October 21, 2024
By Our Correspondent
Experts predict that the price of Bitcoin may exceed $70,000 in the near future, driven by its persistent bullish momentum. Analysts in the cryptocurrency market highlight significant technical breakouts and favorable macroeconomic factors, such as interest rate reductions by central banks, as crucial elements propelling Bitcoin’s upward movement, which could lead to new all-time highs shortly.
The pro-cryptocurrency policies advocated by Donald Trump are fostering a sense of optimism within the crypto community. His commitment to establishing the United States as a global leader in the cryptocurrency sector and advocating for user asset custody rights may create a regulatory framework that supports the growth of Bitcoin’s price, thereby boosting investor confidence in the market.
According to Arthur Hayes, co-founder of BitMEX, geopolitical tensions and increasing inflationary pressures are likely to trigger the next significant bull run for Bitcoin. Hayes indicates that the U.S. government’s monetary response to conflicts in the Middle East, characterized by heightened borrowing and money printing, will further elevate demand for Bitcoin as a safeguard against inflation.
China’s economic difficulties and its stimulus initiatives present a distinct variable for global markets, including Bitcoin. The rise in government debt, coupled with sluggish economic growth and weak domestic demand, has prompted China to inject capital into its economy, which could have indirect effects on the performance of risk assets such as Bitcoin. The recent technical breakout of Bitcoin establishes a solid foundation for potential future gains, with analysts anticipating sustained upward momentum.
As global central banks lower interest rates and increase liquidity in the economy, risk-oriented assets like Bitcoin are poised to benefit, potentially driving its price significantly above the $70,000 threshold in the upcoming weeks.
The momentum of Bitcoin’s price demonstrates notable resilience, as market analysts predict a substantial increase that may elevate the cryptocurrency beyond the $70,000 threshold in the near future. Presently, Bitcoin is trading at around $67,600 and has undergone a robust recovery, achieving its peak levels since early August. This swift appreciation in value is capturing significant interest regarding its prospective direction.
