Bitcoin (BTC), Signs of a Big Rebound...July Senate Vote is the Trigger

▲ Bitcoin (BTC)

With the US Senate vote being identified as the next trigger for Bitcoin (BTC) rebound, market attention is turning to Washington, driven by expectations for the passage of the US cryptocurrency market structure bill and a forecast of $1.3 million by 2035.

Cryptocurrency-focused YouTube channel Altcoin Daily claimed in a video uploaded on July 5 (local time) that Bitcoin has likely already bottomed, and even if further lows occur, a massive relief rally should be anticipated. Cathie Wood compared the trends of Bitcoin and gold, stating, "Bitcoin was in the process of forming a bottom, and based on that criterion, I believe it has already passed the bottom," suggesting the possibility of a resumption of a long-term upward trend accompanied by volatility.

The video highlighted the US cryptocurrency market structure bill as a key regulatory catalyst to stimulate Bitcoin's rise. The National Organization of Black Law Enforcement Executives' support for the bill and the shift of major US county sheriffs' associations from opposition to neutrality were presented as signs of progress. SEC Commissioner Hester Peirce said, "I remain optimistic about its passage this summer and expect it to pass soon," adding, "A lot of time has been put in by the House and Senate, and work is still ongoing."

Wall Street's movements were also presented as signals aligned with expectations for regulatory clarity. The CEO of Robinhood stated that "the future of cryptocurrency lies in real-world assets," predicting that assets traded in traditional financial infrastructure, including tokenized stocks, futures, and unlisted assets, will be converted into on-chain tokens. Michael Saylor emphasized to US President Donald Trump the need for institutional channels that allow US companies to legally issue digital tokens, digital securities, and digital currencies, asserting, "If American companies can create digital assets, we will become the world's bankers."

The timing of the bill's vote and long-term price forecasts also attracted investor interest. Matt Palmer mentioned the possibility of the US cryptocurrency market structure bill being voted on in July, predicting that its passage could provide strong upward momentum for Bitcoin. Bitwise Chief Investment Officer Matt Hougan maintained his forecast of Bitcoin reaching $1.3 million by 2035, stating, "If Bitcoin fulfills both the role of a store of value and actual currency, we might need to raise the target price by another $1 million or so."

[Key Article Summary]

-Altcoin Daily identified the potential passage of the US cryptocurrency market structure bill as a key catalyst for Bitcoin's rebound.

-Hester Peirce was optimistic about the bill's passage this summer, and Wall Street saw prospects for expanded tokenization of real-world assets and financial assets.

-Matt Hougan maintained his forecast of Bitcoin reaching $1.3 million by 2035, mentioning the possibility of further upward revision of the target price if it also secures currency functionality.

*Disclaimer: This article is for investment reference only and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*