The anticipation of a pivotal meeting between U.S. President Donald Trump and Chinese President Xi Jinping has sparked renewed interest in Bitcoin (BTC), causing its value to rise. This move follows Trump’s familiar tactic of initiating negotiations with challenges before progressing towards compromise. Similar strategies observed in recent EU interactions are now influencing the cryptocurrency landscape as investors closely watch the potential effects on Bitcoin, Ethereum, and other digital currencies.
Where Could Bitcoin (BTC) Head Next?
Given the expectation of improving U.S.-China relations, experts believe cryptocurrencies will continue to recover, albeit not to the degree seen during the Geneva Agreement era. Both economies have been strained by steep tariffs, pointing to a need for compromise. China’s possible concession of rare earth element permits might ease tensions, potentially propelling Bitcoin toward $112,000 in the near term.
Carl Moon predicts a Bitcoin breakout soon, possibly targeting $106,400, while warning of a potential drop to $101,750.
At present, Bitcoin is on an upward trend, approaching a crucial level around $104,600. Maintaining this position is essential for continued momentum.
Will Ethereum (ETH) Rally Further?
The ETHBTC pair has reversed its decline following a significant rally, though it now moves sideways. Ethereum dipped to $2,500 due to Bitcoin sales. Analyst Fella has identified chart areas vital for ETH’s potential rise to $3,149, contingent on Bitcoin’s trajectory.
Ethereum must close above $2,750 to reclaim its stance among altcoins; Bitcoin’s market action remains a critical factor for further gains.
Altcoin commentator Altcoin Sherpa noted a decline among smaller coins, including POPCAT. He anticipates a potential local bottom forming but remains uncertain about the subsequent trend.
Highlights:
- U.S.-China trade relations impact Bitcoin and broader crypto markets.
- Bitcoin’s potential targets: $106,400 on the upside, $101,750 on the downside.
- Ethereum needs to hold above $2,750 to resume its ascent.
- Altcoin market shows signs of reaching a local bottom.
The strategic dealings between Trump and Xi are being closely watched by investors, signaling potential shifts in cryptocurrency trajectories. The unfolding geopolitical narrative presents both challenges and opportunities for digital currency markets.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/trump-and-xi-meeting-boosts-crypto-prices