Top 4 Reasons Why Bitcoin Price Will Hit New All-Time High This Week

It’s looking great for Bitcoin enthusiasts! The king token has seen a dramatic rise this month, largely due to expectations that former U.S. President Donald Trump will drive the price even higher. With a nearly 20% gain since early July, Bitcoin is currently trading around $67,286.

Seasoned crypto trader Doctor Profit is confident that Bitcoin is on the brink of setting new all-time highs this week. With several major events on the horizon, here’s what to watch for and why it matters.

Key Events that Can Change the Crypto Game

Trump’s Speech

This week is crucial for Bitcoin, with former President Donald Trump scheduled to speak at the Bitcoin 2024 Conference in Nashville on July 27. However, Doctor Profit expects Trump’s speech could lead to big changes in Bitcoin’s price. 

Trump’s potential discussion on integrating crypto with AI, along with support from his vice-presidential pick JD Vance, a known crypto advocate, could lead to more favorable regulations for digital assets.

Political Shifts

Additionally, President Biden’s unexpected decision to withdraw from the 2024 presidential race could benefit the crypto market. Analysts suggest that this political shift might positively influence Bitcoin and other cryptocurrencies in the coming months.

Ethereum ETFs

Meanwhile, the Ethereum ETF is set to begin trading on Tuesday, July 23. Bitwise Chief Investment Officer Matt Hougan predicts that the new ETF could propel Ether’s price above $5,000 by the end of 2024, representing a 40% increase from its current price of $3,511.

Elon Musk’s Guest Appearance

Rumors are swirling that Elon Musk might attend the conference. Additionally, a surprise appearance by Michael Dell, who has a net worth ten times that of Michael Saylor, could have a more substantial impact on Bitcoin’s price than Saylor.

Doctor Profit points out a parallel to a 2021 event when Elon Musk’s speech at a Bitcoin conference initially caused a price drop, followed by a surge from $29,000 to $69,000. He believes this time, Bitcoin is more likely to rise rather than fall.

Bitcoin Price Analysis

Doctor Profit’s recent Bitcoin predictions have been spot-on, accurately forecasting its rise from $54,000 to $60,000, and then to $66,000. Now, he suggests that a new all-time high for Bitcoin is imminent.

This prediction comes as the Fear and Greed Index recently shifted from extreme fear to greed, signaling that Bitcoin might be poised for a significant increase. This shift could present a lucrative opportunity for investors to buy in.

Also Read: What’s Next For The Top 5 Cryptocurrencies As Bullish Sentiments Intensifies?