- Growing chances of Donald Trump's victory have boosted Bitcoin.
- Ahead of his appearance at a Bitcoin conference, the crypto is eyeing another surge.
- Meanwhile, Ethereum ETFs are set to go live, potentially fueling a move in the crypto.
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July has been a strong month for the cryptocurrency market, with Bitcoin and Ethereum rising 14.68% and 12.13%, respectively, over the past two weeks.
Several factors could drive this upward trend further, including the start of trading in Ethereum ETFs, a potential victory for Donald Trump in the upcoming presidential election, and the resolution of compensation issues related to the collapsed Mt. Gox exchange.
Additionally, the Federal Reserve's anticipated pivot in September could boost demand, with a 25-basis-point rate cut currently estimated at over 90% probability.
Bitcoin Eyes $70,000
Technically, a flag formation suggests the possibility of a continued bull trend.
Additionally, Donald Trump's scheduled appearance at a major Bitcoin conference in Nashville has sparked speculation that he might announce Bitcoin's inclusion in the US strategic foreign exchange reserve.
Such a move would be a monumental boost for the cryptocurrency, potentially propelling prices towards their all-time highs of around $70,000.
The current local correction is forming a flag pattern, suggesting an upward move with the next target around $70,000. If the correction extends, keep an eye on the support level at $64,000 for potential reactions.
Will Ethereum ETFs Push Prices to New Highs?
The launch of Ethereum ETFs on the stock exchange is imminent, pending final approval from the Securities and Exchange Commission (SEC) for the S-1 filing. While the impact may not match the scale seen with Bitcoin ETFs, conservative estimates suggest an inflow of $5-6 billion into these funds this year, about one-third of what Bitcoin ETFs have garnered.
Despite this smaller scale, the significant capital influx should positively influence demand for Ethereum, especially given its comparatively smaller market capitalization.
Currently, Ethereum is consolidating in the $3,400-3,500 range, forming a continuation pattern that indicates potential for further upward movement. A breakout above this range would set the next target at the local resistance level of $3,660, the final hurdle before challenging historical highs.
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Disclaimer: This article is written for informational purposes only; it does not constitute a solicitation, offer, advice, counsel or recommendation to invest as such it is not intended to incentivize the purchase of assets in any way. I would like to remind you that any type of asset, is evaluated from multiple perspectives and is highly risky and therefore, any investment decision and the associated risk remains with the investor.