Will Clemente, known for his cryptocurrency insights, recently highlighted Bitcoin’s impressive quarterly chart. He predicts Bitcoin could surpass $100,000 within the next year. At press time, Bitcoin is trading at $66,582, reflecting a 4.34% decrease in the past 24 hours.
Bitcoin’s price is above both the 20-day and 200-day Exponential Moving Averages (EMAs), indicating strong bullish momentum. The trading volume, however, has been relatively low recently compared to earlier spikes in March, April, and July.
The Moving Average Convergence Divergence (MACD) line is currently above the signal line, and the histogram is positive. This configuration points to ongoing bullish momentum. Additionally, the recent bullish crossover, where the MACD line crossed above the signal line, further supports this trend.
The Relative Strength Index (RSI) is at 57.01, which shows the momentum is neutral but is nearing an overbought condition. The RSI’s upward trend since mid-July aligns with the current price uptrend, signaling continued strength. Currently, the price is near the upper Bollinger Band, suggesting robust upward momentum and also indicates a potential for a pullback in the near term.
Recent developments in the broader economic landscape support Bitcoin’s upward trajectory. Bitcoin prices surged past $69,000 amid easing inflation signs and ahead of the Federal Reserve’s upcoming meeting. Consumer prices in the U.S. showed only modest growth in June, which could lead to potential interest rate cuts.
Will Kennedy’s Bitcoin Proposal & Tax Reforms Revolutionize Crypto?Additionally, former President Donald Trump has suggested that interest rate cuts might be politically motivated, impacting voter confidence in the upcoming election. His remarks add pressure on the Federal Reserve to remain impartial. Bitcoin could benefit from potential shifts in political leadership, according to experts.
Rich Rosenblum of trading firm GSR noted that Bitcoin’s price might be highly correlated with the probability of Trump’s election. At the Bitcoin 2024 conference, Trump pledged to create a “strategic Bitcoin stockpile” and keep all government-held Bitcoin within the U.S.
