Bitcoin
Bitcoin Nears $70K as Pro-Crypto Pledges Fuel Market Recovery
Bitcoin has surged to nearly $70,000, its highest level since mid-June, having been trading at just over $69,500 at press time.
According to According to crypto analytics firm IntoTheBlock, almost all Bitcoin holders are now in profit. If minimal on-chain resistance and balanced market sentiment continue in the coming weeks, conditions look favorable for further growth, the firm said.
The bullish trend also fueled gains across the market. Data from CryptoSlate showed that major digital assets such as Ethereum, Solanaand Binance-backed BNB are up over 4% in the past 24 hours.
What drove the price of Bitcoin?
While Bitcoin’s price remained flat over the weekend, it jumped around 3% during the Asian trading session, reaching $69,851 before retreating slightly to $69,515 at press time.
Analysts attribute this rally to positive sentiment from the recent Bitcoin 2024 conference in Nashville. At the event, presidential candidate Robert F. Kennedy Jr. and former president Donald Trump firmly committed to the digital asset, promising to elevate its status if elected.
President Trump stated that he would create a “strategic Bitcoin reserve” and make the US a Bitcoin “superpower” if he were re-elected.
Likewise, Senator Cynthia Lummis proposed creating a strategic Bitcoin reserve for the US, while MicroStrategy’s CEO Michael Saylor foreseen Bitcoin could reach over $13 million per coin by 2045.
Is a new ATH coming?
Blockchain analytics firm SpotOnChain suggests that the current price action could be a precursor to more significant gains. The firm predict:
“In the coming months, we expect some significant movements in the price of $BTC, potentially reaching $100K in H2 2024 and $150K in H1 2025. Bullish.”
However, Marcos Thielenfounder of cryptocurrency research firm 10x Research, warns that BTC may need broader economic support, such as Fed rate cuts or reduced inflation, to break out. He observed:
“Based on historical analysis, Bitcoin returns tend to be flat in August and low in September. However, tailwinds from U.S. interest rate policy, lower inflation, and the election calendar could dampen any downside pressure.”