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The Bitcoin price fell a fraction of a percent in the last 24 hours to trade at $72,397 as of 00:43 a.m. EST on trading volume that plunged 26% to $39 billion.
This comes as Michael Saylor, executive chairman of MicroStrategy and a prominent Bitcoin advocate, shared a misleading post on October 30 on X, attributing a quote to Donald Trump that falsely stated, “Bitcoin is money” and suggesting a tax-free stance on crypto.
The quote appears to have originated from the X account Basedkarbon, which claimed Trump made these statements in a recent interview.
Trump is flirting with the idea of making crypto tax free
From a recent interview:
"They have them paying tax on crypto and I don't think that's right. Bitcoin is money and you have to pay capital gains tax if you use it to buy a coffee? I was talking with a friend he said 'it… pic.twitter.com/rMNonhqQ69— karbon 🐺🦊 (@basedkarbon) October 28, 2024
Bitcoin Price To Continue Soaring
The Bitcoin price chart shows BTC moving within an ascending channel since September, with a potential breakout above resistance levels. According to data from GeckoTerminal, BTC price bulls capitalized on the $55,000 support to propel the token higher.
The recent price action and the position of indicators suggest a bullish sentiment, with a possible move toward the upper channel range around $75,000 if the momentum holds.
The price of Bitcoin now trades above both the 50-day and 200-day Simple Moving Averages (SMAs), which affirms the rising bullish stance.
The Relative Strength Index (RSI) is approaching overbought territory (above 70), currently at 69.05, indicating that buying momentum is strong. However, if it enters overbought levels and sustains there, this could hint at a continued uptrend.
A pullback may occur if the RSI crosses above 70 and begins to decline, but it’s not a bearish signal unless there’s a clear divergence with price.
The Moving Average Convergence Divergence (MACD) is in bullish territory with a recent positive crossover, meaning the MACD line has crossed above the signal line, a common buy signal. The MACD histogram also shows positive bars, reinforcing this bullish sentiment. This momentum could support further upside if it continues to expand positively.
Bitcoin Price Prediction
The BTC/USD chart analysis indicates that the asset is currently on a bullish trend, with the bulls aiming to capitalize on the major indicators to push the Bitcoin price even higher. If the bulls are successful in breaching the $73,000 resistance, the Bitcoin price could soar even higher, as they target $80,000.
However, if the bears take charge here, the lower boundary of the ascending channel, around the 50-day and 200-day SMAs ($63,373 to $64,367), should act as strong support.
Meanwhile, investors seeking opportunities in the PolitiFi space of the crypto market might want to consider FreeDum Fighters ($DUM), which has blasted past $363k in funds raised in its presale.
According to analyst and YouTuber Jacob Bury, with over 43k subscribers, DUM can potentially surge 10X when it launches.
FreeDum Fighters Presale – Next 10X Crypto?
FreeDum Fighters brings a playful twist to the US elections, inviting investors to vote (stake) on who will emerge as the free world’s leader after the Nov. 5 US election: MAGATRON, a mechanized version of former President Donald Trump, or Kamacop 9000, representing Vice President Kamala Harris.
MAGATRON currently boasts a 309% annual staking return for its supporters (stakers), while Kamacop 9000 offers a dazzling 1,045% annual return.
Ready for this year's elections?
Get involved early by joining the @Freedum_Fighter elections between MAGATRON and Kamacop 🦅
Cast your vote by participating in the $DUM presale and using their stake-to-vote system 🗳️
Be sure to follow this project, you will not regret it.🔥🔥 pic.twitter.com/j452Rht1Lq
— Red (@Redlion35) October 17, 2024
$DUM holders can also participate in lively debates, and earn rewards based on the chosen candidate’s performance.
DUM tokens are priced at $0.00006 right now. Buy before a price hike in a little more than 1 day to lock in the best deal.
Visit the official FreeDum Fighters website to buy $DUM tokens here using ETH, BNB, USDT, USDC, or SOL,
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