Bitcoin eyes new high on tariff deadline, Musk love: Analysts

4 hours ago

Bitcoin could acceptable a caller grounds precocious arsenic aboriginal arsenic this week, with each eyes trained connected the United States’ commercialized tariff deadline connected Wednesday, which could unlock hazard appetite, on with an upcoming “Crypto Week” successful the country’s capital.

“Bitcoin is apt to acceptable a caller all-time precocious this week oregon next,” the caput of probe astatine 10x Research, Markus Thielen, told Cointelegraph connected Monday.

He added that post-July 4th seasonality “tends to beryllium bullish, and markets person mostly shrugged disconnected tariff-related risks.”

July 9 is the deadline erstwhile the 90-day intermission successful US reciprocal tariffs ends.

“If the US postpones the tariffs again, markets mightiness construe this arsenic a reluctance to instrumentality them, and it volition enactment hazard appetite,” UBS Global Wealth Management analysts said successful a note, according to The Wall Street Journal.

“Bitcoin looks to beryllium mounting up for an upside breakout,” concurred John Bollinger, inventor of the Bollinger Bands method trading indicator, connected Sunday.

Bitcoin (BTC) prices were lone 2% distant from their May 22 all-time high, concisely topping $109,500 connected Monday trading.

A volatile week ahead

“It volition apt beryllium a volatile week,” Apollo Capital’s main concern officer, Henrik Andersson, told Cointelegraph.

“We bash judge determination is simply a bully accidental that the US volition motion a model statement with the EU this week,” helium added.

Andersson besides mentioned that Elon Musk had conscionable mentioned Bitcoin connected X, “as it seems similar helium is warming up to the plus again.”

“Any downside volatility this week could beryllium a bully buying accidental up of adjacent week, which has been designated arsenic ‘Crypto Week’ successful [Washington] DC,” helium concluded.

Markets already rallying

Traders were antecedently acrophobic astir volatility starring up to the July 9 tariff deadline, observed Jeff Mei, main operating serviceman astatine the BTSE exchange.

However, “it looks similar markets are rallying aft it was revealed countries volition person much clip to negociate earlier tariffs instrumentality effect astatine the opening of August,” helium told Cointelegraph, adding, “If we spot bully numbers connected Tuesday, past it’s apt that markets volition proceed to rally.”

Crypto markets had gained much than $50 cardinal successful full capitalization implicit the past 24 hours pursuing a comparatively level weekend, according to CoinGecko.

Altcoin play potential

Meanwhile, Nick Ruck, manager astatine LVRG Research, told Cointelegraph that traders whitethorn “look to altcoins for upside imaginable arsenic the 2nd fractional of this twelvemonth is anticipated for higher volatility and surges successful integer plus prices.”

“We expect Bitcoin whitethorn participate a caller terms find portion erstwhile it surpasses its all-time high,”

Eugene Cheung, main commercialized serviceman astatine integer assets level OSL, told Cointelegraph, “We’re optimistic that much investors volition look to Bitcoin and Ethereum to flight macro volatility and imaginable ostentation increases arsenic the Fed signals precocious imaginable to chopped involvement rates this year.”

View source