- According to some analysts, politifi tokens could compete with DOGE, SHIB.
- Crypto market volatility has increased in the wake of the US elections.
The crypto market is going through one of the most defining moments in history, thanks to the upcoming US elections. Of the 9,375 investors surveyed by AMBCrypto, 80% believe Bitcoin will turn the $80,000 level into support if Donald Trump wins the presidency again.
The hope for a rally is fully justified if we look at Bitcoin’s reaction to Trump’s speech Saturday at the Bitcoin Conference 2024 in Nashville. For over 45 days, BTC struggled to reach $69,000. However, immediately after Trump’s promise to make the United States the “crypto capital of the planet,” BTC surpassed $69,000, albeit with low trading volume.
Source: TradingView
Crypto+politics dominates social media
Meanwhile, according to AMBCrypto’s July 2024 report, 25% of all posts about crypto Our exclusive research found that 76.6% of investors think the Republican Party is more likely to support crypto-friendly policies.
In anticipation of the same, BTC HODLing has once again gained momentum – the volume of inflows on the exchanges has dropped significantly after July 16. This underlined that taking profits at the price level at the time of writing could be risky.
Source: Glassnode
Julien Bittel, cryptocurrency analyst at Global Macro Investor, predicts an unprecedented rise in the price of Bitcoin. Citing historical data and the current “extremely compressed” Bollinger Bands indicator, he believes a potential price increase to $190,000 is on the horizon.
While a majority of analysts and on-chain indicators are in favor of a bull rally, addresses with balances above 1k BTC have fallen.
This could be interpreted as a signal that deep-pocketed investors are taking Trump’s crypto support with huge grains of salt. It can also be assumed that a majority of whales are skeptical about Trump winning the election. That’s why they take profits and reallocate their portfolio.
Source: Glassnode
While potential challenges may cloud Bitcoin’s short-term prospects, the long-term outlook remains positive. The market currently expects that there is a good chance that the Federal Reserve will not cut rates at its upcoming July 30-31 meeting. However, there are strong expectations for a rate cut in September, with the possibility of an even more significant cut.
Interestingly enough, the politics+crypto discourse has seen Politifi tokens make huge gains lately. An example of this – the HARRIS token, with a market cap of almost $2.9 million – is up around 1350% over the past seven days.
According to Andrew Kang, founder of Mechanism Capital, politifi tokens could one day compete with popular coins like Dogecoin and Shiba Inu. AMBCrypto’s July 2024 report discusses this topic in detail to provide traders with useful insights.
Dive into AMBCrypto’s July 2024 crypto market report
The report goes beyond Bitcoin and identifies the top altcoin of the month. It analyzes the DeFi ecosystem, examines the DePIN winter, and examines the decline of the NFT market. This exclusive report answers six key questions:
- How could Trump’s possible re-election affect the price of Bitcoin, potentially driving it to $80,000?
- What is the significance of Solana’s staking system attracting $61 billion and surpassing Ethereum?
- How did the GameFi sector surpass memecoins?
- What challenges do projects like Helium and Akash Network face?
- Why did NFT sales volume drop by 42.54%?
- What can you expect from the crypto market in August?
You can download the full report here.