The cryptocurrency market needs a stronger catalyst than former U.S. president Donald Trump's Bitcoin 2024 speech to spark a major breakout, analysts said. 

"Trump’s speech echoed industry expectations, but the market may require a more significant catalyst for a major breakout. This catalyst could materialize closer to the U.S. elections when promises and policies are more clearly defined," QCP Capital analysts said.

The analysts added that because bitcoin failed to breach its all-time high despite Trump's optimistic remarks at Saturday's conference in Nashville, "it is plausible that bitcoin will continue trading in a range."

Bitcoin could continue to trade within a tight range

Bitfinex analysts pointed to a recent reduction in options implied volatility in the bitcoin market …