Market Insight: BTC is expected to rise to $70,000 soon, and Trump does not want China to take over Bitcoin

Editor's Note: Recently, with Trump continuously stimulating the market, BTC has seen a week of consecutive gains, and the market has entered the next phase. Donald Trump stated in an exclusive interview with Bloomberg that the crypto industry is still an infant and he does not want countries like China to take over this field. Analysts say that Bitcoin breaking through $65,000 indicates that the price is preparing to enter the range of $65,000 to $71,500. Additionally, signals about China possibly "unbanning" Bitcoin have emerged, and U.S. billionaire Mike Novogratz quietly deleted related posts after expressing doubts.

On July 17, the price of Bitcoin has risen for a week, currently quoted at $65,450, successfully standing above the 120-day moving average. This key technical indicator shows that bulls are once again in control, suggesting that Bitcoin may welcome a second wave of significant price increases.

Next Tuesday, the Ethereum ETF will officially launch, which is likely to have a positive impact on the market. It may attract more institutional investors into the market, thereby driving the overall market upward. For conservative investors, the editor suggests waiting for a pullback to find an opportunity to enter.

Analysts: Bitcoin Expected to Rise to $70,000 Soon

Bitcoin traders expect the price of Bitcoin to rise to $70,000 soon. With the U.S. elections approaching, the sentiment around the crypto industry is fluctuating, and the selling pressure from key wallets is easing, Bitcoin may welcome new upward opportunities. Metalpha senior analyst Lucy Hu stated, "The rebound in Bitcoin's price indicates that the market is more optimistic about the recent macro environment." She pointed out that the optimistic sentiment regarding Trump's vice-presidential pick is also a factor driving Bitcoin's rise, indicating that the government and policies are becoming more friendly towards cryptocurrencies.

Lucy Hu also emphasized that Bitcoin may hover around the 120-day moving average, with the potential to rise to $68,000 or even $70,000. However, the impact of the Federal Reserve's policies and the Mt. Gox compensation still needs close attention. These factors may significantly influence Bitcoin's short-term price movements.

Additionally, an analyst from Rekt Capital stated that Bitcoin breaking through $65,000 means the price is preparing to enter the range of $65,000 to $71,500. If BTC rises to $71,500, the next important stage will be the high of $73,649 reached on March 13 next year. However, a large number of short positions face liquidation risks at $71,500, which means many futures traders believe the price will not reach this level currently. According to CoinGlass, about $1.47 billion in short positions will be liquidated at $71,500.

Trump: The Crypto Industry is Still a Baby, Doesn't Want Other Countries Like China to Take Over This Field

On July 17, in an exclusive interview with Bloomberg Businessweek, Trump stated that cryptocurrencies will not disappear, which is remarkable. He believes that the U.S. crypto industry has a solid foundation and is still in its early development stage, but he does not want China or other countries to take over this field. Trump mentioned that he has met many top figures in the crypto industry during political fundraising activities.

Trump's attitude has shifted from initially criticizing Bitcoin to now supporting the promotion of cryptocurrency production in the U.S., showing a pragmatic stance. He believes that if the U.S. does not actively develop the cryptocurrency industry, China or other countries (especially China) will dominate this field. Trump emphasized that the U.S. must maintain a leading position in this area to prevent other countries from taking the lead.

According to new data from the Federal Election Commission (FEC), of the approximately $331 million raised by Trump's campaign last quarter, about $3 million came from cryptocurrencies. This indicates that Trump is actively attracting support from the cryptocurrency industry and investors.

Overall, Trump's shift in attitude towards cryptocurrencies and the increase in cryptocurrency donations during his campaign reflect his emphasis on this emerging industry and strategic adjustment. His supporters believe this will help the U.S. maintain competitiveness in the global cryptocurrency field and prevent other countries, especially China, from dominating this market.

Sudden Signals: China May "Unban" Bitcoin?

According to FX168 Financial News (Asia-Pacific), recent reports on social media suggest that China may lift its long-standing ban on Bitcoin, attracting significant attention from mainstream cryptocurrency media and the crypto community. U.S. billionaire investor and Galaxy Digital CEO Mike Novogratz tweeted on July 14, mentioning that he heard reports suggesting China "is likely to lift the ban on Bitcoin by the end of 2024." He stated that if the news is true, it would be a big deal. However, this tweet has since been quietly deleted.

Mike's tweet sparked widespread discussion and skepticism, with many netizens questioning the source of the information and pointing out that China's repeated bans on Bitcoin have had limited effects. Some posters believe that China has never fully banned Bitcoin, only restricted certain related activities.

At the end of June, Wang Yang, Vice President of the Hong Kong University of Science and Technology, questioned the logic behind China's ban on cryptocurrency mining and urged the government to embrace cryptocurrencies amid geopolitical risks. Wang believes that a complete ban on cryptocurrency mining in China is "unwise," as it would push related businesses to the U.S. and increase tax revenue there.

In response to the latest social media news, several industry insiders stated that China would never allow its citizens to freely trade Bitcoin using local fiat currency. Despite speculation about China lifting the ban on Bitcoin, industry insiders generally believe that the Chinese government's attitude towards cryptocurrencies will not undergo a fundamental change.

China has made several attempts to ban activities related to Bitcoin and other cryptocurrencies. In 2017, China banned the operation of cryptocurrency exchanges. In 2021, China further intensified its crackdown on cryptocurrencies, banning cryptocurrency mining activities.

Although there are rumors that China may lift the ban on Bitcoin, there is currently no solid evidence to support this. The crypto community remains cautious about this news, believing that the Chinese government is unlikely to relax its strict regulations on Bitcoin in the short term. However, if China does lift the ban on Bitcoin, it would have a significant impact on the global cryptocurrency market and is worth continued attention.