Bitcoin Price Prediction: How President Biden's Policies Could Propel BTC to New Heights, Catching Investors by Surprise

Bitcoin Price Prediction: How President Biden’s Policies Could Propel BTC to New Heights, Catching Investors by Surprise

ByAli Raza

Updated: 23 July 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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Bitcoin has seen a slight uptrend in the last 24 hours. At the time of writing, BTC was trading at $27,174 after a 1.2% gain. The weekly gains for BTC currently stand at 2.8%.

As investors eagerly await to see whether the coin will break past key resistance levels and possibly break past $30K in the next few months.

The growing strength of the US dollar is raising concerns because of its inverse relationship with Bitcoin.

Bitcoin price prediction

Bitcoin’s price has bounced back significantly from the late 2022 lows of around $16K after the collapse of the FTX exchange.

Bitcoin has since recovered to past $27K.

However, there are concerns over whether the policies announced by US President Joe Biden could possibly propel the coin to new heights.

Bitcoin’s price movement shows that the bulls are gearing up, as seen in the Relative Strength Index.

The RSI is at 45 and approaching the midline, signaling the possibility of a bullish trend that would propel prices higher and possibly retest the $28K levels.

On the other hand, the buying support remains weak, and for the RSI to break past the midline to create a bullish trend, buyers need to come back to the market to drive the rally.

The Moving Average Convergence Divergence (MACD) line is in the negative zone showing that bears have the upper hand.

The movement of the MACD line also shows that the price momentum is weak.

Biden policies could be behind the next Bitcoin rally

US President Joe Biden and the Republic House Speaker Kevin McCarthy reached a deal on the $31.4 trillion debt ceiling.

The debt ceiling bill has now been passed by the US Senate, which is an important step in easing uncertainty across the financial markets as the US has now avoided a default.

JUST IN: ?? US Senate passes debt ceiling bill.

— Watcher.Guru (@WatcherGuru) June 2, 2023

The passing of the debt ceiling is a different perspective from what was seen earlier this month. At the time, US President Joe Biden said that he would not agree to a debt ceiling that would benefit crypto traders and place a risk to one million Americans.

BREAKING: Biden says he will not agree to a debt deal that ‘protects wealthy tax cheats and crypto traders’

— The Spectator Index (@spectatorindex) May 21, 2023

The policies being adopted by the US President, such as the agreement on the debt ceiling bill, could be good for Bitcoin and the entire crypto industry in the United States.

The US has been facing criticism from the crypto community that has been accusing regulators in the country of stifling innovation in the industry.

The CEO of BlackRock, Laurence Fink, has said that the recent drama around the US debt ceiling could be bullish for Bitcoin.

Fink noted that the entire matter had reduced the global trust in the US dollar, and analysts believe that it could offer some tailwinds for Bitcoin.

Bitcoin historically has an inverse relationship with the US dollar, and a weak dollar means higher Bitcoin prices.

According to a Reuters report, Fink expects that the Federal Reserve will install at least two more interest rate hikes from the Federal Reserve in the coming months, saying that there was no evidence that the overall inflation was reduced.

Time to buy Ecoterra?

If you are looking to buy Bitcoin amid policy shifts in the US, you should consider diversifying your portfolio by investing in the Ecoterra presale.

Ecoterra is an innovative Web3 app that will incentivize recycling and sustainability.

The Ecoterra presale has raised over $4.6 million, with investors having bought over 60% of the presale tokens in under two months.

After the presale is over, the Ecoterra tokens will be listed on some cryptocurrency exchanges, with the listing price being $0.01, which will be significantly higher than the current prices.

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