Is The 'Bitcoin Trump Pump' Sustainable? Here's What 10x Research Thinks
Portfolio Pulse from Murtuza Merchant
A report by 10x Research explores the recent 4% surge in Bitcoin's price, potentially linked to former President Donald Trump's strong position in the 2024 election race. The report suggests that while Bitcoin could see short-term gains, a drop to $55,000 is possible in the coming weeks. Seasonal trends, technical indicators, and challenges faced by Bitcoin mining companies are also discussed. Increased exchange balances and outflows from Circle's USDC indicate potential selling pressure.
July 02, 2024 | 11:22 am
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NEUTRAL IMPACT
Bitcoin's recent 4% price surge is potentially linked to former President Donald Trump's strong position in the 2024 election race. While short-term gains are possible, a drop to $55,000 is likely in the coming weeks due to seasonal trends and increased exchange balances.
The report suggests that Trump's popularity is viewed positively by the crypto market, but seasonal trends and increased exchange balances indicate potential selling pressure. This mixed outlook results in a neutral short-term impact.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Significant outflows from Circle's USDC indicate a move from crypto back into fiat, contributing to potential selling pressure in the cryptocurrency market.
The outflows from USDC suggest a shift from crypto to fiat, which could contribute to selling pressure in the market. This is a negative indicator for USDC in the short term.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50