Experts Predict Bitcoin to Surge, Cross $70,000 Mark in Coming Weeks
Global Political Developments And Market Forces Converge to Fuel Optimism For The Crypto Industry
Bitcoin, the world’s largest cryptocurrency, is on a robust upward trajectory. Analysts predict it could breach the $70,000 mark in the coming weeks.
As global political developments and market forces combine to fuel optimism in the crypto industry, most experts believe Bitcoin’s current rally will continue, potentially pushing the cryptocurrency to new highs.
Current Market Momentum
Several analysts, including Jonathan de Wet, chief investment officer at Zerocap, expressed confidence that the largest cryptocurrency is due for a significant breakout.
In a note to investors, de Wet stated, “We see Bitcoin at $70,000 in the coming weeks,” citing a solid technical foundation and the alignment of favorable market conditions.
Bitcoin is trading above $67,600, marking a 9.15% increase over the past week. This rise follows months of price consolidation, with the cryptocurrency reaching levels last seen in early August.
On Wednesday, the apex coin briefly peaked at $68,376, shortly after Trump posted a video on X stating that “crypto is the future.” However, the surge was short, as Bitcoin experienced a sharp decline shortly afterward.
Key Drivers Behind Bitcoin Surge
One of the critical drivers of Bitcoin’s recent momentum is the growing political support for cryptocurrencies in Presidential candidate Donald Trump, who has pledged to make the U.S. the global crypto capital. Experts agree that Trump’s victory spells positive optimism surrounding Bitcoin’s future.
Additionally, global liquidity measures are providing further tailwinds. According to Brett Munster of Blockforce Capital, “The stage is set for a perfect storm in favor of Bitcoin and other crypto assets.” Stimulus efforts from countries like China are bolstering the demand for riskier assets, including Bitcoin.
The declining supply of Bitcoin on exchanges is also driving prices up. According to data from CryptoQuant, the number of Bitcoin held on exchanges has hit an all-time low of under 2.7 million, down from over 3.3 million three years ago. This decline in supply is widely viewed as a bullish signal, as fewer Bitcoins are available for immediate trading.
In conclusion, Bitcoin bulls are targeting surpassing the $70,000 mark and potentially retesting the all-time high of nearly $74,000 reached in March. The upcoming U.S. elections and global economic developments could determine Bitcoin’s next significant move.
