Tangem Wallet Pack of 2 - Secure Crypto Wallet - Trusted Cold Storage for Bitcoin, Ethereum, NFT's &

Tangem Wallet Pack of 2 - Secure Crypto Wallet - Trusted Cold Storage for Bitcoin, Ethereum, NFT's &
Key item features Ultimate Security: Generates a private key that remains on the card, safeguarding crypto and NFTs from hackers with EAL6+ certification and audited firmware. Versatile Compatibility: Manages over 13,000 tokens across 70+ blockchains, supporting DeFi, NFTs, and DeEx without wires, Bluetooth, or USB. Effortless Operation: Utilizes NFC for secure transactions via a mobile device and the Tangem app, enabling buying and selling crypto with various payment methods. Smart Backup: Features a second Tangem Wallet as a backup, eliminating the need for paper, pictures, or seed phrases for recovery. Durable Design: Boasts IP68 protection against environmental conditions, ensuring longevity and robust physical security. Comprehensive Support: Compatible with Bitcoin, Ethereum, Solana, XRP, USDT, and over 6,000 cryptocurrencies, integrating with dApps and WalletConnect.

LBANK

LBANK

Will Bitcoin Rhyme With 2020 Events And Explode 5X By December?

Bitcoin traders might be upbeat about what lies ahead. However, looking at the daily chart, the world’s most valuable coin is struggling for momentum. BTC prices are inside a narrow range, with support at around $56,000 on the lower end and a stubborn liquidation level at $63,000.

Even though the uptrend remains, at least considering the state of price action in the past few trading days, conservative and risk-on traders are now on the sidelines.

It is only when there is a clear trend definition, either below $50,000 or above $72,000, that traders can commit. The result will be an uptick in trading volume, currently muted and way below the averages recorded on August 8.

Is Bitcoin Preparing For A 5X Surge?

While there is caution, one analyst, in a post on X, thinks Bitcoin could be preparing for a major leg up in the coming sessions. Notably, the confident trader compares the current state of affairs to events of 2020 when the global economy came to a standstill due to the COVID-19 pandemic.

Governments had to intervene through lockdown and interest rate cuts, which fell to multi-year lows in the United States and globally.

Bitcoin set for gains by end year | Source: @OnChainCollege via X

The analyst says that, at spot rates, Bitcoin is precisely where it was in September 2020. Though prices temporarily fluctuated, it only took five short months for prices to expand from $10,500 to over $56,000.

Even though history may not repeat itself as it did in 2020, it can rhyme. Therefore, there is nothing, considering the current market conditions, that may prevent prices from rallying, even surging by 5X.

Interest Rates Cut And Politics As Key Drivers

Through 2020, the United States Federal Reserve slashed rates, meaning the accommodative monetary policy forced capital to Bitcoin, lifting prices to nearly $70,000 in November 2021. Dropping interest rates was a key driver of BTC demand.

Analysts expect the central bank to ease in September now that inflation continues to fall towards the benchmark 2% in the United States. This, in turn, creates a very favorable environment for safe havens, mainly Bitcoin.

Bitcoin price trending sideways on the daily chart | Source: BTCUSDT on Binance, TradingView

Additionally, as politicians change their stance on crypto, endorsing the technology, the result of the November 2024 election will likely have a massive bearing on the industry.

Kamala Harris and Donald Trump have already expressed plans to support crypto assets. However, Trump has been more aggressive of the two, saying his administration would even consider adding Bitcoin as a strategic asset, similar to gold.



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