CNN reported, former President Donald Trump went all-in on Bitcoin in his latest major speech on July 27 at the Bitcoin 2024 conference in Nashville (USA), pledging to voters to make America the "cryptocurrency capital of the world".
The Republican presidential candidate declared he would achieve this by creating a national Bitcoin "reserve" and in return, making cryptocurrency a "permanent national asset".
Of course, Trump's campaign promises have generated optimistic reactions from cryptocurrency analysts, with some predicting Bitcoin prices will increase tenfold in the future.
Could Bitcoin prices surpass $800,000?
According to CoinTelegraph, one of the boldest and most optimistic outlooks for Bitcoin following Trump's speech comes from independent market analyst Daan de Rover.
With the account "Crypto Rover" on X, Daan de Rover predicted that Bitcoin prices would surpass $800,000 if former President Donald Trump is re-elected in November, especially since Trump has stated that Bitcoin could surpass the market capitalization of gold in the future.
"If this happens, Bitcoin will be valued at $813,054," Rover wrote on X on July 28.
Republican Senator Cynthia Lummis of Wyoming added to the optimistic outlook. She proposed the establishment of an official U.S. federal reserve fund with 1 million Bitcoin over the next 5 years, accounting for nearly 5% of the total Bitcoin supply of 21 million tokens.
“Bitcoin will be held for a minimum of 20 years and could be used for the purpose of reducing our debt," Cynthia Lummis said.
The U.S. government currently holds 210,000 Bitcoin, valued at over $14.26 billion. Trump has promised to allocate this Bitcoin to the U.S. Treasury, adding that if elected, his administration would never sell them off.
Scenario for Bitcoin price to reach $100,000
Following Trump's speech, Bitcoin stabilized around $67,500-68,000. But that hasn't stopped some analysts, like Dan Crypto Traders and Tanaka, from predicting a price increase to $100,000.
"In the long term, I am completely optimistic about Bitcoin reaching $100,000 and ETH reaching $8,000-10,000," Tanaka said, noting that ETFs will gradually "attract more large institutional investors" into the Bitcoin market.
As of July 26, U.S. Bitcoin ETFs managed $17.58 billion in assets, the highest level to date. This figure also increased from $14.65 billion at the beginning of the month.
Meanwhile, analyst Cryptomist predicted Bitcoin prices would reach $100,000, based on an ascending channel model.
Bitcoin price prediction for August
Bitcoin's volatile price movements are occurring within a rising wedge pattern, indicating a potential price increase to $74,000 in August. This level - a 9.3% increase from the current price - is where the two trend lines of the wedge converge.
Conversely, a breakdown below the lower support line of the wedge pattern risks adjusting Bitcoin prices to the $60,000-66,000 range.
The wedge pattern is formed by an upward or downward sloping support line and resistance line, which converge at a point to form a wedge shape. The wedge pattern indicates continued upward or downward price momentum.
In Vietnam, representatives of the State Bank have repeatedly issued statements: Bitcoin and similar virtual currencies are not legal currency and payment methods in Vietnam.
The issuance, provision, and use of Bitcoin and other similar cryptocurrencies as a means of payment is an act that is not in accordance with current laws.
