Crypto

Bitcoin Price Prediction: How Biden’s Debt Relief Package Might Trigger the Next BTC Rally | Cryptocurrency

  • President Biden is proposing a student debt relief package that addresses the middle-class dilemma over the rising cost of college education.
  • Macrotechnics suggests that a bullish rise in the price of bitcoin will be cautiously 2x the current market value.
  • The bullish price of BTC is subject to a $13,880 price level that remains unmarked.

The macro potential of the Bitcoin price is still very untapped. In response to President Biden’s debt relief package, investors can finally be bold again in open markets.

Will there be a proposed price for bitcoin?

The price of bitcoin experienced a shocking wave of positive market sentiment when President Biden announced the college debt relief program. According to the White House, the U.S. federal government “will provide up to $20,000 in debt relief to Pell Grant recipients with Department of Education-held loans and up to $10,000 to non-Pell Grant recipients.”

The generous POTUS offer will make it easier and help the net income of nearly 45 million Americans and should in theory promote greater liquidity in open markets such as cryptocurrencies, real estate, stocks and bonds.

Source: Whitehouse.gov.

Following the catastrophic cryptocurrency sell-off that took place in 2021, Netcost-Security analysts released several technical forecasts to shed light on the macro potential of Bitcoin. As of August 25, the price of bitcoin is trading at $21,657 at the time of writing, just 38% below the all-time high of $69,000 on a logarithmic basis.

Elliott Wave Theory suggests that BTC price is in wave 4 with wave 5 price targets between $80,000 and $120,000. Based on previous Bitcoin bull runs, the next rally should go beyond these targets.

tm/btc.8/25/22

BTC/USDT 1-week chart

Many investors believe that the bottom of the bitcoin market can be reached. Technicians are confusing this possibility as the price of BTC is hovering above the historical Elliot Wave trend channel that has been playing a major role in the price of Bitcoin since 2019. This is a typical signal for a market bottom as many markets have shown similar results. signs before fleeing traders in a toss style.

With optimism rising, inflation easing, and President Biden freeing up capital for the middle American middle class, large-cap investors who have been left out may finally be brave again in the markets. The bitcoin bullrun is certainly bragging about helping win Millennial and Gen Z votes in the upcoming re-elections.

tm/whitehouse.gov 08/25/2222

Source: Whitehouse.gov.

However, the markets are constantly moving and you can never be 100% sure that the bottom is really set until you look back. Thus, the average dollar value method is the safest way to invest in the price of bitcoin. The invalidity of the bullish scenario depends on whether $13,880 remains untouched going forward.

In the following video, our analysts dive into bitcoin price action by analyzing key levels of interest in the market – Netcost-Security Team

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