Bitcoin Price Analysis: Cup-and-Handle Pattern Suggests Rally to $110,000; US Lawmakers Discuss Strategic Bitcoin Reserve
The Bitcoin price is on the verge of a major breakout, with experts predicting a rally to $110,000. Following the successful Bitcoin Conference 2024, the price of Bitcoin has surged to $70,000, just 6% away from its all-time high. The bullish momentum is attributed to key indicators such as strong technical support levels, rising market cap of stablecoins, reduced miner capitulation, and positive sentiment from the introduction of spot Ethereum ETFs.
US lawmakers, including presidential candidate Robert F. Kennedy Jr. and Senator Cynthia Lummis, have discussed the creation of a strategic Bitcoin reserve for the US. This move, along with former President Donald Trump’s statement that the government wouldn’t sell any more Bitcoin if re-elected, could lead to a supply shock in BTC markets.
Market analytics platform Spot on Chain predicts that the Bitcoin price could potentially reach $100,000 by the end of 2024 and even further to $150,000 by the end of 2025. With key events such as Fed rate cuts and US elections on the horizon, the future looks promising for Bitcoin investors. Stay tuned for more updates on this developing story.
