Bitcoin Price Set To Skyrocket: Key Events and Indicators Signal Breakout
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The price of Bitcoin is making a strong recovery from its June dip, currently trading at $62,670, reflecting a 5.5% increase in a single day. Several factors suggest that Bitcoin might experience another impressive surge soon.
Meanwhile, popular crypto analyst Michael van de Poppe pointed out the potential positive events for Bitcoin and also highlighted a technical indicator favoring a bullish market ahead for cryptocurrency.
Germany’s Bitcoin Sale Completed
Germany recently completed the sale of its 50,000 Bitcoins seized from a pirated movie site, which had been putting selling pressure on the market. The exact reasons behind the sale remain unclear, but such a move by a major economy could influence market and investor sentiment. With the sale concluded, Bitcoin is now expected to experience a massive gain ahead.
Trump’s Fail Assassination Surge Memecoin
The recent assassination attempt on Donald Trump has added a layer of uncertainty to the global political climate as the winning predictability for the upcoming November presidential elections surged from 60% to 71% on Polymarket.
Historically, such geopolitical events have pushed investors towards alternative assets like Bitcoin, especially since Trump supports cryptocurrency.
After the failed assassination attempt, Trump-themed meme coins, such as MAGA (TRUMP), TREMP, and Maga hat (MAGA), saw a big increase. This has made crypto investors more optimistic, increasing the chances of a Bitcoin price rise
Ethereum ETF on the Horizon
In addition to Bitcoin’s potential growth, the upcoming launch of the Ethereum ETF is generating significant excitement. Expected to launch this week, the Ethereum ETF marks a major milestone for Ethereum.
Van de Poppe believes this will attract institutional investors and improve Ethereum’s market performance, which could also positively affect Bitcoin.
Bitcoin Analysis Shows Bullish Signs
Looking at the technical analysis various indicators suggest a bullish outlook for bitcoin. After bouncing off the 200 EMA support level at $59,201, Bitcoin is now around $62,665, reflecting a 5.6% surge in a day.
However, the next crucial levels to watch are the 50 EMA and 100 EMA. Perhaps breaking above these could confirm a bullish trend and lead to another big rally.
