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Bitcoin Price Prediction as RFK Jr. Supports Self-Custody Rights – Is Regulatory Pressure Easing?

Arslan Butt
Last updated: | 3 min read

Bitcoin, the flagship cryptocurrency, has been demonstrating robust performance, maintaining a strong position above the $37,000 threshold. This bullish trend contributes significantly to the global cryptocurrency market cap, which has recently seen a 0.52% increase, soaring to $1.42 trillion.

Notably, Bitcoin has experienced a substantial 126% surge since the year’s start, reflecting its dominant status in the crypto sphere.

Recent market dynamics are largely influenced by the developments surrounding Binance’s potential settlement with the SEC. This news has injected optimism into the market, driving Bitcoin’s price upward and bolstering the overall cryptocurrency market capitalization beyond the $1.42 trillion mark.

The market’s response to these regulatory discussions underlines the evolving landscape of cryptocurrency regulations and their impact on market sentiments.

RFK Jr.’s Bitcoin Stance and 2024 U.S. Election Influence

Robert F. Kennedy Jr., a potential candidate for the 2024 US presidential election, perceives Bitcoin as a substantial challenge to the conventional banking system. He advocates for the protection of self-custody rights for Bitcoin, citing concerns over regulatory and media attacks against cryptocurrency.

Kennedy views Bitcoin as a disruptor to the established financial system model, benefiting certain groups.

Recently, Kennedy criticized media narratives that cast cryptocurrencies in a negative light and underscored the significance of personal freedom, positioning Bitcoin as an alternative currency for US citizens. His commitment to the independent holding of Bitcoin, free from government interference, could be a pivotal issue in the upcoming 2024 election.

Thus, Robert F. Kennedy Jr.’s support for Bitcoin, emphasizing individual liberty and financial autonomy, is likely to positively influence BTC prices.

Binance’s $4 Billion DOJ Settlement and Crypto Market Shifts

The cryptocurrency market is witnessing significant shifts due to Binance’s ongoing settlement negotiations with the U.S. Department of Justice (DOJ). Binance, one of the largest cryptocurrency exchanges, is reportedly considering a substantial $4 billion settlement to resolve allegations, including money laundering and bank fraud.

This development has positively impacted the market, with Bitcoin’s price increasing by 1% and Binance’s native token, BNB, experiencing a 6% surge.

The settlement talks, expected to conclude soon, have garnered attention, particularly as Binance’s founder Changpeng “CZ” Zhao may face criminal charges. The market has reacted optimistically, hoping Binance’s settlement will prevent the exchange’s shutdown despite the hefty fine.

This settlement, potentially one of the largest in the crypto sector, marks a critical moment for Binance amidst heightened scrutiny by U.S. authorities.

The specifics of the settlement and its terms remain undisclosed, leaving the crypto community eager for more clarity.

The resolution of this case is anticipated to bring about more defined regulatory guidelines, contributing to a more stable and predictable cryptocurrency market environment.

Bitcoin Price Prediction

Bitcoin is currently positioned at $37,240, showing a marginal upward trend with a 0.13% rise. It is undergoing a phase of consolidation, facing immediate resistance at $37,574 and significant support at $36,342.

The Relative Strength Index (RSI) stands at 58, indicating a balanced presence of buyers with potential for further upward movement before hitting overbought territory.

Bitcoin Chart - Source: Tradingview
Bitcoin Chart – Source: Tradingview

Market focus is keenly on the $37,574 mark. A break above this level could indicate a continued bullish trend, whereas falling below $36,342 may lead to a reevaluation of the current positive outlook.

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