Bitcoin may be set for a price rebound amid alleged Trump's plan to speak at Bitcoin convention

Bitcoin's price dropped below the $60K level briefly on Monday following news of defunct exchange Mt Gox beginning to pay its creditors in July. However, Santiment data reveals that the recent spike in social volume of the phrase "bottom" could signal a potential price rebound for Bitcoin based on historical trends.

Bitcoin price receives hope after recent decline, Trump seeks momentum

The recent Bitcoin price decline has caused lingering questions, observations, and FUD in the crypto community. The largest digital asset has lingered below the $69K level for over two weeks before the recent decline.

Also read: Mt. Gox to begin Bitcoin and Bitcoin Cash repayments in July 2024, $9 billion in crypto could flood exchanges

Although a post from the crypto analytics platform Santiment suggests that these price ups and downs aren't new to Bitcoin, as historical price trends have shown. 

The report reveals that dating back to December 2023, whenever the word "bottom" saw high social media volumes, the price of Bitcoin seemed to have rebounded. This may restore new hopes to investors who have become skeptical of Bitcoin's price surge. The data shows that the word "bottom" often triggers a price rebound. 

Bitcoin is currently trading at the $60,000 mark, with a 5.21% decline over the last 24 hours. The asset's price went a little below $60,000 earlier today before climbing back to $60,191, where it currently trades.

Read more: Bitcoin price set to retest key support level amid ETFs outflow and miners reserve concerns

Concurrently, with Bitcoin's price drop continuing to spread FUD, the fight for the pro-crypto government also continued spreading hope among the crypto industry. Former president Donald Trump is alleged to be "in talks" to speak at the Bitcoin convention in July.

Trump has garnered massive support from the crypto industry over the last three months, following his pro-crypto stance, which includes accepting donations in Bitcoin and launching his meme token.

Recently, Trump stated that he "will end Joe Biden's war on crypto" and intends to make the United States the leading country in Bitcoin and innovation.

"We will ensure that the future of crypto and the future of Bitcoin will be made in America," Trump said in a previous speech.

Also read: Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin set to retest key levels

Trump's speech at the Bitcoin convention may solidify an advantage against Democrat Joe Biden, as much of the election has reflected a keen interest in the next government becoming supporters of cryptocurrencies.