Key Facts: Santiment attributes bitcoin’s surge to the assassination attempt against Donald Trump. No victory should be declared until bitcoin hits $63,000, says SantinoCripto. Bitcoin (BTC) is experiencing a significant price rally over the past 24 hours, reaching $60,000. This rally marks a possible end to the bearish trend that has been affecting the digital currency. The crypto asset has been on a downward trend since reaching its new all-time high (ATH) of $73,700 four months ago. BTC is trading at $59,500 today, after trading at $55,000 a week ago, as seen in the TradingView chart below.
BTC Price. Source: TradingView. Santiment, a market analysis firm, attributes the rise of bitcoin to the assassination attempt against former US President and Republican presidential candidate Donald Trump, which occurred yesterday, July 13. Trump was at a campaign event in the state of Pennsylvania, where he was injured after a sniper tried to assassinate him. “Considering the severity of any assassination attempt on a public (or non-public) figure, as well as the very different political stances on cryptocurrencies, it is undeniable that a bullish bias has been visible around the 2024 US presidential candidate,” the company stated through X. As the November presidential elections in the United States approach, bitcoin and cryptocurrency investors are showing a positive reaction towards Trump, due to his recent comments supporting crypto assets. As BitcoinDynamic reported, the Republican Party presidential candidate noted that he is going to make sure that the “future of bitcoin and cryptocurrencies is made in the US.” “Needless to say, surviving an assassination attempt is perceived as pro-Trump news. Therefore, bullish responses have occurred,” says Santiment. In the following graph, you can see the behavior of BTC in the midst of what happened with Trump. Initially, BTC falls as reports of murder attempt are made and the candidate's health status is unknown.
BTC performance after Donald Trump assassination attempt. Source: Santiment. After the danger for Trump passes, the digital currency rises by 2.5%, reaching $60,000 for the first time in 10 days. Santiment warns that regardless of political views, it is important to note that these types of market reactions will likely continue to occur with any major political news in the United States for the rest of 2024.
Bitcoin must break above $63,000 if it wants to continue rising, experts say
«We shouldn't declare victory yet for Bitcoin as long as the currency doesn't return to the $63,000 or $64,000 zone,» says Spanish trader and influencer SantinoCripto. The trader explains that, for the moment, BTC remains below the downtrend line (A) short-term, started in early June. This can be seen in the following chart.
BTC Price. Source: SantinoCripto. «Once we break the bearish trend line (A), which is the short-term one, it is very possible that we will look for the (B), which was started in March [cuando alcanzó ATH]more than 4 months ago,» he points out. If bitcoin exceeds $63,000, the trader expects that The asset will embark on a bullish trajectory towards the $68,000 markalthough it would still be 7% away from its all-time high. «Until we break $63,000, a fall to $50,000 levels cannot be ruled out,» he says. The trader who identifies himself as Cryptokakarot on the X social network, identifies two scenarios for bitcoin. From his bullish point of view, BTC will exceed $60,000 if it remains in the area with strength (something that has not happened so far). If it achieves this, it becomes «ultra mega bullish» in the short term and aims for a new ATH. In the bearish scenario, he agrees with SantinoCripto. If it does not exceed the $60,000 area, there will be some more falls, with the possibility of falling to $50,000and “everything will remain at a standstill” for a few more weeks, he says. A similar position is held by the trader whose pseudonym is IamCryptoWolf, who mentions that if BTC breaks through the $61,000-$62,000 range and holds it as support, it will once again be in full bullish territory.