Bitcoin Bulls Prepare for Push to $70,000 as Market Optimism Grows
Bitcoin ended the week with a strong weekly close at $69,200, and bulls are preparing for a push to $70,000. The surge in Bitcoin’s price to $69,375 early Monday morning has reignited investor appetite for risk-on assets, including cryptocurrencies, as the 2024 US presidential elections approach.
Market participants are gearing up for Election Day, with the odds of former president Donald Trump winning the election reaching a record 60%, further driving the risk-on appetite. To confirm a breakout from its sideways movement, Bitcoin needed to secure a weekly close above $68,700, which it achieved, according to crypto analyst Rekt Capital.
Analysts are optimistic about Bitcoin’s future, with one stating, “We’re on the verge of confirming a breakout beyond the multi-month channel resistance. A weekly close like this would be very bullish.” Another analyst echoed similar sentiments, saying, “Through 70k and we be in business…”
The positive momentum in Bitcoin has also been fueled by strong inflows into Bitcoin ETFs, which hit a new record of over $20 billion in total net flows within just 10 months of launching. This milestone surpasses the success of gold ETFs, which took five years to reach the same level.
With the anticipation of Federal Reserve rate cuts in November and the rising chances of a pro-crypto candidate winning the 2024 presidential election, Bitcoin is poised for a new bull cycle. Analysts suggest that Bitcoin could reach $100,000 in 2025, with some long-term projections even reaching $250,000.
On-chain data supports this bullish outlook, with whale activity signaling bullish momentum similar to patterns seen in previous bull runs. Additionally, the decline in stablecoin dominance is fueling optimism, as investors move capital out of stablecoins and back into assets like Bitcoin, reflecting a growing risk appetite and confidence in the market.
As Tether’s US dollar-backed stablecoin, USDT, hits a record market cap of $120 billion, the crypto market is poised for a surge. All signs point to Bitcoin being well-positioned for a major bull run in the coming months, with the question now being whether Bitcoin can push past $70,000 and continue its upward trajectory.
