King
cryptocurrency
Bitcoin
$
71,084
has exceeded the $70,000 mark again, reaching a peak of $70,270. At the time of writing, it is hovering around $70,200. The ongoing rise concerning all
cryptocurrencies
raises hopes that the days of stagnation may soon be over. What is driving this increase?
Bitcoin’s Resurgence
BTC has reclaimed the $70,000 threshold. Following the initiation of interest rate cuts, market participants believe a significant surge in risk markets is inevitable. While this may be a test that could end in failure, we should see BTC achieving new highs above $70,000 in the medium term, within a few months.
Only days remain until the U.S. elections.
FTX
is set to return billions in stablecoins to creditors.
Interest rate cuts have already begun.
While inflation decreases, employment remains relatively strong.
Historical data suggests that a rise is imminent, providing significant psychological support.
There are numerous reasons for this upward trend. After 91 days of lingering below the $70,000 threshold, Bitcoin is expected to move in the anticipated direction, recalling the historical performance of the last quarter following a prolonged consolidation phase.
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Disclaimer:
The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
