Bitcoin, the king of cryptocurrency, has once again surpassed the $70,000 mark, reaching a peak of $70,270. Currently, it is trading at around $70,200. The continuous uptrend in all cryptocurrencies is sparking optimism that the period of stagnation may soon come to an end. What is fueling this surge?
BTC has managed to break through the $70,000 barrier. With the introduction of interest rate cuts, market participants are anticipating a significant uptick in risk markets. While this could be a trial that may not succeed, we should anticipate BTC reaching new highs above $70,000 in the near future, possibly within a few months.
The countdown to the U.S. elections is underway. FTX is gearing up to return billions in stablecoins to creditors. Interest rate cuts have already been put into action. Despite a decrease in inflation, employment remains relatively robust. Historical data indicates an imminent rise, providing substantial psychological support.
There are multiple factors contributing to this upward trajectory. After 91 days of lingering below the $70,000 mark, Bitcoin is expected to move in the projected direction, mirroring the historical performance of the last quarter following an extended consolidation phase.
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Disclaimer: The information presented in this article should not be considered as investment advice. Investors should be aware that cryptocurrencies are highly volatile and therefore risky, and should conduct their own research.
