Bitcoin price hits $116,678, up 1.9% today, eyeing $123K ATH as President Trump signs order allowing crypto in 401(k) retirement plans.
Today, August 8, the price of bitcoin is $116,678, up 1.9% in a day.
The issuing of a pro-crypto executive order by President Donald Trump is the most significant of several factors that have contributed to the gains.
Bullish patterns have emerged during the rise, indicating that Bitcoin may soon reach its all-time high of $123,000.
Bitcoin Price Will Rise As $9 Trillion Tailwind Develops
President Trump’s executive order on cryptocurrency is one of the main factors influencing the price of Bitcoin.
Due to this action, retirement funds will find it easier and more feasible to invest in digital assets like XRP, Ethereum, and Bitcoin.
This is a significant move since these funds currently have trillions of dollars in assets.
These funds are estimated to contain more than $9 trillion in assets, which include equities, bonds, and gold.
Bitcoin will not be the sole investment of the $9 trillion.
However, switching only 0.5% of these assets to Bitcoin would result in a significant gain of almost $45 billion.
The announcement coincides with further drivers for the price of Bitcoin.
For instance, more than $55 billion has been invested in spot Bitcoin ETFs since their launch in 2024.
The ongoing Treasury wave, which has seen over 100 firms invest 961,760 coins totaling $112 billion in Bitcoin, is also helping the cryptocurrency’s price.
More businesses have invested in other cryptocurrencies, such as Binance Coin, Ethereum, and Solana.
Furthermore, following last Friday’s release of dismal non-farm payrolls (NFP) statistics, many predict that the Federal Reserve will begin to adjust its stance on interest rates.
Businesses only added 73,000 employees, a number that will probably decline.
The likelihood that the FOMC will lower rates next month has increased to 79%, according to Polymarket.
Neel Kashkari, Christopher Waller, and Lisa Cook are among the Fed officials who have indicated that they support cuts to avert a further decline.
Bitcoin Price Is Targeting $123,000 Higher
According to the 12-hour timeframe, Bitcoin has developed a few chart patterns that will likely lead to more rises this month.
For instance, the coin created an ascending triangle pattern consisting of a diagonal trendline and a horizontal resistance.
The resistance in this instance is at $111,822, which was its most significant point in May.
The price of bitcoin has also formed a bullish flag pattern.
A flagpole and a falling channel make up this motif.
More gains are typically the result, and this will probably happen because it has retested the support level at $111,822. More rallies are frequently the result of a breach and revisit.
Bitcoin has stayed above the rising trendline that links the lower lows since April, another factor driving the price upward.
Additionally, the 100-period moving averages are providing support.
Consequently, an optimistic price estimate for Bitcoin in 2025 is the most plausible.
The psychological threshold at $120,000 will be the first price target, followed by a rise to the record high of $123,118.
However, a decline below the crucial support level of $111,000 will end the optimistic prognosis for Bitcoin and signal further decreases.
