Bitcoin (BTC) Approaches $70,000 as Market Speculators Eye Surpassing Record Levels
- Barbara StreisandOriginal
- 2024-10-17 10:02:15896browse
Optimism around riskier assets is growing as investors prepare for the upcoming U.S. elections.
Bitcoin price is approaching $70,000 once again, sparking speculation among market participants about the possibility of the cryptocurrency surpassing record levels last seen in March.
Optimism is mounting around riskier assets as investors prepare for the upcoming U.S. elections.
“After six months of price consolidation this year, the stage is set for a perfect storm in favor of Bitcoin and other cryptocurrencies,” said Brett Munster of Blockforce Capital.
Munster pointed to the surge in global liquidity, particularly from China, which has recently implemented a series of stimulus measures aimed at reviving its economy.
Bitcoin price rose 2.9% to $68,376 on Wednesday before falling slightly to around $67,800. BTC last reached the $70,000 price point in July and hit an all-time high of $74,000 in March.
“Global liquidity has been on the rise again as central banks around the world have injected cheap capital into their economies,” said Munster. “In the past, when global liquidity has breached its moving average, it has typically coincided with significant upward movements in the price of Bitcoin.”
Adding to the market’s optimism, Vice President Kamala Harris this week pledged to support a clear regulatory framework for cryptocurrencies. The development comes after years of complaints from the crypto industry, which has criticized U.S. officials for regulating by force rather than providing regulatory clarity. Meanwhile, former President Donald Trump, who is running for re-election against Harris, is actively seeking support from crypto voters and has several crypto-related initiatives underway.
This is not investment advice.
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