Santiment data shows that Bitcoin’s price has historically rebounded whenever there is a spike in social volume for the word “bottom” since December 2023.
According to Axios, Trump is gearing up to address a Bitcoin convention with plans to “end Joe Biden’s war on crypto.”
Bitcoin experienced a slight dip below $60,000 on Monday.
Despite briefly falling below the $60K mark on Monday due to news about Mt. Gox starting to pay its creditors in July, Santiment’s analysis indicates a potential price rebound for Bitcoin. This trend is based on the correlation between spikes in social volume for the term “bottom” and Bitcoin’s price rise.
Bitcoin Price Outlook and Trump’s Crypto Momentum
The recent price turbulence of Bitcoin has prompted discussions and concerns within the crypto space. The leading cryptocurrency had been hovering below $69,000 for more than two weeks before the recent downturn.
While some in the community have expressed uncertainty, Santiment’s report suggests that Bitcoin’s price fluctuations are not uncommon. The data from December 2023 onwards reveals a pattern where increased social mentions of “bottom” have often preceded price rebounds for Bitcoin.
Currently trading around $60,000, Bitcoin has seen a 5.21% decrease in value over the past 24 hours. Although the price briefly dipped below $60,000 earlier today, it has since climbed back to $60,191.
Meanwhile, as concerns over Bitcoin’s price persist, the anticipation of a crypto-friendly administration remains high. Donald Trump’s potential appearance at a Bitcoin conference in July has stirred optimism within the industry.
Trump’s recent statements, including his pledge to end what he perceives as Biden’s negative stance on crypto, have resonated well with the crypto community. His support for Bitcoin donations and the launch of a meme token have further solidified his pro-crypto image.
In a recent address, Trump emphasized his vision for the United States to lead in Bitcoin and innovation, emphasizing the importance of American influence in shaping the future of crypto.
Should Trump address the Bitcoin convention as planned, it could potentially sway sentiment in his favor over Joe Biden, reflecting the growing importance of cryptocurrency policies in political discourse.
