Ivd6C3DD
Overall, Bitcoin’s positive performance today reflects the general investor sentiment in the crypto market, which is greed.
Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.
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