Bitcoin Skyrockets to $65K: Will the Bull Run Continue? Multiple Bullish Sentiments Triggering Surge

On Jul 16, 2024

Bitcoin’s price surged to $65K, boosting market sentiment, but traders remain cautious about the sustainability of this rally.

The current trade price of Bitcoin (BTC) is $64,500 & this trade price is 14% higher over the last 7 days period.

Bitcoin Skyrockets to $65K: Will the Bull Run Continue? Multiple Bullish Sentiments Triggering Surge 1

In the last 14 days, the Bitcoin market has seen huge ups and downs. At one point, the Bitcoin price was trading below the $55K level. From the all-time low of July 2024, the current trading price of Bitcoin is 19% higher.

Two days ago, a crypto enthusiast mentioned that if Bitcoin’s price breaks through the $61K-$62K range and holds it as support, it would indicate a return to a bullish market. And also we can see that happening the same thing.

Sunday reminder: If $BTC breaks through the 61-62k range and holds it as support, we're back in full bull territory. pic.twitter.com/VLuXNEhpza
— Wolf 🐺 (@IamCryptoWolf) July 14, 2024

According to CoinShares, multiple cryptocurrency investment products received $1.44 billion in new investments last week, reaching a record $17.8 billion so far this year. Bitcoin had its fifth-largest weekly inflow ever, with $1.35 billion invested. Ethereum saw $72 million in new investments.

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– The US led with $1.3 billion in inflows, followed by Switzerland, Hong Kong, and Canada.
– Altcoins like Solana, Avalanche, and Chainlink also had significant inflows.
– The surge is due to price weakness and improved sentiment from lower-than-expected US CPI.
— Bitcoinik (@Bitcoinikdotcom) July 16, 2024

A very popular Bitcoin advocate Samson Mow also shared his opinion on Bitcoin. He said that BTC may stay above $60,000 forever. Mow believes Bitcoin will eventually surpass $1 million.

Donald Trump & Crypto

Some people said that Bitcoin experienced a notable surge in response to heightened political uncertainty triggered by an attempted assassination on U.S. presidential candidate Donald Trump.

The incident has raised speculation regarding the potential implications for the upcoming U.S. election, where Trump, known for his support of cryptocurrency, faces Democratic President Joe Biden.

Trump has been vocal in criticizing Democratic regulatory efforts targeting the Bitcoin sector and positioned himself as a pro-Crypto during a recent San Francisco fundraiser. Crypto investors, seeking refuge from traditional market risks amidst the political turmoil, reportedly turned to Bitcoin as a perceived haven asset.

The surge in Bitcoin’s price underscores the cryptocurrency’s role as a hedge against government instability and market volatility. Experts believe that cryptocurrency will be a crucial issue in the upcoming US presidential election, and some speculate that Trump’s support for cryptocurrencies could potentially influence the election outcome in his favour.