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The crypto market is experiencing a big boost today, thanks to excitement around former President Donald Trump’s speech on the last day of the Bitcoin Conference 2024 in Nashville. Many believe Trump’s recent increase in popularity after a failed assassination attempt could lead to a victory in November.
Bitcoin Jumps 2.5% Ahead of Trump’s Speech
Bitcoin’s price has gone up 2.46% to about $69,310, recovering 6.1% from its weekly low of $64,425. This rise happened just before Trump’s speech at the Bitcoin conference.
There is speculation on social media that Trump might announce plans for a U.S. Bitcoin Reserve if he wins the election, fueling positive sentiment in the market. Since the failed assassination attempt on July 13, Bitcoin’s price has surged over 16.50%, reflecting increased confidence in Trump’s electoral chances.
Bitcoin Price Could Reach $87,440
Technical analysis of the daily price chart shows that Bitcoin’s price recovered after testing its 50-day exponential moving average (50-day EMA), which has been a strong support level lately.
Now, Bitcoin is close to breaking through the upper line of its current channel pattern, aiming for $70,850, about 2.5% higher than now.
If Bitcoin hits $69,790, it might trigger a pattern known as inverse head and shoulders (IH&S), which could push the price even higher in August. If this pattern holds, Bitcoin could reach an upside target of around $87,440 by October.